Online Payment Gateway Market Analysis
The online payment gateway market is projected to develop at a healthy 12.8% CAGR by 2023, as per the MRFR analysis. Online payment gateways are basically servers and software that aid to transfer every piece of information pertaining to online transactions to specific banks. Local bank integrates, self/pro hosted payment gateways, platform-based gateway solutions, and others are the different types of online payment gateways that have wide applications in mid-sized enterprises, large enterprises, and micro & small enterprises.
Various factors are propelling the online payment gateway industry share. According to the recent MRFR report, such factors include the growing trend of digitalization, increasing adoption of different online payment modes like net banking, mobile wallets, credit or debit cards, the advent of apps which are smartphone compatible and helps in easy online payments, easy availability and increasing use of high-speed internet. Additional factors fuelling market growth include the increasing use during the on-going COVID-19 outbreak, the merge of attractive cashback offers and e-commerce sites on online payments, as well as the collaboration of banks with various online retailers, and convenient payment gateways.
On the flip side, the risk related to hackers and of losing sensitive data may hinder the global online payment gateway market growth over the forecast period.
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Online Payment Gateway Market Segmentation
The online payment gateway market has been categorized based on type & application.
By Type
- Pro/self-hosted Payment Gateways
- Local Bank Integrates
- Platform-based Payment Gateway Solutions
By Application
- Micro and Small Enterprise
- Mid-size Enterprise
- Large Enterprise
Online Payment Gateway Market Regional Analysis
Geographically, the online payment gateway market has been segmented into North America, Europe, the Asia Pacific, and the Rest of the World. Among these, the Asia Pacific region will spearhead the market over the forecast for growing initiatives by the government for digitalization, especially in developing economies, high adoption of online payment methods in China, increase in online shopping, expanding small and micro enterprises, growing awareness about digital transactions, the initiative for cashless India, and the increasing availability of the World Wide Web are adding to the global online payment gateway market growth in the region.
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In North America, the global online payment gateway market is predicted to have healthy growth over the forecast period for growing dependence on electronic payments, assurance of safe and secure transactions, growing inclination towards e-commerce, increasing use of m-commerce, and technological advances. The US has the utmost share in the online payment gateway market.
In Europe, the global online payment gateway market is predicted to have sound growth over the forecast period for the presence of leading industry players as well as technological superiority.
In the Rest of the World, the global online payment gateway market is predicted to develop at a steady rate between the forecast period.
Online Payment Gateway Market Key Players
Key contenders profiled in the online payment gateway market report include -
- Wirecard AG (Germany)
- Global Payments Inc. (US)
- Worldpay Inc. (U.S.)
- Naspers Ltd. (South Africa)
- PayPal Holding(U.S.)
- SecurePay Pty Ltd. (Australia)
- Tencent Holdings Ltd. (China)
- CCBill LLC (U.S.)
- Visa Inc. (U.S.)
- com Inc. (U.S.)
- Alibaba Group Holding Ltd. (China)
- Verizon Communications Inc. (U.S.)
- GMO Payment Gateway Inc. (Japan)
- Stripe (U.S.)
- CASHU (UAE)
- com Inc. (U.S.)
- Adyen NV (Netherlands)
- First Data Corp. (U.S.)
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