Banking as a Service Market Overview:

A large amount of primary and secondary research was done for the Banking as a Service market analysis by a research team. Secondary research was carried out to supplement the available data, segment the market, estimate the total market size, and project market size and growth rate.

The banking and finance industry has historically been the most hesitant to accept new technology and developments quickly. Banking institutions have been hesitant to provide online services for a long time due to concerns about sensitive data and security, as well as the performance of complicated processes. However, as the world became more digital, banks went a step further and began offering Banking as a Service (BaaS). Banking-as-a-Service (BaaS) Market players are becoming more common these days. Many countries are now considering the implementation of banking legislation that will establish the norms of digital contact between clients and banks.

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Banking as a Service Market Scope:

Banking-as-a-service allows non-financial enterprises to integrate payment capability to their platforms or applications. Non-financial businesses can cut their operational expenses by not having to build and manage their banking infrastructure. For Example, Alternative payment methods (APMs), such as e-wallets and instant-payment-based solutions, are still important in emerging cash alternatives, especially in developing regions .i.e. India. APMs have gained popularity in China, where they earned $40 billion in revenue in 2020, much surpassing the $25 billion generated by the rest of the globe combined.

Banking as a Service Market Segmentation:

In 2020, the Cloud-based BaaS segment outperformed the API-based BaaS segment in terms of market share. During the forecast period, it is anticipated to grow at the highest CAGR of 11.2%. (2021-27). This is due to players in the payments-as-a-service (PaaS) market offering specialised services like debit and credit card distribution and payments, dues clearing, international payments, as well as e-commerce services, using cutting-edge cloud-based platforms.

Leading public cloud providers offer a variety of new application-as-a-service, which banks can use to increase revenue generation, improve customer insights, cut costs, quickly and effectively deliver products that are relevant to the market, and monetize corporate data assets.

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Banking as a Service Market Key players:

ClearBank
Green Dot.
MatchMove Pay Pte. Ltd
Pi1
SolarisBank AG
Starling Bank
Square inc.
Treasury Prime
PayPal
Paytm Payments Bank
Fidor Bank
COVID-19 Impact on Banking as a Service market:

The outbreak of COVID-19 has had a significant impact on the Banking as a Service market. The development of Banking as a Service production facilities has been halted due to the global economic downturn and a labour shortage. COVID-19 pandemic has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered employee visits, limiting the Banking as a Service market's growth in 2020. However, given the high demand for Banking as a Service, COVID-19's market effects are expected to be transitory. The industry is expected to recover completely by early 2021.

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