Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 110 | Code: MRS - 828539
The online payment gateway market is set for rapid growth over the forecast period. In terms of revenue, the global online payment gateway market accounted for USD 15.05 Billion in 2019 and is expected to reach USD 58.82 Billion by 2026, growing at a CAGR of 21.5%.
Global Online Payment Gateway Market: Overview
Online payment gateways, which are nothing but merchant facilities, aid in making a seamless purchase when doing online shopping. The transaction procedures for the numerous online companies the debit cards, credit cards, and direct payment mechanism. The services of payment gateways may be provided by any commercialized bank financial service supplier. The payment gateways ensure that a safe and stable transaction has been carried out correctly.
Global Online Payment Gateway Market: Growth Factors
The massive growth of small businesses in developed countries to offer online services to consumers is the main factor driving the online payment gateway industry. Rising M-commerce's success is also another factor driving the demand for online payment gateways. Other key factors that have increased the pace of online shopping are competitive online bids, time-saving comparison of easy products, full-time availability, and easy access, to allow easy purchase and sale, a payment gateway is necessary, this reality would cause the growth of the market in the coming years. Failure to trust when making online payments would restrict customers from making such payments is the aspect that limits the growth of the market.
Global Online Payment Gateway Market: Segmentation
The online payment gateway market is globally bifurcated into its interaction mode and organization size. Based on interaction mode type, the market is split into pro/self-hosted, API/non-hosted, platform-based, direct payment, hosted payment, and local bank integrates. Due to the various advantages provided by these networks, such as high security, decreased merchant liability, and ready-to-use set-up for payments, the hosted segment is projected to maintain its supremacy over the forecast era. As they help eliminate illegal activity and concentrate more on the core market, merchants favor hosted approaches. In addition, these systems comply with the Payment Card Industry Data Protection Standard (PCI DSS) which, when it comes to payment processing, makes them secure. Based on organization size, the market is divided into micro and small enterprise, mid-sized enterprise, large enterprise out of which the large enterprise is commonly embracing payment gateways as the volume of transactions in large-scale businesses is very high. These companies often need a highly secure and secure transaction mode that is supported by these gateways. The payment gateways use industry-standard encryption and secure customers' and merchants' confidential data effectively, thereby providing more growth opportunities in this market.
Global Online Payment Gateway Market: Regional Analysis
North America holds the largest share of the online payment gateway market owing to the heavy dependency on electronic payments for any online shopping. Also, online payment gateways offer safe and stable transfers, which further fuels business expansion. Over the projected timeframe, Asia Pacific is predicted to emerge as the fastest-growing regional market. The growth can be traced to many measures initiated by different governments to develop their countries' online payment infrastructure.
Global Online Payment Gateway Market: Competitive Players
Some of the key players in the online payment gateway market are Amazon Payments, MyGate, CCBill, 99bill, AsiaPay/PayDollar, Pagosonline, MercadoPago, PesoPay, eWAY AU, CashU, NAB Transact, Realex, e-Path, Klarna, Cardstream, Stripe, Sage Pay, PayPal, Payson, Beanstream, Certitrade, Wirecard, ServiRed, Worldpay, and WebCash among others.
Global Online Payment Gateway Market: Regional Segment Analysis
Online Payment Gateway
Online Payment Gateway