The North America Payment Gateway Market is expected to witness market growth of 21.4% CAGR during the forecast period (2021 2027).
E-commerce firms are cooperating with payment service providers to serve customers and merchants with a digital payments infrastructure. Because merchants handle a huge volume of transactions, gateway systems have been integrated into their sales channels. For example, in July 2021, PayU, a payment gateway service provider, announced a partnership with WooCommerce, a customizable e-commerce platform, to deliver digital payment infrastructure and end-to-end digitization of business operations to WooCommerce businesses. This cooperation is anticipated to provide merchants with contactless payment solutions that will help them scale their growth and profitability, as well as exclusive transaction pricing and no hidden fees.
Many banks around the world are attempting to form agreements with payment gateway service providers to give customers and merchants real-time payment options. Yes Bank, for example, established a partnership with Amazon Web Services (AWS)) and Amazon Pay in November 2021 to provide a real-time payment system via the Unified Payment Interface (UPI) transaction capability. UPI supports inter-bank person-to-merchant and peer-to-peer network transactions using the Yes Bank digital payment platform as a result of this agreement.
Instant payments are prompting new client expectations and requirements in North America, as well as sparking new business possibilities for service providers. The payment environment is projected to be disrupted by new companies with the launch of open APIs and other technologies, and immediate payment can evolve as a viable alternative to conventional payment systems.
Banks are working hard to stay competitive, especially in light of the advent of FinTech and the regulatory push for system modernization. Because of the convenience and ease of use, customers are increasingly requesting fast payment-based overlay services. Increased use of fast payment systems in key economies, combined with FinTech growth and efforts, is projected to speed up transformation and assist initial adopter banks to stand out.
The US market dominated the North America Payment Gateway Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $19,171.9 million by 2027. The Canada market is poised to grow at a CAGR of 24.2% during (2021 - 2027). Additionally, The Mexico market is expected to exhibit a CAGR of 23.1% during (2021 - 2027).
Based on Type, the market is segmented into Hosted and Non-hosted. Based on End Use, the market is segmented into Retail & E-commerce, BFSI, Travel & Hospitality, Media & Entertainment and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Visa, Inc., PayPal Holdings, Inc., BitPay, Inc., Stripe, Inc., JPMorgan Chase & Co., Amazon.com, Inc., Naspers Limited, VeriFone Holdings, Inc., Adyen N.V., and Worldline.
E-commerce firms are cooperating with payment service providers to serve customers and merchants with a digital payments infrastructure. Because merchants handle a huge volume of transactions, gateway systems have been integrated into their sales channels. For example, in July 2021, PayU, a payment gateway service provider, announced a partnership with WooCommerce, a customizable e-commerce platform, to deliver digital payment infrastructure and end-to-end digitization of business operations to WooCommerce businesses. This cooperation is anticipated to provide merchants with contactless payment solutions that will help them scale their growth and profitability, as well as exclusive transaction pricing and no hidden fees.
Many banks around the world are attempting to form agreements with payment gateway service providers to give customers and merchants real-time payment options. Yes Bank, for example, established a partnership with Amazon Web Services (AWS)) and Amazon Pay in November 2021 to provide a real-time payment system via the Unified Payment Interface (UPI) transaction capability. UPI supports inter-bank person-to-merchant and peer-to-peer network transactions using the Yes Bank digital payment platform as a result of this agreement.
Instant payments are prompting new client expectations and requirements in North America, as well as sparking new business possibilities for service providers. The payment environment is projected to be disrupted by new companies with the launch of open APIs and other technologies, and immediate payment can evolve as a viable alternative to conventional payment systems.
Banks are working hard to stay competitive, especially in light of the advent of FinTech and the regulatory push for system modernization. Because of the convenience and ease of use, customers are increasingly requesting fast payment-based overlay services. Increased use of fast payment systems in key economies, combined with FinTech growth and efforts, is projected to speed up transformation and assist initial adopter banks to stand out.
The US market dominated the North America Payment Gateway Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $19,171.9 million by 2027. The Canada market is poised to grow at a CAGR of 24.2% during (2021 - 2027). Additionally, The Mexico market is expected to exhibit a CAGR of 23.1% during (2021 - 2027).
Based on Type, the market is segmented into Hosted and Non-hosted. Based on End Use, the market is segmented into Retail & E-commerce, BFSI, Travel & Hospitality, Media & Entertainment and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Visa, Inc., PayPal Holdings, Inc., BitPay, Inc., Stripe, Inc., JPMorgan Chase & Co., Amazon.com, Inc., Naspers Limited, VeriFone Holdings, Inc., Adyen N.V., and Worldline.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Hosted and
- Non-hosted
By End Use
- Retail & E-commerce
- BFSI
- Travel & Hospitality
- Media & Entertainment and
- Others
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Visa, Inc.
- PayPal Holdings, Inc.
- BitPay, Inc.
- Stripe, Inc.
- JPMorgan Chase & Co.
- Amazon.com, Inc.
- Naspers Limited
- VeriFone Holdings, Inc.
- Adyen N.V.
- Worldline
Unique Offerings from the publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. North America Payment Gateway Market by Type
Chapter 5. North America Payment Gateway Market by End-use
Chapter 6. North America Payment Gateway Market by Enterprise Size
Chapter 7. North America Payment Gateway Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Visa, Inc.
- PayPal Holdings, Inc.
- BitPay, Inc.
- Stripe, Inc.
- JPMorgan Chase & Co.
- Amazon.com, Inc.
- Naspers Limited
- VeriFone Holdings, Inc.
- Adyen N.V.
- Worldline
Methodology
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