The news: Financial tech company FIS introduced Worldpay for Platforms, a software-as-a-service (SaaS) solution that gives software providers embedded payment capabilities and access to advisory services, per a press release.
Neon One, a software provider for nonprofit organizations, and ResMan, which offers software solutions for the real estate industry, are among the first companies to use Worldpay for Platforms.
Here’s how it works: Software providers using Worldpay for Platforms can help small businesses accept various payment methods and currencies across online and in-person channels. They can also manage subscriptions and invoices. The solution is powered in part by payment facilitator Payrix, which FIS acquired earlier this year.
Why it’s worth watching: The global SaaS market is currently valued at $3 trillion, per McKinsey estimates, and that number is expected to surge to $10 trillion by 2030.
Here are two key reasons FIS and other payment titans—including Worldline—have leaned into SaaS:
Why this could succeed: Worldpay for Platforms has attractive benefits for software providers and small businesses.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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