The "Online Payment Gateways Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028" report has been added to ResearchAndMarkets.com's offering.
The overall online payment gateways market expected to demonstrate robust growth rate during the forecast period from 2020 to 2028, up from US$ 15.83 Bn in 2019.
Payment gateways enable convenient payment process for the consumer choosing to pay through credit/debit cards. With e-commerce industry demonstrating rapid growth over the past few years, online payment gateways have emerged as the backbone for e-commerce industry. Credit/debit cards remain the most preferred mode of online payment across numerous countries worldwide. Subsequently, payment gateways have witnessed profound penetration over the period, globally.
The overall online payment gateways market is highly driven by the consistently growing e-commerce sector across the globe. Additionally, increasing inclination towards digital payment methods too plays a major role in payment gateways market growth. Various banks as well as national governments are encouraging digital payment methods with a view of reducing operating costs and enhanced transaction transparency. In addition, as a result of the COVID-19 pandemic, there has been a growing surge of online payments in order to avoid the transfer of physical cash while making purchases.
Hosted Online Payment Gateways to Continue Leading the Market throughout the Forecast Period
In 2019, hosted online payment gateways segment dominated the overall market acquiring nearly 40% of the total market share, in terms of value. Hosted online payment gateways offer easy payment procedure for both consumers as well as merchants. In addition, it eliminates the involvement of merchant in payment process, enabling them to focus on their core competencies. These payment gateways charge low fees making it more affordable for the merchants as well as consumers. As a result, the segment would continue dominating the market throughout the forecast period.
Rising E-commerce Sector in Asia Pacific to Ensure High Market Growth
In 2019, North America held the largest share, in terms of value, in the overall online payment gateways market accounting for over 1/3rd of the global market value. Due to high penetration of digital payment and huge e-commerce sector, the region would continue dominating the market throughout the forecast period. Asia Pacific is set to register the highest growth rate in the market during the forecast period. Driven by China, Japan and India, rising e-commerce industry in the region is expected to ensure double-digit growth for Asia Pacific online payment gateways market over the forecast period. According to the India Brand Equity Foundation (IBEF), the e-commerce industry in India was valued at US$ 38.5 Bn in 2017 and set to hit US$ 64 Bn by 2020. Asia Pacific e-commerce sector is primarily backed by the continually growing internet users and credit card holders, thereby supporting the online retail sector here. With people gaining confidence in online payment methods, the region would demonstrate the highest growth rate throughout the forecast period.
Online Payment Gateways Market outside North America to Remain Fragmented in Nature
The overall online payment gateways market is highly competitive in nature with major market players having emphasis on service enhancement. The market is highly regulated in nature due to high risk of frauds and data theft in online payments. Online payment gateway vendors are challenged by numerous rules & regulations including banking norms, anti-money laundering, data protection, consumer financial protection and other payment regulations. Market players emphasize on retaining their clients by entering into partnerships with credit/debit card companies such as Visa, Inc. and MasterCard, Inc. for further easing the payment process and minimizing the processing fees.
Key questions answered in this report
What was the market size of online payment gateways in 2019 and forecast up to 2028?
Which is the largest regional market for online payment gateways?
What are the notable market trends observed in the online payment gateways market?
Who are the key players leading the market?
What are the key strategies adopted by the leading players in market?
Unique data points of this report
Statistics on e-commerce sector worldwide
Preferred mode of payment for e-commerce across different regions/countries
Recent trends across different regions in terms of adoption of digital payments technology
Attractive investment proposition for end-user segment as well as geography
Comparative scenario for all the segments for years 2019 (actual) and 2028 (forecast)
Rising E-commerce Sector Worldwide
Growing Inclination Towards Digital Payments
Prevalence of Cash Payment in Developing Economies and Emergence of Alternative Payment Methods
Alipay.com Co. Ltd.
Avenues India Pvt. Ltd. (CCAvenue)
First Data Corporation
PayPal Holdings Inc.
SecurePay (OLB Group Inc.)
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210414005394/en/
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