A payment gateway helps buyers and sellers conduct effective online transactions. By transferring sensitive data between payment gateways and front-end processors, payment gateway is an e-commerce solution that manages debit and credit card payments. The desire for speedy and hassle-free money transactions has grown as technology is developing quickly. Today, people favor using digital transaction mode as payment gateway technologies are continuously evolving to keep up with changing consumer preferences and technology developments.
It is anticipated that increasing e-commerce sales and faster internet will foster the expansion of the payment gateway sector. Modern payments, smartphone transactions, and a growth in online credit card payments have caused retail to depart from conventional business structures and adopt technological mode of payments like online transaction. Retailers are working to create cutting-edge mobile payment solutions, manage risk, and provide excellent customer experience both online and offline. While certain aspects of this evolution will happen naturally, there will be plenty of opportunities for diverse parties to shape the outcome.
A lack of uninterrupted internet access in poorer nations is likely to restrain payment gateway market share growth in the forecast time period. Despite the widespread use of the internet and mobile devices in nations like India, not everyone has constant and seamless connectivity. Digital payments are very connection-dependent, but it is still quite difficult to secure and maintain dependable internet access in underdeveloped nations.
The COVID-19 pandemic brought several uncertainties which brought severe economic losses as various businesses across the world were on a standstill. However, the market for payment gateway grew significantly in the COVID-19 pandemic as a result of developments in e-commerce, contactless payments, rapid payments, and the displacement of cash. Also, preference for people to opt for touch less or cashless money transaction further led to payment gateway market growth in the COVID-19 time.
Some of the leading payment gateway market players are PayPal Holdings, Inc., STRIPE, Visa Inc., Amazon.com Inc., FIS(Worldpay), Mastercard, PayU, BitPay, Inc., FISERV, INC.(BluePay), and JPMorgan Chase & Co.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the payment gateway market analysis from 2021 to 2030 to identify the prevailing payment gateway market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the payment gateway market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global payment gateway market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Hosted
- Non Hosted
By Enterprise Size
- Large Enterprise
- Small and Medium Enterprise
By End-use
- Travel and Hospitality
- BFSI
- Retail and Ecommerce
- Media and Entertainment
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- PayPal Holdings, Inc.
- Visa Inc.
- STRIPE
- Amazon.com Inc.
- FIS(Worldpay)
- MASTERCARD
- PayU
- BitPay, Inc.
- FISERV, INC.(BluePay)
- JPMorgan Chase & Co.
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
Executive Summary
According to the report, titled, “Payment Gateway Market," the payment gateway market was valued at $22.4 billion in 2021, and is estimated to reach $98.2 billion by 2030, growing at a CAGR of 17.7% from 2022 to 2030.A payment gateway is a digital money operating gateway widely used to connect the customers and the merchant together for any payment transaction. A payment gateway is essentially an online interface that facilitates money transfers between a client and a business. Any firm that accepts payments online has an advantage because doing so guarantees safe and easy transactions and reduces financial losses brought on by late payments.
The industry is anticipated to grow as a result of increased demand for quick mobile payments and usage of mobile banking channels. As consumers' preferences migrate to digital payment technology, they expect a perfect user experience from mobile wallets. Due to the increased amounts of digital payments, there is a growing need for safe and dependable payment gateways. As the number of online shoppers increases year after year, the volume of digital payments has skyrocketed, giving payment gateway suppliers a sizable market to thrive in.
The main challenge currently being faced by payment gateway market is the rise in customer risk of online fraud. The likelihood of some socially irresponsible individual misusing the account information required to use the online payment gateway to make an online payment is high.
Globally, the payment gateway industry is expanding quickly owing to tremendous growth in online transactions and e-commerce transactions. The market is also extremely competitive, therefore major players are using a variety of techniques to grow their customer base with the launch of new payment gateway services such as the introduction of new products, collaborations, partnerships, and mergers.
The global payment gateway market share is segmented on the basis of type, enterprise size, end-use, and region. By type, the market is sub-segmented into hosted and non hosted. By enterprise type, the market is segmented into small & medium enterprise (SME) and large enterprise. By end-use, the market is classified into travel & hospitality, BFSI, retail & ecommerce, media & entertainment, and others. By region, the payment gateway market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
Some of the leading payment gateway market players are PayPal Holdings, Inc., STRIPE, Visa Inc., Amazon.com Inc., FIS(Worldpay), Mastercard, PayU, BitPay, Inc., FISERV, INC.(BluePay), and JPMorgan Chase & Co.
The report offers a comprehensive analysis of the global payment gateway market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, payment gateway market forecast, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the global payment market size are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the payment gateway market.
Impact of Covid-19 on the Global Payment Gateway Industry
- Since, the emergence of COVID-19 pandemic, the demand for cashless transaction has increased among people, considerably. This is majorly to avoid any further viral transmission of virus. Owing to this, the payment gateway market share has experienced a major growth in the pandemic time frame.
- Almost all types of businesses opted for online transaction in pandemic time period as online money transfer is a fast and a safe mode for money transaction.
Key Findings of the Study
- Based on type, the hosted sub-segment emerged as the global leader in 2021 and non hosted sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
- Based on enterprise size, the large enterprise sub-segment emerged as the global leader in 2021 and small & medium enterprise sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
- Based on end-use, the BFSI sub-segment emerged as the global leader in 2021 and travel & hospitality sub-segment is predicted to show the fastest growth in the upcoming years.
- Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
Companies Mentioned
- Paypal Holdings, Inc.
- Visa Inc.
- Stripe
- Amazon.Com Inc.
- Fis(Worldpay)
- Mastercard
- Payu
- Bitpay, Inc.
- Fiserv, Inc.(Bluepay)
- Jpmorgan Chase & Co.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...