Payment Gateways Market is expected to gross $98,198.70 million and grow at a CAGR of 17.7% during the forecast period 2021-2030 [230-Pages]

Payment Gateways Market is expected to gross $98,198.70 million and grow at a CAGR of 17.7% during the forecast period 2021-2030 [230-Pages]

The payment gateway market is expected to grow by 2030 due to increasing e-commerce sales. The large business sub-segment is expected to be very beneficial. market in Asia Pacific The region is expected to have better growth opportunities by 2030.

NEW YORK, July 12, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled “Payment Gateways Market by Type (Hosted and Non-Hosted), Company Size (Small and Medium Enterprise (SME) and Large Enterprise), End Use (Travel and Hospitality, BFSI, Retail and eCommerce, Media and entertainment and others), and Regional analysis (North America, Europe, Asia Pacificand LAMEA): Global Opportunities Analysis and Industry Forecast, 2021-2030“.

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According to the report, the global payment gateway market is estimated to collect a income from $98,198.70 million by 2030increasing to one 17.7% CAGR during the forecast period 2021-2030.

Payment gateway market dynamics

Drivers: Rising e-commerce sales and better internet speeds across the globe are the major factors expected to drive the growth of the global payment gateway market over the forecast period. Additionally, growing smartphone penetration and increased use of online credit card payments are also expected to drive the market growth by 2030.

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Opportunities: Rising demand for faster online payments and increased usage of mobile banking channels are factors that are expected to create numerous growth opportunities for the global payment gateway market by 2030. Additionally, smooth user experience offered by mobile wallets is another factor to deliver abundant market growth. Opportunities.

Constraints: Lack of internet facilities in emerging countries is the major factor likely to hamper the growth of the market.

Impact of Covid-19 on the payment gateway market

Unlike most industries, the global payment gateway market has been positively impacted by the outbreak of the Covid-19 pandemic due to increased e-commerce sales, growing demand for faster mobile payments and better internet speeds around the world. Additionally, strict shutdowns and travel restrictions have forced people to buy groceries and other essentials online, which has also boosted the demand for online payment gateways. Moreover, the benefits of digital payment gateways such as faster transactions, improved customer service, offers and discounts, etc. are also expected to increase customer reliability on payment gateways, thereby driving the growth of the market.

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Payment gateway market segments

The report has segmented the payment gateway market into several segments on the basis of type, company size, end-use, and regional analysis.

  • By type, the hosted sub-segment is expected to have a dominant market share over the forecast years. A hosted payment gateway is a third-party payment system that directs customers to the payment service provider’s website. Rising demand for hosted payment gateways to continue using reliable online payments and billing is expected to sustain the growth rate of the sub-segment by 2030.

  • Based on company size, the large enterprise sub-segment of the global payment gateway market is expected to witness the fastest growth rate over the analysis period. This immense growth rate is due to the increasing adoption of digital transaction techniques by large organizations to receive payments from their customers. Moreover, the growing inclination of people towards online payment gateways also includes a major role of e-commerce and other large-scale businesses in transactions. These factors are expected to propel the growth of the sub-segment by 2030.

  • By end-use, the BFSI sub-segment is estimated to hold a major market share over the analysis period due to the increasing adoption of latest digital payment technologies by the business and financial services industry (BFSI). Additionally, financial institutions offer differentiated payment services to potential customers and take advantage of these online payment gateways in various ways. These factors are expected to boost the growth of the sub-segment by 2030.

  • By region, the consumer payment gateway market Asia Pacific The region is expected to witness a significant growth rate over the forecast period 2021-2030 owing to the growing government initiatives to improve the online payment infrastructure in the region. For example, the Chinese government is focusing on improving internet connectivity in rural areas. In addition, the Reserve Bank of India (RBI) has expanded online payment gateways for efficient and faster transactions. These factors are expected to augment the market growth in the Asia Pacific Region.

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Key Payment Gateway Market Players

Some prominent players in the payment gateway market are

  1. MasterCard

  2. BitPay, Inc.

  3. BANDAGED

  4. Amazon.com Inc.

  5. PayU

  6. FISERV, INC.(BluePay)

  7. PayPal Holdings, Inc.

  8. JPMorgan Chase & Co.

  9. visa inc.

  10. FIS (Worldpay), among others.

These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.

For instance, in August 2021PayFuture Gateway Platforma SingaporeAI-powered payment gateway, launched its new high-performance connector that provides online access to popular local payment options in various emerging markets. This product launch will also allow local and international merchants to take advantage of untapped businesses. – Grab the full report here started at- $2999 (Read only)

The report also summarizes many significant facets including financial performance of key market players, SWOT analysis, product portfolio, and latest strategic developments.

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About research diving

Research Dive is a market research company based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services solely based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees complete and accurate analysis. With unparalleled access to several paid data resources, a team of expert researchers and a strict work ethic, the company offers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the required services to its clients in a timely manner. His expertise is focused on examining niche markets, targeting their key driving factors and spotting threatening obstacles. Complementarily, he also maintains seamless collaboration with leading industry enthusiasts, which provides an added edge to his research.

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