Payment gateway market driven by growing preference for contactless payments – Carbon Valley Farmer and Miner
The global payment gateway market reached a value of US$21.5 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$32.4 billion by 2027 , posting a CAGR of 7% in 2022-2027.
A payment gateway is a service provider that allows direct or credit card payments. It acts as an interface between payment portals such as e-commerce sites and the acquiring bank. It is a secure portal that protects sensitive data such as credit card or bank account information from fraudulent entities. Order submission is completed using the HTTPS protocol, which helps secure personal information. Payment gateways have several advantages, including expense and loss management, time efficiency, and a user-friendly interface.
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
Some of the major players operating in the market are:
Worldpay Group WIRECARD AG (WDI.DE) ADYEN (ADYEN.AS) Allied Wallet PayPal Holdings, Inc. (PYPL)
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Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Global Payment Gateways Market Drivers/Restraints:
One of the key factors influencing the market demand for payment gateways includes easy internet access and an increase in people adopting online retail as well as contactless payment methods such as mobile wallets.
Currently, banks are working with retail sellers to provide cash back programs to expand the consumer base and retain existing consumers.
The introduction of mobile payment gateways like Amazon Pay, Apple Pay, Samsung Pay, Android Pay, etc. made the process of paying bills more convenient. Additionally, various companies are expanding their business by adapting the digital approach, thereby boosting the growth prospects of payment gateways in the coming years.
However, various factors are hampering the growth of the market. Payment gateways have a limit on the number of transactions that can take place in a day. In addition, there is a high risk of hacking that can lead to information leakage.
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Analysis and segmentation of the global payment gateways market 2022-2027:
Key information from the report:
Based on application, the payment gateway market is divided into large enterprises, micro and small enterprises, and mid-sized enterprises. Among these, large companies hold the majority of the market share.
Based on the mode of interaction, the market is segmented into hosted payment gateways, pro/self-hosted payment gateways, API/non-hosted payment gateways, local banking integrations, direct payment gateways and payment gateways based on a platform. Currently, pro/self-hosted gateways have a clear dominance in the global market.
Geographically, North America holds a leading position in the global payment gateway market, accounting for the largest share. North America is followed by Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
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As the novel coronavirus (COVID-19) crisis engulfs the world, we are continuously monitoring changes in markets, as well as consumer buying behaviors around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.