Global Payment As A Service (PaaS) Market Booming Despite Current Economic and Health Crisis
- FinancialNewsMedia.com News Commentary
Oct 29, 2020, 08:45 ET
PALM BEACH, Fla., Oct. 29, 2020 /PRNewswire/ -- Today, many consumers have been demanding changes the way they make purchases and pay bills. Consumers today want the convenience of being able to make purchases or pay bills anywhere and at any time. Online and mobile payments have become a necessity for businesses to keep up with the growing trends. Some brick-and-motor stores have started to move to new methods for customer payments with check-out kiosks. Business that offer multiple payment channels understand the importance of meeting consumer demands. Omnichannel payment processing plays a significant role in the success of all industries from collections, healthcare, e-commerce, utility companies, to insurance. Offering omnichannel payment processing goes beyond the traditional pay-in-store or pay a bill on-line. Omnichannel payments and the overall payment as a service market can provide the ability to ACH, check, cash, debit card, or credit card. They offer customers convenience to pay in their preferred channel. Using omnichannel payment methods also can incorporate invoicing, recurring billing, and payment reminders. Active Companies in the industry include The OLB Group, Inc. (NASDAQ: OLB), Square, Inc. (NYSE: SQ), PayPal Holdings, Inc. (NASDAQ: PYPL), Visa Inc. (NYSE: V), Intuit Inc. (NASDAQ: INTU).
A review from Grand View Research said that the global payment as a service market size was valued at USD 6.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2020 to 2027.The said: "Payment as a Service (PaaS) uses the SaaS model to streamline the payment for the customer. The merchants and Independent Software Vendor (ISV) play a vital role in the process. Digital payments are increasing day by day. Thus, payment service providers are enabling transactions through e-wallet, websites, and other applications. They accept the payment electronically with the help of credit cards, debit cards, or bank transfers. It helps in managing the transactions between a buyer and a seller. The consumers and sellers trust the platform as they offer risk-free and secure payment transactions and safeguards the payment information." The report added: "Amidst the ongoing COVID-19, 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."
The OLB Group, Inc. (NASDAQ: OLB) BREAKING NEWS: SecurePay From OLB Group Simplifies SMB Billing Through QuickBooks Connection - The OLB Group, Inc., a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-size merchants, announced it has activated a direct connection between its SecurePay payment gateway and QuickBooks online and QuickBooks desktop accounting solutions. Through this connection, merchants utilizing SecurePay services or the OmniSoft business management platform can easily issue customer invoices from QuickBooks.
Designed to work with QuickBooks, the direct invoicing service for SecurePay merchants enables instant invoice generation and billing. Through the connection, invoices are electronically issued to customers through the secure payment processing network. Invoice tracking and management within QuickBooks is supported through the connection to maximize merchant efficiency.
Ronny Yakov, chief executive officer of OLB, said, "QuickBooks is a leading accounting system used by many small- and medium-sized merchants for tasks which include billing and invoicing customers. This direct connection between QuickBooks and SecurePay provides for instant billing through a secure cloud-based payment processing platform without any extra steps. Our vision is to continue providing merchants with flexible options that accommodate many of their custom needs through cloud-based omnicommerce services which offer significant efficiencies and flexibility." For more information about The OLB Group, please visit http://www.olb.com and http://www.olb.com/investors-data
Other recent developments in the fintech industry include:
Intuit Inc. (NASDAQ: INTU) recently announced the availability of two new offerings — QuickBooks Insurance and separately, 401(k) powered by Guideline— further expanding the capabilities of the QuickBooks Online platform to help small businesses succeed and help their employees thrive.
QuickBooks customers can now protect their businesses with comprehensive insurance coverage and offer their employees a 401(k) benefit, traditionally offered only by large companies. Small business owners can evaluate, purchase, manage and track their QuickBooks Insurance and 401(k) plans starting from within QuickBooks, using the information already available on the platform.
PayPal Holdings, Inc. (NASDAQ: PYPL) recently announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
Mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact. However, the promise of advanced technological platforms offers the possibility of mainstreaming digital currencies. According to a survey by the Bank for International Settlements, one in 10 central banks – representing approximately one-fifth of the world's population – expect to issue their own digital currencies within the next three years.
Square, Inc. (NYSE: SQ) recently announced the general availability of its newest developer tool: Terminal API. The new API enables developers to connect Square Terminal, an all-in-one card payments device, to their POS, ERP, or practice management system, regardless of the platform or operating systems they're developed on. Whether developers are building on iOS, Android, web, or desktop, Terminal API helps developers build flexible business management software that adapts to new ways of running a business - whether that's developing a custom-built kiosk for ordering and checkout, a medical practice management system to synchronize patient data, or a socially distanced payments solution that accommodates the safety of sellers and buyers.
Visa Inc. (NYSE: V) recently announced its fiscal fourth quarter and full-year 2020 financial results through an earnings release that will also be furnished with the Securities and Exchange Commission on a Form 8-K and will be available on its Investor Relations website at http://investor.visa.com/sec-filings/default.aspx. The webcast and all related materials can also be accessed through Visa's Investor Relations website at http://investor.visa.com/financial-information/quarterly-earnings/default.aspx.
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