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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Payment As A Service Market
Request Now !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 both way communications between the payment system as well as the PaaS. Communication is governed by standard Application Programming Interface (APIs) created by the PaaS provide.
Payments-as-a-Service is easy to use and manage and it's highly scalable as it is cloud based. This is especially helpful for fast-growing startups and medium to large companies with multiple subsidiaries and remote teams.
COVID-19 Impact Analysis:
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and financial markets. To contain the impact of the coronavirus outbreak, India, alike many countries across the globe, is taking several measures, including a nationwide lockdown; limiting movement of the entire population; shutting down public places and transport; and urging the public to stay indoors, maintain social distance, and work from home. The resulting economic disruption is huge and there is short-term decline in activity for businesses, both large as well as small.
With economic growth expected to be severely hit, the financial outlook of the digital payments sector is no different and will follow a similar trajectory, at least in the short term. But the stability and potential of digital payments industry for innovation will play an invaluable role in rebooting the economy in the new normal
During pandemic, digital payment volume declines are seen in airlines, tourism, hospitality, hotels, entertainment, e-commerce (non-essentials) and restaurants, among other sectors.
However, there are also a few areas that are seeing an uptick in digital payments by way of increased adoption during the lockdown. These include online grocery stores, online pharmacies, OTT players (telecom and media), EdTech, online gaming, recharges and utility/bill payments.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Another factor driving market expansion is the increase in the shift from an on-premise approach to a cloud-based service model. Payment providers are progressively migrating from traditional physical servers and on-premise deployments to cloud-based deployments in order to cut costs and deliver products more quickly. Alternative omnichannel solutions and digital wallets have risen in popularity as a result of the shift in cloud deployment model.
Faster Payments:
Manual payments are becoming a thing of the past as faster alternatives become widely adopted. Cheques generally take a few days to process, and carry the inherent risk of lack of funds in the customer’s account. Online payments are a better option as it is instantaneous, so merchants can confirm transactions immediately. Some payment service provider (PSPs) even integrate with an enterprise resource planning (ERP), so that transactions are linked with accounting records in real-time.
An ERP is a platform that integrates various functional departments within the business, such as sales, accounting, purchasing, inventory, HR, and customer service. Such factors drive the payment as a service market growth.
Key Benefits of the Report:
Questions Answered in Payment as a Service Market Research Report:
Key Market Segments
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Key Market Players
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