(MENAFN- GlobeNewsWire - Nasdaq) Jersey City, NJ, March 30, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global payment gateway market Size, Share & Trends Analysis Report By Type (Hosted, Non-hosted), By Enterprise Size (Large Enterprise, Small & Medium Enterprises), By End Use (BFSI, Media & Entertainment, Retail & E-commerce, Travel & Hospitality)- Market Outlook And Industry Analysis 2031"
The global payment gateway market is estimated to reach over USD 162.68 billion by 2031 , exhibiting a CAGR of 21.12% during the forecast period.
A payment gateway is a software application that enables businesses to process online payments securely and efficiently. It acts as a bridge between a merchant's website and the payment processor or bank, allowing customers to purchase online using their preferred payment method. The growing investment in fintech companies has led to the development of innovative payment gateway solutions, including those based on blockchain technology, mobile payments, and other advanced payment technologies. Integration with E-Commerce Platforms: Payment gateways are increasingly integrated with popular e-commerce platforms and software, making it easier for businesses to accept online payments and manage their e-commerce operations.
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However, The payment gateway market faces several challenges, including security concerns, regulatory compliance, high competition, integration challenges, limited payment method support, and payment fraud. Payment gateway providers must invest in innovative solutions and security measures to remain competitive and build customer trust.
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.
List of Prominent Players in the Payment Gateway Market:
Adyen N.V. Allied Wallet, Inc. Amazon Payments Inc. Authorize.Net Bitpay, Inc. BlueSnap Inc. Braintree Payline Data Services LLC Payoneer Inc. PayPal Holdings Inc. PayU Group Skrill Limited Stripe, Inc. t2Checkout.com, Inc. Verifone Holdings Inc. Wepay, Inc. Worldpay, Inc.
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Payment Gateway Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 29.65 Bn |
| Revenue forecast in 2031 | USD 162.68 Bn |
| Growth rate CAGR | CAGR of 21.12% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Enterprise Size And End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| 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 |
Market Dynamics:
Drivers-
One of the key drivers of the payment gateway market is the growth of the e-commerce market. As more and more consumers shop online, there is a growing need for payment gateway solutions to facilitate online transactions. The shift towards digital payments, driven by the increasing use of mobile devices, has created new opportunities for payment gateway providers. Payment gateways enable digital payments, including online, mobile, and peer-to-peer payments.
Governments worldwide are launching initiatives to promote digital payments and reduce the use of cash. This has created a favorable regulatory environment for payment gateway providers and contributed to the market's growth.
Challenges:
The prime challenge is security concerns, predicted to reduce the growth of the payment gateway market. However, payment gateways must be integrated with various e-commerce platforms, payment methods, and other software solutions. This can be complex and time-consuming, particularly for self-hosted and API payment gateways. Some payment gateways may only support payment methods, currencies, and countries, limiting their usefulness for businesses operating in diverse markets.
Payment fraud is a significant challenge for payment gateway providers. Fraudsters are constantly developing new techniques to defraud businesses and steal payment information, and payment gateway providers must stay vigilant to prevent and detect fraud.
Regional Trends:
The Asia Pacific, payment gateway market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The Asia Pacific region is home to some of the world's fastest-growing e-commerce markets, driven by increasing internet and mobile phone penetration, rising disposable incomes, and a growing middle class. This has led to a surge in demand for payment gateway solutions to support online transactions.
Several countries in the Asia Pacific region, such as India, China, and Singapore, have launched initiatives to promote digital payments and reduce the use of cash. This has created a favorable regulatory environment for payment gateway providers and contributed to the market's growth.
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Segmentation of Payment Gateway Market-
By Type
By Enterprise Size
Large Enterprises Small & Medium Enterprises
By End-Use
BFSI Media & Entertainment Retail & E-commerce Travel & Hospitality Others
By Region-
North America-
Europe-
Germany The UK France Italy Spain Rest of Europe
Asia-Pacific-
China Japan India South Korea Southeast Asia Rest of Asia Pacific
Latin America-
Brazil Argentina Rest of Latin America
Middle East & Africa-
GCC Countries South Africa Rest of the Middle East and Africa
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InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
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