Banking as a Service Market Size, Growth, Trends and Forecast Analysis Report Till 2027

Banking as a Service Market Overview:

Banking-as-a-service (BaaS) market players provides end-to-end procedure that ensures the full execution of a web-based financial service. This type of digital banking service is accessible on-demand and works on a defined schedule. BaaS integrates as many service providers as are required into a single comprehensive procedure to perform a financial service in an efficient and hassle-free approach. In addition to providing a financial service, it is assumed that a BaaS would offer specific functionalities. The environment for the services must be managed, deployed, and delivered. Of course, the services must comply with local banking rules in the locations where they are offered, with (at least) one firm in the process holding a banking license.

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.

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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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