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Global Payment Gateways Market to Witness Moderate Growth During 2020-2025, Spurred by Technological Innovations

According to the recent report by IMARC Group, titled “Payment Gateways Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025” the global payment gateways market size reached around US$ 11.9 Billion in 2019. A payment gateway is a service provider that authorizes direct or credit card payments. It acts as an interface between payment portals like e-commerce websites and the acquiring bank. It is a secure portal that protects sensitive data like credit card or bank account details from fraudulent entities. The order submission gets completed by using the HTTPS protocol, which helps in securing personal information. There are several benefits of payment gateways, including expense and loss management, time efficiency, and user-friendly interface.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Payment Gateways Market Trends:

One of the major factors influencing the growth of the market is the increasing number of internet users worldwide. As a result of easy access to the internet, people are now adopting online retail channels and inclining toward contactless payments. Moreover, advancements in technology have led to the adoption of Artificial Intelligence (AI) and the Internet of Things (IoT), which have enabled businesses to make more informed decisions. Along with this, several retailers are incorporating contactless payment solutions like Near Field Communication (NFC) Point-Of-Sale (POS) terminals to facilitate mobile payments. Apart from this, the introduction of payment gateways like Amazon Pay, Samsung Pay, and Apple Pay has simplified the bill payment process by reducing the requirement for physical cards. Additionally, banks are collaborating with retail vendors to offer cashback schemes or discounts for retaining the existing customers, as well as attracting new customers. Furthermore, the launch of biometric payment cards with integrated fingerprint sensors is also creating a positive outlook for the market. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025). 

Market Summary:

  • Based on the application, the market has been segregated into large, mid-size, and micro and small enterprises. Among these, large enterprises hold the majority of the total market share.
  • On the basis of the mode of interaction, the market has been categorized into local bank integrated, hosted, pro/self-hosted, direct, API/non-hosted, and platform-based payment gateways. Currently, pro/self-hosted gateways exhibit a clear dominance in the market.
  • Region-wise, North America represents the leading market, accounting for the majority of the global share. Other major regions are Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been analyzed in the report, with some of the key players being Adyen, PayPal Holdings Inc., Worldpay Group PLC, Allied Wallet Ltd., and Wirecard AG.


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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

 

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