United States Payment Gateways Overview
The payment gateway market is expected to increase as a result of a number of important factors, including rising e-commerce sales and expanding internet usage in the United States. The trend in merchant and client preferences toward digital channels that facilitate online money transfers is also expected to fuel the industry's growth in the next years. One sector of the financial technology (Fintech) industry that is growing significantly is the payment gateway market. A payment gateway is a technological device that facilitates the safe exchange of payment information between an online merchant and an acquiring bank or payment processor.Growth Drivers for the United States Payment Gateways Market
Adoption of Digital Payments
The transition from cash to digital payments - characterized by a decrease in the use of cash and an increase in the acceptance of credit cards, debit cards, and ACH payments - has a substantial influence on the expansion of payment gateways in the United States. According to the findings of the Federal Reserve survey, American consumers' use of digital wallets - especially those provided by fintech or non-bank technology companies - rose by 32% in 2023 over the previous year. This growth outpaced the increases in bank mobile applications (8%), and the use of debit cards (5%). At the moment, 40% of users would rather pay using their bank's mobile app.Additionally, younger generations are more inclined to use digital wallets; a large number of Generation Z (those between the ages of 18 and 25) and millennials (those between the ages of 26 and 41) use these platforms to pay bills with their cellphones. Moreover, eighty percent of these younger customers think it's vital to be able to make payments using a mobile device. As a result, this trend is propelling innovation and development in the payment gateways sector as suppliers strive to create dependable, adaptable, and sturdy solutions that meet the changing demands of local businesses and customers in the digital economy.
Growth of E-Commerce
As technology advances, payment gateways can be integrated with a variety of e-commerce platforms to offer state-of-the-art features like real-time analytics and mobile payment alternatives. Furthermore, the phenomenal growth of the United States e-commerce business is driving an increasing need for payment gateways. After excluding pricing and seasonal fluctuations, U.S. retail e-commerce sales for the first quarter of 2024 totaled $289.2 billion, according to a study from the Department of Commerce's Census Bureau. This represents a 2.1% rise from the fourth quarter of 2023. When compared to the same period in 2023, e-commerce sales jumped by 8.6% in Q1 2024, while overall retail sales rose by 1.5%. 15.9% of retail sales in the first quarter of 2024 were made online. Payment gateways are handling higher quantities of transactions as more customers and businesses shop online, which calls for a strong infrastructure to process payments securely and quickly.United States Payment Gateways Company Analysis
The major participants in the United States Payment Gateways market includes PayPal Holdings, Inc., Amazon Pay (Amazon.com, Inc.), Adyen, JPMorgan Chase & Co., Stripe, Inc., BitPay Inc., Braintree, Wepay, Inc.United States Payment Gateways Company News
In April 2024, the goal of Dwolla's recently released Open Banking Services is to maximize Account-to-Account (A2A) payment efficiency. By utilizing its single API, Dwolla's pre-integration with top open banking service providers streamlines the implementation process for businesses, cutting down on complexity and expediting the adoption of A2A payment solutions.In April 2024, San Francisco A partnership with URBN to manage online and in-store retail transactions for Urban Outfitters, Anthropologie Group, Free People, and FP Movement has been disclosed by Stripe, a financial infrastructure platform that supports businesses. By using Stripe as its main payment infrastructure, URBN also hopes to increase authorization rates, improve consumer checkout consistency, and open the door for future developments.
Type- Industry is divided into 2 viewpoints:
1. Hosted2. Non-hosted
Enterprise- Industry is divided into 2 viewpoints:
1. Large Enterprises2. Small & Medium Enterprises
End User - Industry is divided into 5 viewpoints:
1. BFSI2. Media & Entertainment
3. Retail & E-commerce
4. Travel & Hospitality
5. Others
All companies have been covered with 5 Viewpoints
1. Overviews2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year
5. Revenue
Company Analysis
1. PayPal Holdings, Inc.2. Amazon Pay (Amazon.com, Inc.)
3. Adyen
4. JPMorgan Chase & Co.
5. Stripe, Inc.
6. BitPay Inc.
7. Braintree
8. Wepay, Inc.
Table of Contents
Companies Mentioned
- PayPal Holdings, Inc.
- Amazon Pay (Amazon.com, Inc.)
- Adyen
- JPMorgan Chase & Co.
- Stripe, Inc.
- BitPay Inc.
- Braintree
- Wepay, Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 55 |
| Published | November 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 8.33 Billion |
| Forecasted Market Value ( USD | $ 37.55 Billion |
| Compound Annual Growth Rate | 18.2% |
| Regions Covered | United States |
| No. of Companies Mentioned | 8 |
