The Asia Pacific Payment As A Service Market would witness market growth of 16.8% CAGR during the forecast period (2022-2028).
People can easily transfer money, and make online purchases, as well as businesses, can also make transactions online. In the time of shared data and infrastructure, innovation in online payments has increased the expectations of consumers. Several countries have adopted a digital payment ecosystem. In addition to seizing the open online payment opportunity before their rivals, tech-savvy companies that developed their own payment platforms now will also generate revenue by monetizing their online platforms.
PaaS also upends the traditional fee-based payment model. PaaS vendors also eliminate the complexity associated with traditional payment processes. Instant payment or digital transactions also enables the accounting team to give less attention to the time-consuming paperwork and focus more on high-level activities.
The increasing acceptance of technological developments in online payment mechanisms in developing countries like China, and India has resulted in the growth of payment as a service market in the Asia-Pacific region. In India, the government has launched the Digital India programme to transform India into a digitally empowered country. The government has also encouraged its citizen to adopt cashless payments by introducing various modes of digital payments like BHIM UPI.
The China market dominated the Asia Pacific Payment As A Service Market by Country in 2021; thereby, achieving a market value of $3.0 billion by 2028. The Japan market is registering a CAGR of 16.1% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 17.5% during (2022 - 2028).
Based on Component, the market is segmented into Platform and Services (Professional and Managed). Based on Industry, the market is segmented into Retail & E-commerce, BFSI, Healthcare, Travel & Hospitality, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Payment As A Service Market is Projected to reach USD 30.5 Billion by 2028, at a CAGR of 16.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Agilysys, Inc., PPRO Financial Ltd. (Alpha Fintech), Aurus, Inc., Deluxe Corporation (First American Payment Systems L.P.), Fiserv, Inc., Global Payments, Inc., Ingenico Apollo Global Management, Paysafe Limited, VeriFone, Inc. (Francisco Partners) and ACI worldwide, Inc.
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