The North America Payment As A Service Market would witness market growth of 16.4% CAGR during the forecast period (2022-2028).
Financial institutions also save themselves additional costs which they might have to spend on the deployment of resources for developing new products. Payment-as-a-service offers flexible prices for the services rendered. The price is structured or modified according to the volume of transactions, products, and the size of the business by PaaS providers. Working on functionalities and product development might be time-consuming for organizations.
The deployment of new functionalities and ready-to-use products offered by the PaaS providers makes work easier. Also, businesses can easily activate or deactivate the functionalities. Payment-as-a-service has resulted in better scalability and reliability. Cloud-based platforms are used to upscale the work during heavy use. It has also generated greater system availability. It is also an ideal platform to fight against scams and enhance security.
Payment-as-a-service has further helped in compliance management when different standards waste time and money. Payment-as-a-service uses compatible platforms that can assimilate new transfer methods in real time. A PaaS platform offers services to increase the number of new methods of payment available to customers. By integrating the technology and combining the benefits of these new infrastructures its services are offered to the consumers.
The payment as a service market has promising opportunities for growth in the United States’ e-commerce segment. E-commerce has significantly transformed the retail landscape in the US. The rising app-based sales are the major driver behind the growth of e-commerce. Moreover, mobile e-commerce has offered new ways to buy goods and services. These transitions have generated more economic giants in the online retail industry in the US. Moreover, homegrown online giants such as eBay, and Amazon have actively engaged in contactless payments.
The US market dominated the North America Payment As A Service Market by Country in 2021; thereby, achieving a market value of $6.5 billion by 2028. The Canada market is experiencing a CAGR of 18.6% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 18.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Payment As A Service Market is Estimated 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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