Global Online Payment Gateway Market Analysis
The global Online Payment Gateway Market is predicted to touch USD 124.64 billion at a whopping 12.8% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. An online payment gateway, simply put, is a software and server that helps in transferring all information associated with an online transaction to a particular bank. It also responses from the bank or information like whether the payment has declined or is successful to consumers. It serves as an intermediary or mediator amid e-commerce sites ad banks.
Notable players profiled in the global online payment gateway market report include Wirecard AG (Germany), Global Payments, Inc. (US), Worldpay, Inc. (U.S.), Naspers Ltd. (South Africa), PayPal Holdings, Inc. (U.S.), SecurePay Pty Ltd. (Australia), Tencent Holdings Ltd. (China), CCBill, LLC (U.S.), Visa, Inc. (U.S.), 2Checkout.com, Inc. (U.S.), Alibaba Group Holding Ltd. (China), Verizon Communications, Inc. (U.S.), GMO Payment Gateway, Inc. (Japan), Stripe (U.S.), CASHU (UAE), Amazon.com, Inc. (U.S.), Adyen NV (Netherlands), and First Data Corp. (U.S.).
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Various factors are propelling the global online payment gateway market share. According to the recent MRRF report, such factors include the booming small enterprises, especially in developing nations to offer online services to customers, the growing popularity of M-commerce, increasing use of debit and credit cards for shopping, rising use of mobile devices, growing preference for net banking and mobile wallets, easy availability and increasing use of high-speed internet, the collaboration of online retailers and banks, convenient payment gateways, and increasing use of online payment gateways during the COVID-19 pandemic.
On the contrary, lack of trust and security concerns about payments may limit the global online payment gateway market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global online payment gateway market based on application and type.
By type, the global online payment gateway market is segmented into platform-based payment gateway solutions, local bank integrates, pro/self-hosted payment gateways, and others. Of these, the platform-based payment gateway solution will lead the market over the forecast period for merchants’ preference for a platform for directly selling their products to users.
By application, the global online payment gateway market is segmented into mid-size enterprises, large enterprises, and micro & small enterprises. Of these, the large enterprise segment will dominate the market over the forecast period for the amazing features that are guiding its success, such as recurring payments, merchant reliability, credibility for merchants, quick and easy setup, and instant payment.
Based on the region, the global online payment gateway market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW).
Of these, North America will have the lions share in the market over the forecast period. Increase in online transactions due to people’s high inclination towards the e-commerce platform, the widespread use of debit cards, credit cards, and m-commerce, digitalization penetration, and technological advances are adding to the global online payment gateway market growth in this region. The United States holds the maximum share in the market.
The global online payment gateway market in Europe is predicted to have the second-largest share over the forecast period. Technological superiority, coupled with the existence of top industry players is adding to the global online payment gateway market growth in the region.
The global online payment gateway market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of emerging economies, the rising number of customers doing online shopping, and the rapid expansion of micro & small enterprises are adding to the global online payment gateway market growth over the forecast period.
The global online payment gateway market in the RoW is predicted to have sound growth over the forecast period.
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