Payment Gateway Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of XX%.
A payment gateway is an online money processing gateway that uses digital technology to link a customer and a merchant. A payment gateway guarantees the security of the customer's card information, guarantees that there are sufficient funds in the bank account, and ultimately makes it possible for retailers to get paid. A payment gateway is, in essence, an online interface that facilitates the transfer of funds between a customer and a merchant. Any business can benefit from having an online payment option since it guarantees safe and easy transactions and reduces the amount of money lost to late payments.
Global Payment Gateway Market Driving Factors and Challenges
The market for payment gateways is expanding due to the rise in massive transaction data and the growing use of various online payment methods such net banking, credit cards, debit cards, and mobile wallets. The sector is expanding due to the increasing popularity and accessibility of high-speed Internet. Other significant factors that are anticipated to contribute to the growth of the payment gateway market include rising worldwide internet penetration and e-commerce sales, which are expected to increase due to time savings. Furthermore, the market is expected to grow in the upcoming years as a result of the shift in merchant and customer preferences toward digital channels for enabling online money transfers. The COVID-19 epidemic contributed to the growth of the payment gateway sector. This might be because more people are using the internet, which has led to a rise in the use of these gateways.
The main obstacle to the payment gateway is the increasing risk of online fraud for customers. The account details that must be submitted in order to make an online payment on the online payment gateway application are likely to be misused by some socially irresponsible person. This is the main thing preventing the payment gateway market from growing. In less developed countries, regulatory environments and insufficient infrastructure might be obstacles to internet access. Even in countries like India, where mobile devices and the internet are widely used, not everyone enjoys consistent, uninterrupted connectivity. Even though digital payments rely heavily on connections, maintaining stable and secure internet access can still be challenging in developing countries.
Impact of COVID-19 on Global Payment Gateway Market
The COVID-19 epidemic and the subsequent lockdowns have had a detrimental effect on the payment gateway business due to a global movement towards e-commerce. This has resulted in the introduction of numerous payment gateways that enable online payments for transactions made via e-commerce websites. Nevertheless, market only got expanded due to COVID-19 epidemic. This is explained by the trend of consumers favouring quick payments, e-commerce, and moving away from cash. Because more people are choosing to make purchases online—a trend that has increased by 13% to 20% throughout the pandemic—the e-commerce industry has experienced tremendous growth. Furthermore, because mobile and internet services let people to access to payment gateways and other online platforms, people's reliance on them has grown during the pandemic.
Global Payment Gateway Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Major key players are PayU, STRIPE, Amazon.com Inc., FISERV, INC. (BluePay), BitPay, Inc., Visa Inc., JPMorgan Chase & Co., PayPal Holdings, Inc., FIS (Worldpay), MASTERCARD and various others.
Global Payment Gateway Market Segmentation:
By Product Type: Based on the Product Type, Global Payment Gateway Market is segmented as; Hosted, Non-Hosted
By Enterprise Size: Based on Enterprise Size, Global Payment Gateway Market is segmented as; Large Enterprise, Small and Medium Enterprise
By End-user: Based on the End-user, Global Payment Gateway Market is segmented as; Travel and Hospitality, BFSI, Retail and Ecommerce, Media and Entertainment, Others
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.