Global Payment Gateways Market Share, Size, Growth, Trends And Forecast (2018-2023)

Global Payment Gateways Market Boosted by Expanding ECommerce

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Report Description and Highlights

Report Description

Global Payment Gateways Market Boosted by Expanding ECommerce Over the recent years, the global payment gateways market has been growing at a moderate rate. Some of the factors which are giving boost to the market include easy access of the internet, expanding e-commerce sector and introduction of mobile wallets.

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. A new research report titled “Payment Gateways Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023� by IMARC Group estimates that the global payment gateways market was worth US$ 10 Billion in 2017. The report further anticipates the market to cross US$ 16 Billion by 2023, at a projected CAGR of around 9% over the forecast period.

Report Description and Highlights

Report Description

Global Payment Gateways Market Drivers/Constraints: • • •

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One of the vital factors influencing the market demand for payment gateways includes easy access of internet and a rise in the number of people adopting online retailing as well as contactless payment methods such as mobile wallets.

Currently, banks are collaborating with retail vendors in order to provide cashback schemes for expanding the consumer-base and retaining the existing consumers.

Introduction of mobile payment gateways like Amazon Pay, Apple Pay, Samsung Pay, Android Pay, etc. have made the process of bill payments convenient. Further, various companies are expanding their businesses by adapting the digital approach, thereby spurring the growth prospects of payment gateways in the upcoming years.

However, there are various factors which act as a hindrance to the growth of the market. Payment gateways have a limit regarding the number of transactions that can take place in a day. In addition, there is a high risk of being hacked that may lead to information leak.

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Report Description and Highlights

Report Description

Application Insights: 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 total share.

Mode of Interaction Insights: 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 total market share.

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Report Description and Highlights Regional Insights: 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.

Competitive Landscape: The market is highly competitive in nature with the presence of numerous manufacturers who compete in terms of prices, features and quality. They are constantly coming up with additional features, thereby enhancing customer experience. Some of the leading players operating in the market are: • Worldpay Group • Wirecard • Adyen • Allied Wallet • PayPal

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Report Description and Highlights

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