Use of cash has decreased, while PaaS platforms increase during the COVID-19 pandemic

Tuesday 27 October 2020 14:01 CET | News

A report from Grand View Research has revealed that the global payments as a service market size is expected to reach USD 25.7 billion by 2027.

According to the press release, the payment as a service provides high-quality and secure customer experiences and services. Global standards for cross-border payments remain the hurdle for its growth, but rising demand for payment as a service by merchant due to government initiatives for payment methods and future need for integrated payment procedures gives an opportunity for growth in the market.

Moreover, the Grand View report shows that digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has resulted in digital money transfer methods. Therefore,  consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. 

Furthermore, due to the ongoing COVID-19 pandemic, 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. 

However, despite the virus outbreak, the consumers tend to buy essential needs such as groceries and medical supplies. Consequently, digital wallets play a crucial role for the sellers and the consumers, as these wallets store the payee's information and eliminate the need to carry physical wallets and cash, hence reducing the outspread and driving the market.

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Keywords: Grand View Research, report, research, Payments-as-a-Service, PaaS, merchants, digital money, contactless payments, e-wallets, digital wallets, COVID-19, pandemic, cash transactions, payee
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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