Payment as a service – The next wave of payment services

To say that the global payments business is changing might be an understatement. In the past few years, the global market has seen a significant transformation in the modes of payment transactions, payments technology and the payment services ecosystem, all driven by the evolving customer and their expectations from payment services.

The mode of payment is rapidly moving from cash to non-cash across global markets. While cash continues to be the dominant form of payments globally, the use of cash for payments has seen a significant reduction in the last five years and more so during the past six months of the global pandemic driven lock-down. Non-cash transactions, on the other hand, reportedly grew at a CAGR of 12% between 2015 and 2019. Interestingly, the trends in non-cash payment modes vary across markets. Inthe US, card payments are the dominant form with demand for contactless cards picking up. Big tech, fintech and e-commerce and social media

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