Payment Gateway market is expected to grow from USD 15.95 billion in 2019 to USD 67.13 billion by 2026 at a CAGR of 22.79% from 2020 to 2026.
The payment gateway acts as an intermediary between the e-commerce site and bank. Online payment encrypts sensitive information and is employed for the authentication of the web transaction. It is also used for preventing fraudulent activities by providing card verification value (CVV) and address verification system (AVS). The mixing of payment gateway has become one of the foremost critical aspects of any business in every industry. It allows collecting money through the customer's preferred bank without compromising on sensitive data.
Moreover, the recognition of the digital payment modes like credit/debit cards, net banking, mobile wallets, and an increasing number of consumers using smartphones for online transactions is further driving the expansion of the worldwide market. Furthermore, a collaboration of e-commerce sites with various payment gateways is offering cashback so as to retain their old customer and attract new customers. The hurdle free transactions generate confidence among the users for switching to online transactions. This rapid adoption of the web method of payment is fueling the market growth.
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The global Payment Gateway market has been segmented as below:
By Type
Hosted
Non-hosted
By Enterprise Type
Small and Medium Enterprise
Large Enterprise
By Vertical
Travel
Retail
BFSI
Media and Entertainment
Other End-user Verticals
By Region
Europe
North America
Asia Pacific
Rest of The World
Competitive Rivalry
PayPal Holdings, Stripe, Inc., Adyen N.V., Inc., Amazon Pay, Square, Inc, Secure Trading Limited, Cardstream Limited, CCBill, LLC, BitPay, Inc., GoCardless Ltd., and others are among the major players in the global market. The companies studied in terms of product strategy and various n several growths and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
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