The Europe Payment As A Service Market would witness market growth of 16.3% CAGR during the forecast period (2022-2028).
The day-to-day operations of the payment platforms after implementation often become very challenging for financial institutions. To focus on their core business processes, these entities move to the third-party system for the management of the platform. These third-party platforms help them in an uninterrupted, seamless flow of data reducing coordination and maintenance problems.
Consumer behavior has been considerably impacted by the changes and adoption of new technologies in recent years. The steady growth towards online banking, digital payments, the use of digital wallets, and the rapid decline in the use of cash in the financial sector, has significantly affected the entire payment ecosystem.
The main attributes driving the expansion of the market are the availability of application programming interfaces, financial services, and rapid digitalization. The growing acceptance of online transactions is another factor contributing to the rising preference of digital payments. Consumers and vendors are increasingly adopting the method of online payments.
The United Kingdom is one of the major hubs of financial services in Europe. Digital banking ecosystems are flourishing in the UK. Due to the early adoption and legislation of online banking systems, the United Kingdom has an advantage over other western nations in digital payments. The consumer preference for digital payments, and easy cross-border transactions, has rapidly increased the demand for online payments in European nations. To support these transactions the European government has launched the “European Digital Identity Wallet”.
The Germany market dominated the Europe Payment As A Service Market by Country in 2021; thereby, achieving a market value of $2.1 billion by 2028. The UK market is exhibiting a CAGR of 15.4% during (2022 - 2028). Additionally, The France market would experience a CAGR of 17.2% during (2022 - 2028).
Based on Component, the market is segmented into Platform and Services (Professional and Managed). Based on Industry, the market is segmented into Retail & E-commerce, BFSI, Healthcare, Travel & Hospitality, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Payment As A Service Market will Hit $30.5 Billion by 2028, at a CAGR of 16.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Agilysys, Inc., PPRO Financial Ltd. (Alpha Fintech), Aurus, Inc., Deluxe Corporation (First American Payment Systems L.P.), Fiserv, Inc., Global Payments, Inc., Ingenico Apollo Global Management, Paysafe Limited, VeriFone, Inc. (Francisco Partners) and ACI worldwide, Inc.
By Component
By Industry
By Country
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