Global Online
Payment Gateway Market Analysis
The global Online Payment Gateway Market is predicted to touch USD
124.64 billion at a whopping 12.8% CAGR between 2018- 2023, states the recent
Market Research Future (MRFR) analysis. An online payment gateway, simply put,
is a software and server that helps in transferring all information associated
with an online transaction to a particular bank. It also responses from the
bank or information like whether the payment has declined or is successful to
consumers. It serves as an intermediary or mediator amid e-commerce sites ad
banks.
Key Players
Notable players profiled in the global online
payment gateway market report include Wirecard AG (Germany), Global Payments,
Inc. (US), Worldpay, Inc. (U.S.), Naspers Ltd. (South Africa), PayPal Holdings,
Inc. (U.S.), SecurePay Pty Ltd. (Australia), Tencent Holdings Ltd. (China),
CCBill, LLC (U.S.), Visa, Inc. (U.S.), 2Checkout.com, Inc. (U.S.), Alibaba
Group Holding Ltd. (China), Verizon Communications, Inc. (U.S.), GMO Payment
Gateway, Inc. (Japan), Stripe (U.S.), CASHU (UAE), Amazon.com, Inc. (U.S.), Adyen
NV (Netherlands), and First Data Corp. (U.S.).
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Various factors are propelling the global online
payment gateway market share. According to the recent MRRF report, such factors
include the booming small enterprises, especially in developing nations to
offer online services to customers, the growing popularity of M-commerce,
increasing use of debit and credit cards for shopping, rising use of mobile
devices, growing preference for net banking and mobile wallets, easy
availability and increasing use of high-speed internet, the collaboration of
online retailers and banks, convenient payment gateways, and increasing use of
online payment gateways during the COVID-19 pandemic.
On the contrary, lack of trust and security concerns
about payments may limit the global online payment gateway market growth over
the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental
analysis of the global online payment gateway market based on application and
type.
By type, the global online payment gateway market is
segmented into platform-based payment gateway solutions, local bank integrates,
pro/self-hosted payment gateways, and others. Of these, the platform-based
payment gateway solution will lead the market over the forecast period for
merchants’ preference for a platform for directly selling their products to
users.
By application, the global online payment gateway
market is segmented into mid-size enterprises, large enterprises, and micro
& small enterprises. Of these, the large enterprise segment will dominate
the market over the forecast period for the amazing features that are guiding
its success, such as recurring payments, merchant reliability, credibility for
merchants, quick and easy setup, and instant payment.
Regional Analysis
Based on the region, the global online payment
gateway market report covers the growth opportunities and recent trends across
the Asia Pacific (APAC), North America, Europe, & the Rest of the World
(RoW).
Of these, North America will have the lions share in
the market over the forecast period. Increase in online transactions due to
people’s high inclination towards the e-commerce platform, the widespread use
of debit cards, credit cards, and m-commerce, digitalization penetration, and
technological advances are adding to the global online payment gateway market
growth in this region. The United States holds the maximum share in the market.
The global online payment gateway market in Europe
is predicted to have the second-largest share over the forecast period.
Technological superiority, coupled with the existence of top industry players
is adding to the global online payment gateway market growth in the region.
The global online payment gateway market in the APAC
region is predicted to grow at a fast pace over the forecast period. The
presence of emerging economies, the rising number of customers doing online
shopping, and the rapid expansion of micro & small enterprises are adding
to the global online payment gateway market growth over the forecast period.
The global online payment gateway market in the RoW is
predicted to have sound growth over the forecast period.
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