The global payment gateways market size reached US$ 20 Billion in 2020. Looking forward, the market expects to grow at a CAGR of 7.4% during 2021-2026, according to the latest report by IMARC Group.
A payment gateway refers to a service provider which acts as an intermediary between e-commerce websites and bank by facilitating payment transactions. Security plays an integral part in the payment gateways owing to the sensitive data of credit card that needs to be protected from the fraudulent entities. The order submission gets completed by using the HTTPS protocol which helps in securing the personal information. Some of the benefits of using payment gateways include user-friendly interface, expense and loss management, and time efficiency.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the leading players operating in the market are:
Worldpay GroupWIRECARD AG (WDI.DE)ADYEN (ADYEN.AS)Allied WalletPayPal Holdings, Inc. (PYPL)
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Note: 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, Drivers/Constraints:
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.
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Global Payment Gateways Market 2021-2026 Analysis and Segmentation:
Key Insights from the Report:
On the basis of application, the payment gateways market is segregated as large enterprise, micro and small enterprises, and mid-sized enterprises. Amongst these, large enterprises account for the majority of the market share.
Based on mode of interaction, the market is segmented as hosted payment gateways, pro/self-hosted payment gateways, API/non-hosted payment gateways, local bank integrates, direct payment gateways and platform-based payment gateways. Currently, pro/self-hosted gateways exhibit a clear dominance in the global market.
On a geographical front, North America enjoys a leading position in the global payment gateways market, accounting for the largest share. North America is followed by Europe, Asia Pacific, Middle East and Africa, and Latin America.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
