The payment industry has experienced a disruptive transformation witnessing significant growth. Key drivers for this growth include technological advancements, the surge in digital payment adoption for online transactions, and the transformative impact of COVID-19 on consumer and business purchasing behaviors.
The Global Payment as a Service Market was valued at USD 16.06 billion in 2023, projected to reach USD 14.81 billion by 2031, expanding at a Compound Annual Growth Rate (CAGR) of 15.20 percent during the forecast period (2024-2031). In 2022, the market size was USD 13.88 billion, and it is anticipated to grow at the same CAGR from 2023 to 2030.
The integration of artificial intelligence and machine learning technologies into payment systems is poised to further propel market expansion. The increasing preference for cloud-based payment solutions significantly contributes to market growth, as cloud deployment facilitates easy access to data from any location.
In this edition of CIOReview APAC, Jackie Kallman, Head of Payments Industry and Engagement at ANZ Banking Services, stresses the importance of enhancing the integrity of the payments system amidst rapid technological advancements, elevated customer expectations and persistent threats of financial crimes. The edition also highlights perspectives from Lucas Davis, Relationship Manager at Capital One, underscoring the importance of adopting a customer-centric strategy rooted in product reliability and long-lasting relationships, envisioning sustained success amid the changing payment landscape.
We hope this edition helps you find Top Payment Solutions Providers in APAC 2024 that cater to the evolving needs of businesses and consumers, ensuring secure, efficient, and seamless payment experiences.
