The Global Payment Gateway Market Size is valued at 24.08 billion in 2023 and is predicted to reach 62.06 billion by the year 2031 at a 12.62% CAGR during the forecast period for 2024-2031.
The payment gateway market expansion has grown significantly in recent years due to increased e-commerce transactions and the adoption of digital payment methods. A payment gateway technology platform facilitates online payments between merchants and customers. It authorizes credit card and debit card payments, as well as other forms of payment, such as e-wallets and mobile payments.
The key drivers of payment gateway market growth include the rise in digital payments, increased penetration of smartphones and the internet, the growing popularity of online shopping, and the adoption of cloud-based payment gateways. The payment gateway industry is expected to grow in the coming years due to the ever-increasing trend toward digital payments and the rising adoption of e-commerce.
However, security is a major concern for payment gateways as cyber-attacks and frauds are becoming increasingly sophisticated. Customers are also wary of entering sensitive financial information online, which makes it difficult for payment gateways to build trust and confidence.
Recent Developments:
- In October 2020, Financial services provider Stripe announced that it would buy online payment processor Paystack.
- In May 2021, Businesses in Malaysia and Singapore will be able to offer customers a more practical and rewarding online payment method through GrabPay's e-wallet thanks to Stripe's relationship with GrabPay, a provider of payment solutions to businesses, which was announced.
Competitive Landscape:
Some of the Payment Gateway Market Players are:
- Adyen N.V.
- Allied Wallet, Inc.
- Amazon Payments Inc.
- Net
- Bitpay, Inc.
- BlueSnap Inc.
- Braintree
- Payline Data Services LLC
- Payoneer Inc.
- PayPal Holdings Inc.
- PayU Group
- Skrill Limited
- Stripe, Inc.
- com, Inc.
- Verifone Holdings Inc.
- Wepay, Inc.
- Worldpay, Inc.
Market Segmentation:
The payment gateway market is segmented based on type, enterprise size and end-use. Based on type, the market is categorized into hosted and non-hosted. By enterprise size, the market is segmented into large enterprises and small & medium enterprises. By end-use outlook, the market is segmented into BFSI, Media & Entertainment, retail & e-commerce, travel and hospitality and others.
Based On Enterprise Size, The More Significant Enterprise Segment Is Accounted As A Primary Contributor In The Payment Gateway Market
The larger enterprise category is expected to hold a major share of the global payment gateway market. Due to the larger website traffic that large businesses typically experience, they must implement efficient checkout solutions for their clients. By supporting several digital payment methods like net banking and credit or debit cards, payment gateway systems may guarantee a simple checkout process for clients. These businesses also need a very safe and secure method of transaction, which is made possible by payment gateways. Using industry-standard encryption, trustworthy payment gateways protect sensitive consumer and merchant data.
The Hosted Segment Witnessed Growth At A Rapid Rate
The hosted segment will dominate the payment gateway market in the coming years. A hosted payment gateway is hosted by a third-party provider that handles payment processing and security. Hosted payment gateways are popular among small and medium-sized businesses, as they are easy to integrate and offer a cost-effective way to accept payments online.
The North America Payment Gateway Market Holds A Significant Regional Revenue Share
The North American payment gateway market position is expected to register the highest market share in revenue shortly. The United States is the most substantial contributor to the payment gateway market demand in North America due to its large e-commerce market and the high adoption of digital payment methods. North America has one of the highest internet and smartphone penetration rates in the world, which has led to the rapid adoption of e-commerce and digital payments. North America's well-established and mature e-commerce market has created a high demand for payment gateway solutions. While North America is expected to continue to dominate the payment gateway market, the Asia Pacific region is also expected to experience significant growth in the coming years due to the rapid adoption of digital payments and the increasing penetration of smartphones and the internet.
Payment Gateway Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 24.08 Bn |
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Revenue forecast in 2031 |
USD 62.06 Bn |
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Growth rate CAGR |
CAGR of 21.12% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Type, Enterprise Size And End-Use |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Adyen; Amazon Payments Inc.; Authorize.Net; Bitpay; Inc.; Braintree; PayPal Holdings, Inc.; PayU Group; Stripe; Verifone Holdings, Inc.; and Wepay, Inc. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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