Disclaimer: This is a user generated content submitted by a member of the WriteUpCafe Community. The views and writings here reflect that of the author and not of WriteUpCafe. If you have any complaints regarding this post kindly report it to us.

The terms and techniques of payments have evolved significantly in the last two decades. With the growing adoption of digitalization, the payment sector has taken many big turns to progress. Today, about 67% millennials and 56% GenXers prefer to shop online rather than from a store, as per the Big Commerce: The 19 Ecommerce Trend. People nowadays are demanding enhanced speed, improved convenience, greater value, and most essentially quicker checkout while performing online payments. All this has been thriving the growth of digital payment gateways remarkably.

The payment gateway, which enables businesses to accept payments online from anywhere via different channels and devices, has been undergoing several developments ever since the rising implementation of digitalization. An effective and smooth payment gateway is the key solution for uninterrupted and secure online transactions. According to a report by Research Dive, the global payment gateway market is expected to garner $98,198.70 million in the 2021–2030 timeframe, growing with a CAGR of 17.7%.

Stay ahead of your Competitors, Request an PDF Sample of Payment Gateway Market@ https://www.researchdive.com/download-sample/8495

What Factors are Responsible for the Payment Gateway Market’s Growth?

The global payment gateway market is progressing at a bewildering rate. In 2020, after the outbreak of the COVID-19 pandemic, a sharp rise has been observed in the global penetration of smartphones as well as internet, offering of payment services even by non-banking organizations, consumers’ demand for one-touch payments, and many others.

A steep rise in the global ecommerce sales and enhanced internet speed are greatly fueling the growth of the payment gateway market. In the present times, retail businesses are switching from traditional business models to modern business techniques by integrating advancement payments options, encouraging smartphone transactions, and promoting the use of online credit cards for carrying out payments. All these factors are boosting the adoption of online payment methods, which is fueling the market growth at a significant rate.

In addition, today’s consumers expect a seamless user experience in mobile wallets as their preferences are shifting towards digital payment methods. Consequently, the need for safe and consistent payment gateways to cope with the spur in the adoption of digital payments is swiftly increasing.

Request an On-demand Customized Report of Payment Gateway Market@ https://www.researchdive.com/request-for-customization/8495

Payment Gateway Market Trends and Developments

Several leading payment gateway market players such as PayPal Holdings, Inc., Visa Inc., STRIPE, Amazon.com Inc., Mastercard, FIS(Worldpay), PayU, FISERV, INC. (BluePay), BitPay, Inc., JPMorgan Chase & Co, and others, are undertaking various activities such as new product launches, mergers & acquisitions, partnerships, etc. to obtain a leading-edge in the global market. For instance,

  • In October 2020, Paytm, an Indian multinational technology firm that focuses on offering digital payment system, e-commerce, and finance, launched the same-day settlement facility for fund transfers on its payment gateway service. This new facility will aid business partners conduct money transfers at any time in their bank account on the same day of receiving payment, without the need to wait for the next day.
     
  • In June 2021, Xpate, a company focused on enhancing the global payments using a design-centric method to serve mounting business needs, stated that the company is attempting to streamline the management of card payments by launching a new payment gateway and operational support project called, xpate Links.
     
  • In June 2021, StoreHippo, a foremost e-commerce platform, joined hands with Paytm, the leading digital financial services platform in India, for its payment gateway business. The payment gateway by Paytm will facilitate businesses on StoreHippo with easy payment methods and help the e-commerce players to explore further into the untapped markets in India. With this collaboration, StoreHippo will be able to provide its client's a stress-free, flexible, and safe payment gateway all over India.

COVID-19 Impact on the Payment Gateway Market

The payment gateway market has been significantly elevated with the outbreak of the COVID-19 pandemic in 2020. Growing shift toward e-commerce, quick payments, digital payments (including contactless payments), and cash displacement has boosted the growth of the global market in the pandemic period. For instance, Amazon, a leading e-commerce platform, observed around 40% year-over-year growth in the 2nd quarter of 2020, owing to the sudden boom in the grocery sales. Moreover, integration of advanced technologies in payment gateways are likely to deliver more advanced and reliable payment platforms and solutions, which might bring in several growth opportunities for the growth of the global market in the upcoming years.

Speak to our Expert to know more about Post COVID-19 Impact on Payment Gateway Market@ https://www.researchdive.com/connect-to-analyst/8495

Regional Analysis

The Asia-Pacific region is expected to have the largest share in the payment gateway market, and hence, dominate the market during the forecast period. The tremendous growth of the region can be attributed to the increasing number of government initiatives targeted at enhancing the online payment infrastructure in various countries of the region. For instance, the Reserve Bank of India (RBI), has regulated a number of gateways to allow for effective digital payments in the country. Moreover, the large population in countries like China and India adds to the volume of transactions, as well as the international and domestic enterprises investing in this region, which is driving the market growth.

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.

Contact:
Mr. Abhishek Paliwal
Research Dive

30 Wall St. 8th Floor, New York NY 10005
(P) +91-(788)-802-9103 (India)
+1-(917)-444-1262 (US)
Toll Free: 1-888-961-4454
E-mail: support@researchdive.com
Website: 
https://www.researchdive.com
Blog:  
https://www.researchdive.com/blog/
LinkedIn: 
https://www.linkedin.com/company/research-dive/
Twitter: 
https://twitter.com/ResearchDive
Facebook: 
https://www.facebook.com/Research-Dive-1385542314927521

0

Login

Welcome to WriteUpCafe Community

Join our community to engage with fellow bloggers and increase the visibility of your blog.
Join WriteUpCafe