Global Online Payment Gateway Market was valued at USD 14.45 Bn in 2019 and is expected to reach at USD 58.03 Bn by 2027 at a CAGR of 18.98% over forecast period 2020-2027.
The report covers an in depth analysis of COVID 19 pandemic impact on Global Online Payment Gateway Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Online Payment Gateway Market Dynamics:
A Payment Gateway is the service that authorises credit card and debit card payments for online and offline businesses. The gateway itself is simply a secure online link between the merchant and the customer’s bank. Sensitive information, such as credit card numbers, needs to be protected from fraudulent parties. Various factors such as rapid extension of large enterprise with online service, growing popularity of Mobile-commerce, advancements in mobile payment technology, an increase in the use of mobile wallets, rise in online transactions coupled with the advancement in billing methods, such as the emergence of cash pooling, cashless transactions, and token systems, are expected to drive the global online payment gateway market over forecast period.
However, factors such as lack of trust while making online payments, stringent regulations in the payment industry and the rising cases of cyber-attacks and data breaches are restraining the market growth over forecast period.
By geography, North America 37.98% of market share in 2019 and is expected to keep its dominance over forecast period owing to the technological developments and increasing adoption of payment gateway in various end-users. Increasing dependence of customers on electronic billing is further expected to drive the regional market. North America is followed by APAC and Europe. APAC is expected to hold xx% of market share over forecast period at a CAGR of 23.56% over forecast period. The several initiatives undertaken by various governments such as China, India, Australia and South Korea to improve the online payment infrastructure in their countries are expected to drive the market growth in this region. For instance, in India, the Reserve Bank of India (RBI) has regulated payment gateways, such as Bharat Bill Pay, Paytm, and Mobikwik which are expected boost market growth in India. The Chinese government is focusing on improving the internet access in rural areas, thereby creating growth opportunities for the market.
Global Online Payment Gateway Market is highly consolidated by big players big such as PayPal and Stripe. However, various new comers are entering in market such as Paytm, CashU etc. report covers in depth analysis of key development, marketing strategies, supply chain, value chain and company profiles of market leaders, potential players and new entrants. Some of the key players covered in this report are eWAY AU, PesoPay, PayPal, Amazon Payment, Stripe and Wirecard among others. These key players are adopting various organic and inorganic growth strategies such as merger& acquisitions, collaborations, expansion, joint ventures, new product launches, patent, diversification and strategic alliances etc. to increaser their regional presence and business opeartions.
Stripe is emerging as a major player in Global Online Payment Gateway Market. Stripe is an Ireland based start-up that works with banks to help them build and manage the verification process, which requires the customer to provide two different forms of authentication from cardholders to process transactions. In April 2019 Stripe acquired Touchtech Payments. This acquisition will help the company to prepare for new regulations in Europe and to improve security in online transactions.
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Scope of Global Online Payment Gateway Market
Global Online Payment Gateway Market Segmentation by Type
• Non Hosted
Global Online Payment Gateway Market Segmentation by Organization Size
• Large enterprises
Global Online Payment Gateway Market Segmentation by End User
• Media and Entertainment
Global Online Payment Gateway Market Segmentation by Region
• North America
• MEA& Africa
• South America
Global Online Payment Gateway Market Major Players
• Amazon Payments
• eWAY AU
• NAB Transact
• Sage Pay
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Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
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