GVR Report cover Payment Orchestration Platform Market Size, Share & Trends Report

Payment Orchestration Platform Market Size, Share & Trends Analysis Report By Functionalities, By End-use, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
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  • Report ID: GVR452070
  • Format: Electronic (PDF)
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The global payment orchestration platform market is expected to witness significant growth over the forecast period. The market growth can be attributed to the increase in the demand for payment orchestration platforms among merchants. These platforms help merchants achieve optimized payment flows at a relatively low cost. Additionally, they also help merchants to seamlessly adapt to market changes such as the arrival of new payment technologies and rapid shift in consumer payment preferences.

Payment Orchestration Platform Market Segmentation

Segments

Details

Functionalities

Cross Border Transactions; Risk Management; Advanced Analytics & Reporting

End-use

E-commerce; Travel & Hospitality Industry; Healthcare; BFSI; Others

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

The increasing popularity of Buy Now Pay Later (BNPL) platforms among merchants worldwide is one of the major factors driving the market growth. Payment orchestration platforms help merchants deploy the BNPL platform without excessive technological development. The use of BNPL is high among the population belonging to the age group of 18 to 24. This is because BNPL enables consumers to make purchases without paying the funds upfront. According to the statistics provided by The Ascent, a financial service provider, BNPL usage growth was the largest among the population of the age group of 18 to 24 in America. This age group population accounted for 62% of growth between July 2020 to March 2021.

The growing adoption of digital payment solutions among retail companies is creating new opportunities for the market growth. This is because a Payment Orchestration Platform (POP) helps retail companies in increasing their payment acceptance rates and enhancing their customer experience. Various retail companies are entering into partnerships with POP providers. For instance, in November 2020, APEXX Global, a payment orchestration platform provider, announced its partnership with ASOS, an online fashion retailer. Through this partnership, the latter company managed and coordinated authorization, optimization, and processing of its transactions.

The growing penetration of smartphones and internet connectivity worldwide is one of the major factors creating opportunities for the market growth. This is because smartphones and the internet enable customers to leverage digital payment capabilities, thereby boosting the need for a payment orchestration platform. According to the statistics provided by BankMyCell, a telecommunication company, the number of smartphone users worldwide was 6.05 billion in 2020 and is expected to reach 7.33 billion by 2025. Additionally, according to the Internet World Stats, there were 2,762 million internet users in Asia in March 2021, followed by Europe with 737 million users.

Various venture capital funding companies invest in payment orchestration platform companies, which helps them enhance their offerings and market reach. For instance, in April 2021, Gr4vy, a payment orchestration platform provider, announced that it had raised USD 11.1 million in its series A round. Nyca Partners led this round with participants from Firestar, Activant Capital, and Global Founders Capital. The company plans to use this funding for strengthening its offerings and market position.

Some of the key players in the payment orchestration platform market include IXOPAY, Cell Point Digital, Payoneer, aye4fin GmbH, Corey, APEXX Fintech Limited, Amadeus IT Group SA, Rebilly, Modopayments, Spreedly, and Optile. These companies focus on strategies such as partnerships to expand their offerings. For instance, in June 2021, IXOPAY announced its partnership with Silverflow, a payments technology company. This partnership enabled the customers of the latter company to upgrade their card payments process.

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