Online payment gateway is the third party that is involved in online transactions, streamlining the process. Also referred to as merchant service, online payment gateway helps to smoothen the processing of payment by debit card and credit card, and also in direct payment. This not only safeguards transaction process but also, enhance efficacy of online transactions. Any financial service provider or commercial banks can be provider of online gateway services. There are multiple forces that are influencing the global online payment gateway market. The aforementioned advantages are expected to underpin its global market growth.
The aggressive expansion of the e-commerce sector is likely to leave a powerful impact on the global market of online payment gateway. Widening urban population density and the hectic work life of people is boosting the growth of the e-commerce sector. The surge in demand of quick services is observed owing to these same factors. The e-commerce sector is a high end-user of online payment gateway. Hence, in regard to the ever-increasing e-commerce sector, the market is likely to exhibit an impressive growth.
Increase in online shopping activities, growing inclination towards luxurious lifestyle, and fast-paced industrialization are other factors that are expected to fuel the worldwide market of online payment gateway.
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Key Players
Study of the global Online payment gateway market also includes analysis of participants operating in the value chain. It offers an overview on the competitive landscape of the market. This section of the repost covered key developments in the industry, and profiling of key market players along with their recent industry activity and product innovation.
PayPal
Stripe
Amazon Payments
Authorize.net
WorldPay
Adyen
CCBill
2Checkout
FirstData
SecurePay
PayU
MOLPay
Paymill
GMO
Alipay
Tenpay
Ping++
Boleto Bancário
CashU
OneCard
Wirecard
WebMoney
Realex
BlueSnap
Industry News
September 2019
TrustPay, one of the leaders in commerce payment, introduced upgraded online payment gateway based on latest trends and technologies.
Segmental Analysis
The global online payment gateway market has been segmented based on product type and application. On considering the product type, the market has been divided into local bank integrates and pro/self-hosted payment gateways. The existence of numerous financial service provider is likely to amplify the product type segment expansion. Considering the application category, the market has been segmented into Micro and Small Enterprise, Mid- Sized Enterprise, and Large Enterprise. Digitalization is encouraging online culture, thus, boosting the adoption of online payment across almost, every enterprise. This is expected to gain traction for the global market in the coming years.
Detailed Regional Study
By region, the online gateway market growth has been investigated across certain key region that include Americas (Canada, United States, Mexico, Brazil), APAC China, Australia, Korea, Japan, India, and Southeast Asia), Europe (Italy, Germany, France, Russia, Spain, and UK), and the Middle East & Africa (South Africa, Turkey, Israel, Egypt, and GCC Countries).
In North America, the existence of robust and reliable financial infrastructure is noted to push its market growth. Quick unfurling of new products and continuous upgradation financial services are expected to work in favour of the Europe online payment gateway market. The rapid expansion of e-commerce sector and presence of giants dealing in online services in the Asia Pacific region is expected to promote the regional market growth. Other factors such as surge in online activities and emergence of business verticals remain constant growth boosters across all regions.
over the next five years the Online Payment Gateway market will register a 16.9% CAGR in terms of revenue, the global market size will reach US$ 4020 million by 2024, from US$ 1570 million in 2019. In particular, this report presents the global revenue market share of key companies in Online Payment Gateway business, shared in Chapter 3.
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