Payment gateway systems are extensively used in cashless transactions as they include effective alert algorithms that detect any dubious offline and online events. A payment gateway is a merchant service given by an e-commerce application service provider which permits credit card or direct payment processing for e-businesses, online merchants, click-and-collect, or traditional brick-and-mortar stores. It is used in various end-use industries such as BFSI, retail, and e-commerce.
According to a market report published by Bizwit Research & Consulting, LLP, Global payment gateway market is valued approximately USD 19386.1 Million in 2020 and is anticipated to grow with a healthy growth rate of nearly 15.62% over the forecast period 2021-2027.
Increasing penetration of smartphones and the internet, rising e-commerce sales, and initiatives for the promotion of digital payments are the key factors driving the demand for Payment Gateway in the forecasted period. However, data privacy and data breach issues are likely to impede the market growth, whereas Increasing Mobile Wallet Transactions and Rise in Online Banking are likely to offer lucrative growth opportunities for the Payment Gateway market in the forecasted period.
The increasing number of mobile wallet transactions is likely to offer lucrative growth opportunities. With the growing penetration of smartphones, the adoption of mobile and Web-based applications is also increasing. With the increasing number of mobile wallet transactions, the adoption of payment gateway is also likely to increase as it helps in secure transactions, enhances the consumer experience, offers payment automation, etc. According to Statista, the mobile wallet transactions were estimated at 5,109,807.75 million U.S. Dollars in 2020 globally and are forecasted to reach 9,419,619.76 million U.S. Dollars. Thus, the increasing number of mobile wallet transactions is likely to offer lucrative growth opportunities for the global market during the forecasted period.
Global Payment Gateway Market Size study by Type (Hosted, Non-hosted), by Enterprise Size (Small, Medium and Large), By End Use (BFSI, Retail & E-commerce) and Regional Forecasts 2021-2027
The total market revenue is calculated on the basis of revenue generated through the sales of payment gateway solutions and services. Major companies covered under the report include Adyen, Amazon Payments Inc., Visa Inc, Bitpay, Inc., Paytm, PayPal Holdings Inc., PayU Group, Stripe, Verifone Holdings Inc., Wepay, Inc.
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Bizwit Research & Consulting LLP