Online Payment Gateway Market
In the United States, some of the most popular online payment gateway providers are PayPal, Stripe, Authorize.Net, 2Checkout, Amazon Pay, PaySimple, WePay, Braintree, Payline, and WorldPay. These gateways offer a wide range of features and services for businesses of all sizes, including payment processing, fraud protection, mobile payments, recurring billing, and more. Additionally, many of these gateways offer additional services such as invoicing, customer engagement, and analytics.
Online Payment Gateway Market share is predicted to touch USD 193.27 Billion at a 10.18% CAGR between 2020 to 2030.
Since a few years ago, the payment method has advanced at an astounding rate, from the token system to cash pooling and cashless transactions. In every industry, the integration of a payment gateway has emerged as one of the most important components of every organisation.
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One of the main drivers of the market’s expansion is the growing digital transformation of organisation all over the world. In addition, there is a noticeable rise in the usage of online payment methods, such as credit or debit cards, mobile wallets, and net banking, for money transfers, providing customers with a practical way to make in-store purchases.
In addition, a lot of banks are working with retailers to offer cashback deals that will draw in new clients and keep existing ones. The expansion of broadband or high-speed Internet access and this are expected to boost the market’s growth in the following years.
The increase in card payments supporting various online transactions can bolster the expansion of the global online payment gateway market across the assessment period. The rise in digital facilities can prompt the expansion of the online payment gateway market across the globe. The increase in cashless transactions practise and emergence of smaller denomination payments can prompt the expansion of the worldwide payment gateway market in the years to come.
Benefits, such as quick payment and better security in online methods of payment can favor the worldwide online payment gateway. On the downside, security concerns regarding online transactions due to increase in cases of hacking can limit the expansion of the online payment gateway market. However, benefits of online payments can counter the expansion of the market.
The segment study of the online payment gateway global market is based on parameters, application and type.
The type based, online payment gateway market are platform-based payment gateway solutions, local bank integrates, and pro/self-hosted payment gateways among others. The platform-based payment gateway solution segment holds potential growth opportunities that can boost the expansion of the world online payment gateway market. The rise in m-commerce and e-commerce industry can prompt the expansion of the market.
The application segment of the online payment gateway market are large enterprise, mid-size enterprise, and micro & small enterprise. The availability of 24/7 assistance by small enterprises for online shopping to provide customers better online experience including easy access, convenience, and attractive discount can fuel the rise of the online payment gateway market.
In North America, the online payment gateway market can surge at the highest CAGR across the evaluation period. The rise in the online transactions owing to high inclination of people towards e-commerce platform is promoting the need for digital payment methods. This is expected to impel the online payment gateway market in the region. The widespread utility of m-commerce, credit cards, and debit cards can drive the regional market. Digitization penetration is observed to contribute largely to North America online payment gateway market expansion.
In Europe, the online payment gateway market can garner decent revenue across the review period. The existence of well-established global players in the region and fast developing field of technology can support the expansion of Europe online payment gateway growth in the near future.
In Asia Pacific, the online payment gateway market can thrive due to the rapid expansion of small and micro enterprises. In addition, the rise in customer count for online shopping in emerging economies of APAC can promote the online payment gateway market growth across the review period.
MRFR profiled some reputed players of the online payment gateway market. They are; Adyen NV (Netherlands), CCBill, LLC (U.S.), CASHU (UAE), Stripe (U.S.), Amazon.com, Inc. (U.S.), GMO Payment Gateway, Inc. (Japan), First Data Corp. (U.S.), Naspers Ltd. (South Africa), Visa, Inc. (U.S.), Global Payments, Inc. (US), Tencent Holdings Ltd. (China), Worldpay, Inc. (U.S.), 2Checkout.com, Inc. (U.S.), Alibaba Group Holding Ltd. (China), Verizon Communications, Inc. (U.S.), PayPal Holdings, Inc. (U.S.), SecurePay Pty Ltd. (Australia), and Wirecard AG (Germany).
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Global Online Payment Gateway Market Research Report, by Type (Pro/Self-Hosted Payment Gateways, Local Bank Integrates, Platform-Based Payment Gateway Solution, Others), Application (Micro and Small Enterprises, Large Enterprises, Mid-Size Enterprises) – Forecast till 2030
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