The global payment gateway market size is expected to reach USD 114.30 Billion by 2030 according to a new study by Polaris Market Research. The report “Payment Gateway Market Share, Size, Trends, Industry Analysis Report, By Type (Hosted, Non-Hosted); By End-Use (BFSI, Media & Entertainment, Retail & E-commerce, Travel & Hospitality, Others); By Enterprise; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Online merchants utilize payment gateways “checkout” portals to input credit card information or credentials for services like PayPal. These are distinct from electronic processors, which accept money on behalf of merchants using customer information. These platforms are also available to help in cryptocurrencies like Bitcoin.
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The industry is expected to spur in the projected period due to the rapidly growing e-commerce industry. The gateways successfully deliver end-to-end solutions for a unified customer experience. They are the primary means through which merchants receive money through cards in both card-present and card-not-present transactions. These methods have incorporated front-end services of newly available banking systems to increase value-added services.
The gateway platform will see a further shift in its efficiency with technological developments and the consequent infliction of innovative modifications. This will all result in a slew of profits for the economy. As a result, the ecosystem’s income will add up to Billions of e-commerce platforms and jobs. As a result, both the need for electronic gateways by newly established e-commerce platforms and the purchasing power of the public is expected to rise in the future.
Asia Pacific is expected to dominate the market over the forecasted period. India is on track to become the world’s largest and fastest expanding digital payments market. India’s Unified Payment Interface (UPI) logged in 421 crore transactions in October alone, led by a strong push from festive shopping. This growth has been widespread; even rural markets contributed in a big way. UPI has grown 100 percent year-on-year to Rs 7.7 lakh crore in October, and the month-on-month ticket size was stable at Rs 1,829.
Major players operating in the global market are Braintree, Amazon Payments Inc., Authorize.Net, BitPay, Inc., Payza, Adyen, Alipay.com Co Ltd, Ingenico Group PayPal Holdings Inc., PayU Group, Stripe, Skrill Limited, Verifone Holdings Inc., Wepay, Inc., Visa, Mastercard.
Polaris Market Research has segmented the payment gateway market report based on type, enterprise, end-use, and region:
Payment Gateway, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Non – Hosted
Payment Gateway, Enterprise Outlook (Revenue – USD Billion, 2018 – 2030)
- Small & Medium Enterprise (SME)
- Large Enterprise
Payment Gateway, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Media & Entertainment
- Retail & E-commerce
- Travel & Hospitality
Payment Gateway, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa