Key Companies Covered in the Payment Gateway Market Research are PayPal Holdings, Inc., STRIPE, Visa Inc., Amazon.com Inc., FIS(Worldpay), MASTERCARD, PayU, BitPay, Inc., FISERV, INC.(BluePay), and other key market players.
According to Research Dive analysis, the global payment gateway is estimated to generate a revenue of $67,434.4 million by 2031, increasing from $19,250.0million in 2022, at a healthy CAGR of 16.6%.
Impact Analysis of COVID-19 on the Global Payment Gateway Market:
The COVID-19 crisis resulted in a significant shift in the adoption of technologies that had been developed in recent years, such as real-time account-to-account payment infrastructures. Instant payment investments are starting to pay off, both in terms of POS and e-commerce usage of instant solutions. Customer expectations for speed, price differences, and greater adoption of customer-facing applications, such as GrabPay in Singapore or bank solutions like MobilePay in Denmark are driving this trend. Consumers and businesses in the United Kingdom are increasingly opting to settle bills online as payment speed becomes more important. Despite the challenges posed by the epidemic, one segment of the payment business, the payment gateway sector, continues to thrive. COVID-19 is also present. The epidemic has increased our collective reliance on the internet and has hastened the use of digital technologies in many circumstances.
Payment Gateway Market Analysis:
A payment gateway is a piece of software that allows user to incorporate credit or debit card payments into mobile apps and websites. It is one of the best ways to deal with internet payments. A payment gateway is in charge of securely gathering consumer information on the application’s frontend and delivering it to an acquiring bank or payment processor to complete the transaction. With 176 acquisitions and 59 departures in the previous 5 years, payment gateways have emerged as one of the hottest industries in the payments & transfers market. The use of real-time payment solutions is expanding, resulting in a rise in the demand for payment services. Retailers and merchants have a high demand for quick payment settlements, which has resulted in widespread use of payment gateway solutions and related services. Payment gateway solutions give retail and e-commerce enterprises a competitive advantage by making payments cheaper and faster. Customers also favor online buying as mobile devices become more integrated into their shopping habits.
Get The Sample PDF Report Here For More Insights: https://www.sdki.us/sample-request-116153
As a result, one of the major restraining factors of payment gateway transactions is the businesses’ and customers’ vulnerability to various malicious assaults. Criminals are becoming more and more versatile in their attempts to disrupt online transactions, from identity theft to database breaches and phishing attacks.
The payments sector is a fast-paced environment that is always evolving due to new payment methods, mergers & acquisitions, and technological advancements. One of the most significant features of a payment gateway is that it adheres to stringent security standards to protect cardholder data during transfer. When a consumer uses their credit card, the payment gateway transfers the card information to the payment processor in a secure manner. Because contactless cards provide a faster, seamless, tap-and-go checkout process, customer preference will continue to push the trend toward them. Contactless-enabled payment terminals accounted for up to 60% of all card-present purchases in 2019, and this number is expected to rise as customers demand the speed and convenience that contactless payments provide. The rising popularity of online shopping has paved the way for expansion and is creating growth opportunities for the payment gateway.
Based on type, the global market for payment gateway is categorized as hosted and non-hosted. The non-hosted sub-segment is projected to acquire the fastest growth and generate a revenue of $29,345.8 million by 2031.
Based on enterprise size, the market is classified into large enterprise and small & medium enterprise. The small and medium enterprise garnered $6,675.8 million in 2022 and it is projected to grow exponentially by 2022.
Based on end-use, the market is classified into travel & hospitality, BFSI, retail & e-commerce, media & entertainment, and others. The travel & hospitality sub-segment acquired a revenue of $3,363.6 million in 2022 and is estimated to grow rapidly by 2031.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific market is anticipated to flourish at a growth rate of 17.3% by 2031 from the revenue generated in 2022.
The companies involved in the global payment gateway market are PayPal Holdings, Inc., STRIPE, Visa Inc., Amazon.com Inc., FIS(Worldpay), MASTERCARD, PayU, BitPay, Inc., FISERV, INC.(BluePay), and JPMorgan Chase & Co.
-Related Trending Reports: