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.

India's e-commerce giant, Flipkart, has made a significant foray into the digital payments arena with the launch of its own Unified Payments Interface (UPI) service. Partnering with Axis Bank, Flipkart aims to carve its niche in the bustling Indian digital payments market, currently dominated by players like PhonePe and Amazon Pay. This move marks a strategic expansion of Flipkart's service portfolio, offering users a convenient and secure platform for various transactions beyond online shopping. Flipkart UPI: A Timely Entry and a Strategic Move The launch of Flipkart UPI comes at a crucial juncture, considering the recent regulatory challenges faced by Paytm, a major player in the digital payments landscape. Additionally, Flipkart's entry into this domain follows its separation from PhonePe in December 2022, which has become a significant force in India's UPI market. By introducing its own UPI service, Flipkart seeks to capture a share of the burgeoning digital payments market and potentially reshape its dynamics. Seamless Activation and Enticing Benefits Activating Flipkart UPI is a straightforward process accessible to both Android and iOS users. Simply update the Flipkart app to its latest version and navigate to the "Scan & Pay" section within the app. Choose your bank and permit Flipkart to verify your details via SMS. Once activated, you can enjoy a plethora of benefits: Effortless Transactions: Utilize Flipkart UPI for various transactions, including bill payments, mobile recharges, and merchant QR code payments, all within the Flipkart app. Zero Convenience Charges: Enjoy the convenience of paying bills and recharging your mobile without incurring any additional charges. Limited-Time Offer: As an introductory incentive, Flipkart is offering discounts of up to Rs 10 on select transactions processed through their UPI service. Broadening the Spectrum: UPI on Credit Cards Adding another layer of convenience, Flipkart's UPI functionality now supports UPI on credit cards. This allows users to link their RuPay credit cards to the platform, enabling them to make merchant payments seamlessly. This integration demonstrates Flipkart's commitment to providing versatile and inclusive payment solutions, catering to the diverse needs of its vast user base. A Legacy of Innovation and the Road Ahead Flipkart's venture into digital payments can be traced back to its acquisition of PhonePe in 2016 when UPI was still in its nascent stages in India. Under Flipkart's guidance, PhonePe witnessed phenomenal growth, capturing nearly half of the market share. While Flipkart and PhonePe have charted independent paths since their separation in December 2022, both entities strive to maximize their potential in the digital payments space. The introduction of Flipkart UPI is poised to potentially alter the competitive landscape of India's digital payments domain, especially considering the recent hurdles faced by competitors like Paytm. With Amazon Pay already established as a formidable competitor, Flipkart's strategic move into the payments sector is expected to further intensify the competition, ultimately benefiting consumers through more innovative solutions and potentially lower transaction fees. Flipkart UPI FAQs: Q: Is Flipkart UPI available on both Android and iOS platforms? A: Yes, Flipkart UPI can be accessed and activated on both Android and iOS versions of the Flipkart app. Q: How do I activate Flipkart UPI? A: Update the Flipkart app to the latest version, navigate to the "Scan & Pay" section, choose your bank, and grant permission for SMS verification. Q: Are there any charges for using Flipkart UPI for bill payments and recharges? A: Currently, Flipkart UPI does not charge any convenience fees for bill payments and mobile recharges. Q: Does Flipkart UPI offer any cashback or discounts? A: As a launch promotion, Flipkart is offering discounts of up to Rs 10 on select transactions processed through their UPI service.

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Bhartipay is an innovative and affordable payment service in India that helps you to collect the payments online and offers integration of payment gateway at zero setup cost. Our services incorporate e-payment wallets, e-commerce services, white label solutions, merchant account and online money remittance

PayPal wasn't even named PayPal when it was founded in 1998 by technology entrepreneurs Max Levhin, Peter Thiel, Like Nosek, and Ken Howery. Instead, the company's initial name was Confinity, a company founded on the premise of low-cost, almost effortless digital payments for consumers and businesses.

The Pros and Cons of eCommerce Payment Gateway

“The eCommerce marketplace is also bolstering globalism with 57% of online shoppers having purchased from an overseas retailer.”

(Kinsta)

Therefore, reaching a global audience is one of the most crucial parts of eCommerce. An eCommerce Payment gateway allows you to process payments overseas. Therefore, it will allow your business to reach the audience in other countries as well. However, the pros and cons of a payment gateway will help you decide better.

It will further allow you to choose the best payment service provider for your business.

Pros of eCommerce Payment Gateway

All the beneficial features of the payment gateway form the pros of the eCommerce Payment Gateway.

Accept Multiple Currencies: Accepting multiple currencies for your business allows you to reach a larger audience. eCommerce is all about the spread of the business to other lands. Therefore, allowing your consumers to pay in their local currency provides convenience to them. This will in turn bring them closer to your business and pay easily.

Global Card Saving: A feature that exclusively supports the consumers and indirectly uplifts your business. Global Card Saving feature allows the consumers to save the transaction details for future use. Therefore, purchasing in the future will be easy and quite smooth. It is a convenient feature that allows your business to account for returning consumers.

Easy Checkout: It is referred to as re-directionless payment processing. A single window for completing the payment is a must. It is recorded that most of the consumers abandon a payment due to redirections. Therefore, a convenience feature for the consumers will allow your business to thrive. You need to put the needs of the consumers at the forefront.

Top-Notch Security: The payment processing channel offers top-notch security for payments. Understandably, eCommerce is a High-Risk Business therefore payment security is important. PCI Compliant and SSL Certified payment gateway ensure all the payments are encrypted. You may get a 3D Secure Payment Gateway that enhances the security to the topmost level. OTPs are a contemporary part of the business today and trends are what make an eCommerce business worth it.

Fraud Prevention: High-Risk businesses are on the verge of fraud. Therefore, the parameter is considered to be an important one. Fraud Prevention for a high-risk business such as eCommerce helps a business to become more stable. Therefore, ask for fraud and scam prevention tools from the payment service provider for your business. It will help you to tackle the fraudsters readily.

Chargeback Management: Chargeback management helps you to automate response for the chargebacks. Moreover, you can easily handle the chargebacks from a powerful dashboard. Managing the chargebacks for your business becomes easy with various tools. It will support your business and significantly decrease the chargeback ratio.

Diverse Modes of Payment: Multiple modes of payment mean better convenience to the consumers. Some of the consumers love to pay through credit cards. Therefore, there is dedicated Credit Card Processing. Furthermore, there are other modes of payment such as eWallets, Cryptocurrency, Net Banking, ACH, eChecks, etc are some of the modes of payment that are readily available.

What are the Cons of a Payment Gateway?

There are almost zero cons to getting a payment gateway. However, be very cautious while choosing the service provider. The problems or the cons are only related to the service providers such as :

Hidden charges

Huge setup fees

Volume Caps

Chargeback problems; etc

Many service providers tend to charge more than actually providing the services. Therefore, choosing the service provider is the first step. Research and understand your needs for your business. Then talk to the service providers regarding the same.

What Should be Your Choice?

Choosing the right eCommerce Payment Gateway provider is necessary. Else it will cause you financial harm in the long run. eMerchantPro offers the best-in-class solution for all your payment processing needs. We have an expert in-house team to assist your every need and demand.

Moreover, you will get a personalized solution for your business and features will be integrated according to your needs. There are various pros for choosing our services for your business as well. We also help you to integrate the shopping cart for a way better checkout experience than ever before.

eMerchantPro is known for its 100% success rate and huge clientele. With a quick integration process, your website can process payments online in no time. Therefore, we make sure that our payment gateway services are integrated into your business ASAP, with these major features for pros, your consumers can get a better payment experience.

Moreover, we have a complete in-house team for catering to all the needs of the merchants. eCommerce Payment Gateway will be exceptionally designed for your business needs. If you need multiple modes of payment or language support, our payment gateway will be tailored accordingly. Get in touch with our expert team today for a callback and start with the integration process today!

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eCommerce & Gateway Payment Solution

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Interested in learning more about our eCommerce payment solutions? Contact us today!

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