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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