Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- The report by Market Research Future (MRFR) conveys that the global online payment gateway market is anticipated to record a 12.8% CAGR during the forecast period of 2018-2023. The global online payment gateway market is estimated to register stellar growth owing to the rising adoption of cashless transactions by the general public. Rapid penetration of the internet has led to a craze for online shopping, creating substantial demand for online payment gateway integration onto ecommerce websites. With the advent of smartphones and rising usage of mobile applications, the demand for online payment gateways is gaining traction, hence, driving the market substantially.
Also, nationalized and private banks have started launching their online payment applications, making it easier for their customers to carry out financial transactions, in an attempt to capitalize on this trend and retain their consumer-base at the same time. Further, customers are beginning to get more inclined towards using online payment applications instead of cards or cash, pushing the online payment gateway market to a great extent. Additionally, many organizations are seen adding payment gateways to their sites to enable easier transactions with their customers and to build better goodwill.
In contrast, major security concerns regarding sensitive data and other cyber threats are estimated to hinder market growth during the assessment period. However, with the integration of credible digital certification and efforts put in to make the gateway secure is likely to dissolve the lingering hesitation towards the adoption of online payment gateways and culminate positive market growth.
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Market Segmentation
The global online payment gateway market is segmented by Market Research Future (MRFR) on the basis of type and application. Based on type, the online payment gateway market is segmented into local bank integrates, pro/self-hosted payment gateways, and platform-based gateway solutions. On the basis of application, the online payment gateway market is segmented into micro & small enterprises, mid-sized enterprises, and large enterprises.
Asia Pacific Projected to Spearhead Global Online Payment Gateway Market Between 2018-2023
MRFR segments the global online payment gateway market into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). According to the MRFR report, the APAC region is estimated to be the frontrunner in the global online payment gateway market owing to various government initiatives introduced to not only support the advent of online transactions but also to promote the adoption of digital/cashless payment options to the general public. Further, with corruption plaguing many of the economies in Asia Pacific, the emergence of digital transactions has led to a radical fall in the number of black transactions, hence, gaining favorable support from the general public and the government.
India is likely to lead the Online Payment Gateway Market in Asia Pacific due to the demonetization initiative launched by Prime Minister Narendra Modi in an effort to eradicate corruption and promote cashless transactions. China is assessed to expand at a significant rate owing to an ascending penetration of the internet in the rural areas of the country. The mushrooming use of the internet is encouraging customers to transact online, hence contributing to substantial growth in the online payment gateway market. Alipay, in particular, is projected to propel lucrative market growth in the country. Moreover, a large number of countries in the APAC region are undertaking digital routes to make commercial practices more efficient, pushing notable growth in the online payment gateway market.
Key Players
The online payment gateway market comprises many market giants who boast a sizeable market share. Some of these noteworthy players have been profiled in the report by Market Research Future (MRFR), which include First Data Corp. (U.S.), Adyen NV (Netherlands), Amazon.com, Inc. (U.S.), CASHU (UAE), Stripe (U.S.), GMO Payment Gateway, Inc. (Japan), Verizon Communications, Inc. (U.S.), Alibaba Group Holding Ltd. (China), 2Checkout.com, Inc. (U.S.), Visa, Inc. (U.S.), CCBill, LLC (U.S.), Tencent Holdings Ltd. (China), SecurePay Pty Ltd. (Australia), PayPal Holdings, Inc. (U.S.), Naspers Ltd. (South Africa), Worldpay, Inc. (U.S.), Global Payments, Inc. (US), and Wirecard AG (Germany).
Various strategies are likely to be undertaken by these key market players to capture a larger share of the global online payment gateway market. Such strategies include inorganic routes such as partnerships, mergers, acquisitions, as well as innovative product launches. Joint ventures with other peer companies to develop a differentiative product are also projected to take place during the assessment period.
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Industry News
April 2019: Merchant Link announced the completion of its integration with Ingenico Group’s Telium TETRA platform. As part of the alliance, Merchant Link is set to support the Ingenico payment terminals of Lane/3000, Lane/5000, Lane/7000, Move/5000, and the Link/2500.
April 2019: Cashfree, a payment gateway startup based in Bengaluru, India has raised $5.5 Mn in its Series A round of funding. This was led by Smilegate Investments, a venture capital company based in South Korea.
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