Payment as a Service Market reach USD 14.37 Billion by 2024|Google, Stripe, Braintree, Amazon

Global Payment as a Service Market: by Component (Service (Professional, Managed, Platform), by Vertical (BFSI, Retail, Healthcare, Media & Entertainment, Hospitality), by Region (North America, Europe, Asia-Pacific, ROW) – Forecast till 2024

Market Synopsis

The global payment as a service market was valued at USD 4.27 billion in 2018 and is expected to reach USD 14.37 Billion by 2024 growing at a 23.20% CAGR during the forecast period 2019–2024. Increasing adoption of cashless transactions worldwide, especially in developing nations supported by the respective governments, development of smart technology products, and increasing use of smartphones by users are some of the primary factors driving the growth of payment as a service market. However, the lack of global standard payment guidelines is one of the crucial factors expected to restrain the growth of payment as a service market in the coming years.

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Developing digital and advanced network technologies such as 5G, and rising adoption of digital payment models by developing nations such as Malaysia, Thailand, Indonesia, the Philippines, Taiwan, Pakistan, Sri Lanka, and Bangladesh are some of emerging factors which are expected to create fruitful opportunities for the market players in the coming years. Whereas, the lack of standard digital payment infrastructure is one of the major challenges faced by the payment as a service market as cash-based payments still hold a significant share in the market.

Key Players

First Data Corporation, Total System Services (TSYS), Paysafe Group Ltd, Verifone, Ingenico, Aurus, Inc., Pineapple Payments, ePay, BlueSnap, Inc., PayU, Alpha Fintech, Google, Stripe, Braintree, Amazon, Skrill, Zoho Checkout, BitPay,, WePay, and First American Payment Systems are some of key players covered in the Payment as a service market research study.

Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, KENNETHRESEARCH Analysis


The global payment as a service market has been segmented on the basis of component, vertical, and region.

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By component, the market is segmented into platform and services. By services, the market has been further segmented into professional and managed services.By vertical, the market has been categorized into retail, hospitality, media & entertainment, healthcare, and BFSI among others.By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

Market Research Future (MRFR) study has covered the following countries in the regional analysis of payment as a service market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Sweden, and Italy in Europe. China, Japan, India, Singapore, Australia, Malaysia, Thailand, Indonesia, Vietnam, the Philippines, and South Korea in Asia-Pacific. The Middle East & Africa and South America in the rest of the world.

The payment as a service market is currently dominated by North America due to the presence of key payment service providers in the region. The US, among all the countries, accounts for the largest market share as well-established infrastructure and developing mobile payment services has propelled the market growth of payment as a service in the country.

Europe, followed by Asia-Pacific, is projected to be the fastest growing market for payment as a service. Government investment in developing advanced or digital or electronic payment services and increasing consumer awareness about digital payments has propelled the market growth of payment as a service market in Europe. Whereas, advancement in payment technologies, developments in network functionalities and digital technology infrastructure, and increasing adoption of the cloud for payment services, has increased the growth of payment as a service market in Asia-Pacific.

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The payment as a service market in the Middle East & Africa has also expected to grow at a significant rate during the forecast period due to rising adoption of contactless payment services by the consumers in the region supported by the government.

Recent Developments

May 2018, Worldline, a European payment and transaction services provider, acquired SIX payment services company. With this acquisition, Worldline would strengthen its position in Europe market by increasing its geographical presence in Switzerland, Austria, Luxembourg, and Germany.

January 2018, ING, a global finance institute located in Europe, signed an agreement to acquire around 75% stake in Payvision company, a provider of omnichannel payments services worldwide. With this stake, ING is looking towards its service portfolio expansion and increasing its customer base worldwide.

Intended Audience

Investors and consultants

Research/Consultancy firms

Technology solution providers

Government agencies

Financial service providers

Insurance companies

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