The global Payment Gateway Market is expected to reach USD 132.24 billion by 2030, expanding at a CAGR of 22.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increase in online transactions, coupled with the advancements in payment methods, such as cash pooling, cashless transactions, and token systems, is expected to fuel the market growth. Moreover, rapidly increasing internet penetration across the globe is anticipated to fuel market growth over the forecast period.
Retailers and e-commerce merchants across the globe are
focusing on expanding their businesses in other regions and are partnering with
payment service providers. These partnerships are allowing merchants to benefit
from the opportunities generated by the globalization of
the e-commerce sector. Payment gateways help merchants that manage a
large volume of transactions automate the complete money transfer process with
faster processing speed and error-free computations.
The financial service providers focus on incorporating
technologies such as Artificial Intelligence (AI) and Machine
Learning (ML) in their payment gateway systems for process automation and
fraud detection. Financial service providers are also focusing on developing
innovative payment gateway solutions for merchants. For instance, in October 2021,
Pine Labs, a software development company, announced the launch of Plural, a
payment gateway platform, to offer merchants an integrated solution for all
kinds of payments.
The COVID-19 pandemic has positively impacted the
market owing to changing consumer preference toward online shopping. Numerous
e-commerce vendors are developing their payment gateway systems combined with
eWallet services. This development is mostly identified among merchants
handling a large volume of transactions. Moreover, e-commerce vendors also saw
an increase in their sales during the pandemic. For instance, Amazon.com, Inc.
saw a 40% year-on-year growth in the second quarter of 2020 due to an increase
in online grocery sales.
Related Press Release@ Payment Gateway Market Report
Payment Gateway Market Report
Highlights
- In terms of type, the hosted segment is expected to retain its
dominance over the forecast period owing to features such as easy payment
integration, built-in compliance capabilities, and the ability to
integrate more diverse methods
- In terms of enterprise size, the small and medium enterprise
segment is expected to witness significant growth over the forecast
period. Payment gateways are used by small and medium enterprises to
increase their profitability by delivering better customer experiences and
reducing transaction costs
- In terms of end-use, the retail and e-commerce sector dominated the
market in 2021. Factors such as better shopping experience and increased
smartphone penetration are expected to increase the adoption of payment
gateway systems in the retail and e-commerce sector
- North America dominated the market in 2021 and is expected to show
similar trends in the near future. Growing e-commerce sales and the
rapidly changing retail market in North America are the primary factors
propelling the demand for fast payment solutions in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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