Dublin, March 22, 2024 (GLOBE NEWSWIRE) -- The "Payment Gateways Market Report by Application, Mode of Interaction, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global payment gateways market size reached US$ 24.6 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 42.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2023-2032. The rising popularity of online shopping, the growth of e-commerce platforms, the widespread use of smartphones, the increasing digital payment adoption, and the global expansion of cross-border e-commerce are some of the factors propelling the market. 
Payment gateways are essential to modern e-commerce, facilitating secure and convenient online transactions between customers and businesses. Acting as a virtual point-of-sale system, payment gateways enable digital payment authorization, processing, and settlement. They play a crucial role in ensuring the security of online transactions. They encrypt sensitive customer information, such as credit card details, to protect it from unauthorized access. By providing secure payment processing, gateways instill trust and confidence in customers, encouraging them to make online purchases. These gateways are intermediaries between the customer, merchant, and financial institutions. They securely transmit transaction data to the acquiring bank or payment processor for authorization and transfer funds from the customer's account to the merchant's. They support various payment methods, including credit and debit cards, digital wallets, and bank transfers. They offer seamless integration with e-commerce platforms, making it easier for businesses to accept payments online and manage transactions efficiently. They also provide features such as recurring billing, mobile payments, and fraud detection, enhancing the overall payment experience for businesses and customers.
The global market is majorly driven by the increasing development of advanced security features within payment gateways, such as tokenization and encryption. In line with this, the payment gateways that accommodate various payment methods, including credit/debit cards, digital wallets, and bank transfers, meet the diverse needs and preferences of consumers, fueling the market demand. Moreover, the rising integration with popular e-commerce platforms is significantly contributing to the market. Apart from this, the growing demand for subscription-based services is positively influencing the market. Furthermore, the escalating demand for contactless payments is catalyzing the market. Besides, the payment gateways that adhere to regulatory standards are in high demand as businesses seek to ensure data protection and compliance. Additionally, the increasing demand for real-time payment processing is fostering the market. Rapid technological advancements, such as artificial intelligence, machine learning, and blockchain, are shaping the future of payment gateways. These technologies improve transaction speed, security, and efficiency, stimulating market expansion.
Payment Gateways Industry Segmentation:
Breakup by Application:
- Large Enterprises
- Micro and Small Enterprises
- Mid-Size Enterprises
Breakup by Mode of Interaction:
- Hosted Payment Gateways
- Pro/Self-Hosted Payment Gateways
- API/Non-Hosted Payment Gateways
- Local Bank Integrates
- Direct Payment Gateways
- Platform-Based Payment Gateways
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Companies Mentioned Include
- Adyen
- Amazon.com Inc
- Authorize.Net (Visa Inc.)
- BitPay Inc
- JPMorgan Chase & Co. PayPal Holdings Inc.
- PayTm (One97 Communications)
- PayU (Naspers Limited)
- Razorpay Software Private Limited
- Stripe Inc.
- Verifone Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5ej56m
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