The Latin America, Middle East and Africa Payment As A Service Market would witness market growth of 17.8% CAGR during the forecast period (2022-2028).
The PaaS solutions allow financial institutions, banks, and payment providers to offer advanced payment products without charging internal development investment costs to consumers. It also offers better products and services through on-premise or cloud-based third-party platforms. In recent years, traditional banks have slowly begun to be replaced by the neobanks. Neobanks are new-age banks that do not have any physical location and are present entirely online.
These banks offer online, mobile-first financial solutions for payments, lending, money transfer, and others. Compared to traditional banks tech-first neobanks provide numerous benefits like faster response time, smoother UI, automation, and lower operating costs. It is also advantageous for businesses to benefit from the cost-cutting, automation, and speedy services offered by these new-age banks.
More and more people are attracted to these digital setups. Due to the rising popularity of the neobanks many new-age banks are entering the arena which is supporting the PaaS model. Many businesses are also updating their payment processors to enable cryptocurrency. Cryptocurrency is similar to the other payment processors but with digital currencies. Merchants or vendors are now also offering cryptocurrency payment options to consumers. This will further enable them to accept digital transactions and receive fiat currency in exchange.
The adoption of a broad range of digital payment methods will accelerate digital payment in South Africa. People are widely using digital cards, cryptocurrency, online banking, buy now pay later services, and biometric services for various financial transactions in their routine life. Besides that, Africa is also keeping pace with innovative and transformative technologies. The regulatory shifts and influx of investments have greatly shaped the e-payments ecosystem in Africa. More & more people are engaging themselves in domestic as well as cross-border online payments.
The Brazil market dominated the LAMEA Payment As A Service Market by Country in 2021; thereby, achieving a market value of $558.4 million by 2028. The Argentina market is showcasing a CAGR of 18.5% during (2022 - 2028). Additionally, The UAE market would register 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Payment As A Service Market is Predict to reach $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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