Dubai, UAE, Sept. 25, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Extrapolate, the Global Payment Gateway Market size was valued at around USD 117.26 billion in 2022 and is expected to generate a revenue of USD 276.20 billion by 2030 at a CAGR of 10.99% between 2023 and 2030. The primary factors driving the market growth include rising demand for mobile-based payments and increasing consumer preference towards digital transactions. Furthermore, growing accessibility and surging penetration of high-speed internet are fostering market share.
Furthermore, the market is poised to depict substantial growth, driven by the upward trajectory of e-commerce sales and the expanding global reach of the internet. Payment gateways serve as pivotal tools in facilitating smooth online transactions, simplifying the process for both buyers and sellers, especially in handling debit and credit card payments. These gateways facilitate the secure and seamless transfer of sensitive data between payment systems and front-end processors, guaranteeing the safety and efficiency of online transactions.
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Competitive Landscape
Prominent companies in the payment gateway market are increasing their industry share through a range of corporate growth strategies, including partnerships, joint ventures, mergers & acquisitions, and product innovations. These strategies aim to broaden their product portfolios and bolster their market shares across several industries through investments in R&D, innovative product launches, collaborations, and so forth.
Major companies profiled in the global payment gateway market include:
- Amazon Payments, Inc.
- NET.
- PayPal Holdings, Inc.
- PAYTM MOBILE SOLUTIONS PRIVATE LIMITED
- WIRECARD
- NASPERS
- BitPay Inc.
- WePay Inc.
- VERIFONE, INC.
- VISA
Market Segmentation
Segmentation by Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Growing Consumer Preference Towards Online Shopping to Generate Growth Opportunities for Large Enterprise
Based on enterprise size, the large enterprise segment holds a significant share in the payment gateway industry and is expected to maintain its dominant position. This is primarily driven by the increasing preference of consumers for online shopping, with major players such as e-commerce giants experiencing the highest transaction volumes in the payment gateway market. A payment gateway, as a specialized payment platform, accommodates a wide array of payment options, manages associated risks, facilitates payments through appropriate channels, and provides comprehensive tracking information to both financial institutions and business customers.
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By Type
- Hosted
- Non-Hosted
Low Merchant Liability of Hosted Option Led to Massive Revenue Share
Based on type, the hosted segment is dominating the global payment gateway market due to ease of use. The demand for hosted payment gateways is growing among merchants worldwide as a result of factors like straightforward payment setting procedures and less merchant liability. A hosted payment gateway is a third-party checkout process that directs users to the payment service provider's (PSP) website.
As utilities seek solutions to facilitate the use of dependable online billing and payments, hosted payment gateways shall continue to be a popular choice. Hosted payment gateways also help organizations reduce fraud so they may focus on their core competencies. They are also a more secure option for processing payments because they follow the Payment Card Industry Data Security Standard (PCI DSS).
Rising Internet Penetration and E-Commerce Website Traffic to Augment Payment Gateway Market Progress
Faster internet and rising e-commerce sales are expected to encourage the growth of the payment processor industry. Modern payment methods, smartphone purchases, and an increase in online credit card purchases have forced retail businesses to deviate from traditional business structures. Retailers are attempting to develop innovative mobile payment options, control risk, and offer top-notch customer service both online and offline. The cashless revolution has serious repercussions for those without access to banking.
For instance, PayFuture Gateway Platform, an AI-based innovative firm based in Singapore, has released a new high-performance payment gateway connector that offers online access to well-liked local payment options across many emerging regions. The increasing use of smartphones and mobile accounts for a number of purposes, as well as the increasing global internet penetration rate, are additional major factors driving the growth of the payment gateway industry.
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Cybercrime and a Lack of Internet Service Providers in Developing Nations Are Limiting Payment Gateway Market Expansion
Lack of infrastructure and an unfavorable regulatory environment in lower-income countries are the main barriers to establishing safe internet connectivity. In spite of the widespread usage of mobile devices and the internet in these nations, not everyone gets consistent and simple access. Digital payments are heavily reliant on stable internet connectivity, which is still exceedingly challenging to secure and maintain in underdeveloped nations.
International organizations are concerned about the internet's exponential growth and the parallel rise in cyber threats. The potential monetary losses and business disruptions that these attacks may create may trigger a decline in the reliance on online services.
Presence of Key Players in North America to Support Payment Gateway Market Expansion
North America is the second-largest market for payment gateways due to the presence of key players in the area. North America is the market with the quickest growth due to rising consumer dependency on electronic billing, the mounting popularity of mobile commerce, technological improvements, and substantial applications of payment gateway in various end-use categories. Another element promoting market expansion in this area is the presence of well-known companies like Square, BluePay, MasterCard, PayPal Holdings Inc., and Amazon Payments Inc.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Payment Gateway Market
Chapter 5. Global Payment Gateway Market Overview, By Type, 2018 - 2030 (USD Million)
Chapter 6. Global Payment Gateway Market Overview, By Enterprise Size, 2018 - 2030 (USD Million)
Chapter 7. Global Payment Gateway Market Overview, By End Use, 2018 - 2030 (USD Million)
Chapter 8. Global Payment Gateway Market Overview, By Geography, 2018 - 2030 (USD Million)
Chapter 9. North America Payment Gateway Market Overview, By Countries, 2018 - 2030 (USD Million)
Chapter 10. Europe Payment Gateway Market Overview, By Countries, 2018 - 2030 (USD Million)
Chapter 11. Asia Pacific Payment Gateway Market Overview, By Countries, 2018 - 2030 (USD Million)
Chapter 12. Middle East & Africa Payment Gateway Market Overview, By Countries, 2018 - 2030 (USD Million)
Chapter 13. South America Payment Gateway Market Overview, By Countries, 2018 - 2030 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
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