Payment as a Service Market: Current Analysis and Forecast (2022-2028)


Emphasis on Component (Platform and Services [Professional Services and Managed Services]); Industry (Banking & Financial Services, Retail & E-Commerce, Travel & Hospitality, Healthcare, and Others); and Region/Country







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Research Methodology

Report Description

Payment as a Service Market
Payment as a Service Market

The Payment as a Service Market is expected to grow at a strong CAGR of around 19% during the forecast period owing to the growing adoption of artificial intelligence-based payment options and machine learning in the financial services sector. Payment as a service is a marketing term used to describe software as a service that connects a group of international payment systems. The architecture is represented by a layer or overlay on top of these disparate systems, enabling bi-directional communication between payment systems and payment as a service. As a platform, payment as a service offers many benefits to many banks, financial institutions, and other organizations across the payments value chain. This makes adopting a payment as a service platform a very viable option for companies looking to reduce current operating costs and develop applications for the first time or those with limited resources. Furthermore, the rapidly growing e-commerce industry and the growing investments in cloud computing and artificial intelligence are other factors driving the growth of the payment as a service market. For instance, according to the Organization for Economic Co-operation and Development (OECD), Global spending on AI is forecast to double over the next four years, growing from USD 50.1 Bn in 2020 to more than USD 110 Bn in 2024.

Some of the major players operating in the market include Fiserv, Inc.; Paysafe Group; VeriFone, Inc.; Ingenico; Agilysys NV LLC.; Alpha Fintech Sdn Bhd; First American Payment Systems, L.P.; Total System Services LLC.; Aurus Inc.; and Paystand, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, the platform segment held a prominent share of the market in 2020”

Based on component, the market is bifurcated into platform and services. The services segment is further bifurcated into professional services and managed services. Amongst platform and services, the platform segment catered to a significant share of the market in 2020. The payment platform’s ability to protect consumers’ sensitive payment information is a key driver of the growth of the segment. Evolving customer-centric models are making businesses more eager to improve services and set up digital platforms to increase sales.

“Amongst industry, the retail & e-commerce industry held a prominent share of the market in 2020”

By industry, the market is categorized into banking & financial services, retail & e-commerce, travel & hospitality, healthcare, and others. Among these, the retail & e-commerce segment captured a commendable share of the payment as a service market in 2020. The rapid increase in online shopping through e-commerce platforms and increasing internet connectivity are the main factors supporting the growth of this segment. Payment as a service allows retailers and online merchants to accept payments from their customers in a variety of ways, including digital wallets, internet banking, and credit/debit cards.

“Asia-Pacific to grow at a strong CAGR during the forecast period”

The Asia-Pacific payment as a service market held a dominating share of the global payment as a service market in 2020. The regional expansion can be attributed to vigorous activities being pursued by various governments to promote digitalization and stimulate the adoption of digital payment technology. The expansion of the local market is also anticipated to be aided by ongoing investments in the e-commerce sector. For instance, according to India Brand Equity Foundation (IBEF), Indian e-commerce is projected to increase from 4% of the total food and grocery, apparel, and consumer electronics retail trade in 2020 to 8% by 2025.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.


Customization Options:

The global payment as a service market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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1.1.Market Definitions
1.2.Main Objective


2.1.Research Process of the Functional Cosmetics Market
2.2.Research Methodology of the Functional Cosmetics Market
2.3.Respondent Profile   










7.1.Conditioning agents
7.2.UV filters 
7.3.Anti-aging agents
7.4.Skin lightening agents
8.1.Natural Ingredients 
8.2.Synthetic Ingredients


9.3.Liquid Form


10.1.Skin Care 
10.2.Hair Care  


11.1.North America      
 11.1.1.The United States 
 11.1.3.Rest of North America
 11.2.1.    Germany 
 11.2.2.    The United Kingdom
 11.2.3.    France  
 11.2.4.    Spain  
 11.2.5.    Italy  
 11.2.6.    Rest of Europe 
 11.3.4.Rest of Asia-Pacific 
11.4.Rest of World   


12.1.Market Drivers
12.2.Market Challenges
12.3.Impact Analysis






15.1.Demand Side Analysis
15.2.Supply Side Analysis






19.1.Competitive Landscape
 19.1.1.Porters Fiver Forces Analysis
20.1.Croda International plc
20.2.Evonik Industries AG 
20.3.Gattefossé SAS 
20.5.Unilever plc 
20.6.L’Oréal S.A 
20.7.The Estée Lauder Companies Inc
20.8.BASF SE  
20.9.Clariant AG 
20.10.Stepan Company 




Research Methodology

Research Methodology for the Payment as a Service Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global payment as a service market were the three major steps undertaken to create and analyze the adoption of payment as a service in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global payment as a service market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the payment as a service market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the payment as a service market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the payment as a service market. Further, we conducted factor analysis using dependent and independent variables such as the as component and industry of the payment as a service market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the payment as a service market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global payment as a service market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of the payment as a service market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global payment as a service market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market


Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Payment as a Service Market
Payment as a Service Market

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global payment as a service market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the as component and industry in the global payment as a service market.

The main objective of the Global Payment as a Service Market Study

The current & future market trends of the global payment as a service market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the payment as a service market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of the as component and industry
  • Define and analysis of the regulatory framework for the payment as a service industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the payment as a service market for the major region
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
  • Company profiles of the payment as a service market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry


You can also purchase parts of this report. Do you want to check out a section wise
price list?