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The global payment gateway market forecast at $ 67,434.4 million by 2028, surging from $19,250.0 million in 2020, at a noteworthy CAGR of 16.6%

Covid-19 Impact On Payment Gateway Market

COVID-19 has spread around the world, posing a serious threat to the global economy and financial systems. Manufacturing, car, retail, aviation, and hospitality are all witnessing the effects of the COVID-19 epidemic, with manufacturing, auto, retail, aviation, and hospitality bearing the brunt of the shutdown. As a result, fast-growing payment gateways, which are intimately tied to the above-mentioned sectors, have suffered. However, due to increasing adoption during the shutdown, a few localities are seeing a boost in digital payments. E-commerce, insurance, essentials, media/entertainment, online grocery stores, online pharmacies, EdTechs, online gaming, recharges, and utility/bill payments are just a few examples. One of the immediate effects of the pandemic has been a noticeable increase in online purchasing, as more and more card and wallet transactions are likely to take place through online platforms. Number of people using payment gateways to execute transactions is predicted to rise. Merchants can take payments through numerous payment channels via an e-commerce platform using an internet payment gateway. This enables retailers to take large payments in a secure manner while complying with COVID-19, which is particularly useful for online grocery, entertainment, food, and other e-commerce merchants.

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Payment Gateway Market Insight

Payment gateways are critical components of the ecommerce transaction process since they authorize the payment between the merchant and the client. PayPal (pay flow)/Braintree, Stripe, and Square are all popular payment gateways. The sector is expected to rise due to rising demand for rapid mobile payment applications and increased use of mobile banking channels. Consumers anticipate a flawless user experience in mobile wallets as their tastes shift toward digital payment technology. As a result, the demand for secure and reliable payment gateways to handle the increased volume of digital payments is rapidly increasing. The digital payment volume has exploded as the number of online shoppers grows year after year, providing payment gateway vendors with a significant market to expand.

The main restraining factor of the payment gateway is that the start-ups of this market are using low price strategies to infiltrate multiple company verticals and expand their market presence, putting big industry rivals on the defensive side.

Merchants all over the world are keen to expand their businesses worldwide by adopting a logical approach and partnering with payment gateways. These merchants benefit from this cooperation by being able to take advantage of the opportunities generated by the globalization of e-commerce. The majority of merchants today are considering worldwide development and want to expand at a faster rate, however, in this dynamic and competitive environment, the last thing businesses need is a payment gateway that either stifles their growth or forces them to partner with many payment gateway providers and  payment service providers (PSPs) across multiple areas. To overcome these difficulties, the payment industry is embracing technological advancements, opening the road for the market for payment gateways to expand and also boosting the payment gateway market opportunity.

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Global Payment Gateway Market, Segmentation

The global payment gateway market is segmented based on type, enterprise size, end-use, and region.


The type segment is further classified hosted and non-hosted. The hosted sub-segment is expected to have the largest payment gateway market share, with revenues exceeding $38,088.6 million by 2028, up from $11,221.6 million in 2020. Payment gateways of this sort are a third-party checkout system that directs clients to the payment service provider's (PSP) website. Many payment technology companies are cooperating with traditional financial institutions in the digital age to meet the needs of today's consumers and merchant’s transaction requirement. In both industrialized and developing countries, billions of people have begun to accept contactless payments as a result of improved broadband connectivity, increased mobile commerce, introduction of new technologies such as virtual reality & artificial intelligence, and rapid digitalization have boosted the demand for payment gateway market. In addition, the non-cash transaction ecosystem is being boosted by booming e-commerce enterprises, digital remittances, digital business payments, and mobile B2B payments.

Enterprise size:

The enterprise size is further classified into large enterprise and small & medium enterprise. The large enterprise sub-segment is expected to have a dominant market share of $43,389.9 million by 2028, up from $12,574.2 million in 2020. Organizations are leaning toward the use of payment gateway solutions as the payment processing becomes more complicated and the necessity for real-time transaction grows. The cost-effectiveness, agility, ease of use, and integration of payment gateway are attracting companies to provide management solution.


The end-use sub-segment is further divided travel & hospitality, BFSI, retail & E-commerce, media & entertainment, and others. The BFSI sub-segment will have a dominating market share and it is expected to surpass $ 22,014.5 million by 2028, up from $ 6,483. 5million in 2020. Many of the financial exchanges in all other industries are built on the foundation of BFSI. It has become a crucial component of the entire national critical infrastructure, as well as an integral aspect of other critical infrastructure systems. The banking and financial services industry (BFSI) operates in a highly regulated environment. Growing adoption of the smart phone and increasing offering of the BFSI to the user such as online payment platform and banking apps are few of the major key driving factors of the growth.


The payment gateway market for the Asia-Pacific region is projected to have the largest share. The market in Asia-Pacific generated a revenue of $6,951.2 million in 2020 and is projected to reach up to $25,652.0 million by 2028. Because it is a technologically advanced region with a large number of early adopters and the presence of significant market players, Asia-Pacific is predicted to contribute the greatest market share in terms of revenues throughout the projection period. The increasing adoption of advanced technologies and use of various payment solution among the populace have boosted the demand for the payment gateway market.

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Key Players in the Global Payment Gateway Market

Some of the leading global payment gateway market players are

  1. PayPal Holdings, Inc.
  3. Visa Inc.
  4. Amazon.com Inc.
  5. FIS(Worldpay)
  7. PayU
  8. BitPay, Inc.
  9. FISERV, INC.(BluePay)
  10. JPMorgan Chase & Co.                         

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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