Global Payment As A Service (PaaS) Market Booming Despite Current Economic and Health Crisis
- FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Oct. 29, 2020 /PRNewswire/ -- Today, many consumers have been demanding changes the way they make purchases and pay bills. Consumers today want the convenience of being able to make purchases or pay bills anywhere and at any time. Online and mobile payments have become a necessity for businesses to keep up with the growing trends. Some brick-and-motor stores have started to move to new methods for customer payments with check-out kiosks. Business that offer multiple payment channels understand the importance of meeting consumer demands. Omnichannel payment processing plays a significant role in the success of all industries from collections, healthcare, e-commerce, utility companies, to insurance. Offering omnichannel payment processing goes beyond the traditional pay-in-store or pay a bill on-line. Omnichannel payments and the overall payment as a service market can provide the ability to ACH, check, cash, debit card, or credit card. They offer customers convenience to pay in their preferred channel. Using omnichannel payment methods also can incorporate invoicing, recurring billing, and payment reminders. Active Companies in the industry include The OLB Group, Inc. (NASDAQ: OLB), Square, Inc. (NYSE: SQ), PayPal Holdings, Inc. (NASDAQ: PYPL), Visa Inc. (NYSE: V), Intuit Inc. (NASDAQ: INTU).
A review from Grand View Research said that the global payment as a service market size was valued at USD 6.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2020 to 2027.The said: "Payment as a Service (PaaS) uses the SaaS model to streamline the payment for the customer. The merchants and Independent Software Vendor (ISV) play a vital role in the process. Digital payments are increasing day by day. Thus, payment service providers are enabling transactions through e-wallet, websites, and other applications. They accept the payment electronically with the help of credit cards, debit cards, or bank transfers. It helps in managing the transactions between a buyer and a seller. The consumers and sellers trust the platform as they offer risk-free and secure payment transactions and safeguards the payment information." The report added: "Amidst the ongoing COVID-19, the cash transactions have drastically reduced. Thus, the pandemic has resulted in increasing mobile payments. As a result, consumers have adopted different digital and contactless payment technologies such as e-wallets for the transactions."