#PaymentTrends

[market-insider]

Payment As A Service Market Growth Trajectories: Comprehensive Analysis of Size and Share

The global payment as a service market size is expected to reach USD 45.84 billion by 2030, expanding at a CAGR of 15.2% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The proliferation of smartphones for online shopping, rising E-commerce sales, and increasing internet penetration rate are some of the major factors that are driving the industry’s growth. Initiatives being adopted by various governments worldwide to promote digital payment are also contributing to the growth. Moreover, payment service providers’ emphasis on providing upgraded payment solutions also bodes well for growth.

Payment As A Service Market Report Highlights

The platform segment dominated the market in 2022. The development of different payment modes for transactions along with credit facilities for vendors and consumers is expected to drive segment growth

The managed services segment is expected to witness the fastest growth over the forecast period. Integration of core and non-core operation services under one umbrella by prominent market players is boosting segment growth

The retail & e-commerce segment dominated the market in 2022. The growing use of digital mediums for shopping and retail transactions is anticipated to drive segment growth

The Asia Pacific market is likely to witness rapid growth over the period. The increasing adoption of payment service technology in emerging economies like China, India, and Japan is driving the regional growth

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Novel technologies are creating the potential for new modes of payment to emerge. The growing preference for digital wallets while paying for E-commerce transactions and online purchases is expected to drive the growth of the payment as a service industry over the forecast period. Digital wallets allow users to store their bank details securely and eliminate the need to enter bank details while making transactions. Moreover, stablecoins, a new crypto asset payment method, is likely to increase over time, presenting new opportunities in the market landscape.

Market players are striking strategic partnerships and collaborations to develop efficient products, increase sales, and strengthen their presence in the market. For instance, in May 2022, Ingenico and Ant Group announced a partnership to enable payment service providers and acquirers to implement Alipay+ across merchant networks. The implementation of Alipay+ onto the cloud platform would lead to a faster rollout of Alipay+ services.

The outbreak of the COVID-19 pandemic played a vital role in driving the growth of the payment as a service(PaaS) market. The E-commerce sector is expected to witness an increase in the coming years. As the pandemic imposed restrictions on brick-and-mortar retail stores, a sharp increase has been observed in online shopping. According to the statistics provided by IBM in 2020, the COVID-19 pandemic has shifted consumer focus from physical stores to digital shopping, the impact of which should last for the next few years as well, thereby contributing to the growth of the market.

[sciencetopics]

How Card transaction works?

Payment cards are rectangular plastic piece which has some sensitive numbers on them. These cards will be directly linked to our bank account. By using this card we can easily transact the amount online, without even going to the bank and withdrawing the money. These cards were used in different places like Point of Sale (PoS), online, and ATMs.  In this article, we will look at the card transaction process taking place in PoS machines and online.

[chargebacks911rescue]

Blockchain grew from an obscure, experimental technology to one of the hottest topics in the payments industry over the last several years. The problem is that many people are still having trouble really wrapping their minds around the concept.

[mobiwebtech]

iGaming industry has gained a massive growth in recent years in terms of technological advancement, payment gateway, fantasy sports operators and many more such areas. According to the statistics there will be a drastic increase in the revenue and value of iGaming sports in 2019-20 due to increase in public participation and higher sponsorship processing.

Below are the key future payment trends in the fantasy sports industry that are going to flourish, make secure and more transparent relationship between the user and i-gaming merchants:

[prkralex]

The key payment trend for 2019 is seamlessness and industry has realised

https://www.verdict.co.uk/electronic-payments-international/comments/seamlessness-key-payment-trend-2019/

[sciencetopics]

Types of Retail Payment System

Retail payments are the type of payments, which is used for transacting smaller amounts in a country. Even though it is used for transacting very smaller amounts of payment, it is used by a large number of people in shopping, paying utility bills, entertainment, etc. The major categories of Retail payment systems are Paper-based systems and Electronic based systems.

[sciencetopics]

What is a Wire transfer (Large Value Payment System)?

The Wire transfer is basically a type of Electronic fund transfer that makes the movement of money wirelessly and spontaneously. It can be simplified as a direct bank-to-bank transfer either domestically or internationally. For domestic transactions, each country uses its own wire transfer methods. One of the important country-based wire transfer services is RTGS (Real Time Gross Settlement), which involves secure and fast transactions of the amount over the country.