Payments as a service (PaaS) is a marketing phrase used to describe a software as a service to connect a group of international payment systems. The architecture is represented by a layer – or overlay – that resides on top of these disparate systems and provides for two-way communications between the payment system and the PaaS. Communication is governed by standard APIs created by the PaaS provider.

The Payment as a Service Market is set to grow by USD 9.09 million from 2021 and 2026, and register a CAGR of 15.19%, according to Technavio’s latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by the way of synthesis, and summation of data from multiple sources.

Although the high adoption of contactless payment solutions, the high explosion of smartphones, and the high explosion of smartphones will offer immense growth opportunities, to leverage the current opportunities, however the lack of awareness for online payment in developing economies will be a major challenge for the payment as a service market during the forecast period. Market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments.

Some of the major vendors of the payment-as-a-service market in the Internet Services & Infrastructure industry includes:

Market trends such as the high adoption of contactless payment solutions are likely to emerge as one of the primary drivers of the market. However, factors such as the lack of awareness of online payment in developing economies may threaten the growth of the market.

Payment as a Service Market 2022-2026: Key Highlights

– CAGR of the market during the forecast period 2022-2026
– Detailed information on factors that will assist payment as a service market growth during the next five years
– Estimation of the PaaS market size and its contribution to the parent market
– Predictions on upcoming trends and changes in consumer behavior
– The growth of the payment as a service market
– Analysis of the market’s competitive landscape and detailed information on vendors
– Comprehensive details of factors that will challenge the growth of payment as a service market vendor.

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