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Key developments of interest over the last month include: United Kingdom: HM Treasury responds to Payments Landscape Review call for evidence Hong Kong: HKMA publishes white paper.
What is Payments-as-a-Service?
PaaS (Payments-as-a-Service) – as defined by the McKinsey Global Payments Report:
While outsourcing of the full payments stack is a possibility, a new generation of technology providers has emerged allowing banks to expand quickly and modernize their payments product portfolio without incurring high upfront investment. Payments-as-a-Service (PaaS) players operate cutting-edge cloud-based platforms to provide specialized services, such as card issuing, payments clearing, cross-border payments, disbursements, and e-commerce gateways.
According to a report from Grand View Research, the global Payments-as-a-Service market size is projected to reach $25.7 billion by 2027. This rapid growth can be attributed to the digital acceleration that has already been in progress, combined with the pandemic which has increased the demand for quick money transfer methods. Due to the rising number of digital financial transactions, the need for cloud-based money tran