The payment as a service market is expected to grow at a CAGR of 23.9%
The global payment as a service market size is expected to grow from $5.7 billion in 2019 to $16.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period. Regulatory initiatives to promote payment solutions thriving on secure and real-time transactions; and optimized customer/merchant experience with quick and secure payment methods are the major factors driving the growth of the payment as a service market.
The platform solutions provide innovative, high-quality customer experiences and services while remaining compliant with shifting market regulations. They also enable merchants and other billing organizations to more easily and quickly strike the right balance between protecting and advancing their own interests with the help of good customer relationships, and opening up access and opportunities for innovation to meet the consumer demands.
This platform is supported by Application Programming Interface (APIs) that sit between a merchant’s backend services and the front-end experiences provided by Payment Service Provider (PSPs). Moreover, by leveraging an API-driven platform, merchants can increase customer satisfaction, expand into new markets, future-proof their IT infrastructures, and accelerate the time to market of new products and services.
Integration services are aimed at streamlining business applications by integrating various operational modules of the payment industry. These services include project management, procurement, installation, designing, engineering, testing, and commissioning.
Most system integration and deployment service providers are offering API-based integration services to merchants. In addition, payment integrators provide the integration of payment and transaction data into billing systems, CRM software, and other enterprise applications.