Rapid growth of e-commerce, proliferation of smartphones and growing popularity of mobile payments are driving the growth of payment gateway market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 30, 2023/EINPresswire.com/ — The payment gateway market was valued at $22.4 billion in 2021, and is estimated to reach $98.2 billion by 2030, growing at a CAGR of 17.7% from 2022 to 2030.
A payment gateway is a digital money operating gateway widely used to connect the customers and the merchant together for any payment transaction. A payment gateway is essentially an online interface that facilitates money transfers between a client and a business. Any firm that accepts payments online has an advantage because doing so guarantees safe and easy transactions and reduces financial losses brought on by late payments.
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The rapid growth of e-commerce is a major driver for the Payment Gateway market. With the increasing number of online transactions and the rise of digital commerce platforms, businesses require secure and reliable payment processing systems. Payment Gateways enable seamless online transactions, providing secure and efficient payment processing for e-commerce businesses. As consumers continue to embrace online shopping, the demand for Payment Gateway solutions is expected to surge.
The proliferation of smartphones and the growing popularity of mobile payments have significantly impacted the Payment Gateway market. The rise of digital wallets, such as Apple Pay, Google Pay, and PayPal, has created a need for Payment Gateways that can seamlessly integrate with these platforms. Mobile payment solutions provide convenience and flexibility to consumers, and businesses need Payment Gateways that can securely process these mobile transactions. As mobile payments continue to gain traction, the demand for Payment Gateway solutions that cater to mobile platforms is on the rise.
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Security and fraud prevention are critical considerations in the Payment Gateway market. As cyber threats become more sophisticated, businesses and consumers are increasingly concerned about the security of their payment information. Payment Gateway solutions incorporate advanced security features such as encryption, tokenization, and fraud detection algorithms to ensure secure transactions. The focus on robust security measures and fraud prevention capabilities is driving the adoption of Payment Gateways that offer enhanced protection for both businesses and customers.
The growth of international trade and the expansion of businesses across borders have increased the demand for cross-border payment solutions. Payment Gateways that facilitate seamless cross-border transactions and support multiple currencies are in high demand. Businesses require Payment Gateways that can handle international payment processing, manage currency conversions, and comply with regional regulations. As globalization continues to shape the business landscape, the Payment Gateway market is driven by the need for efficient cross-border payment solutions.
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The global payment gateway market share is segmented on the basis of type, enterprise size, end-use, and region. By type, the market is sub-segmented into hosted and non hosted. By enterprise type, the market is segmented into small & medium enterprise (SME) and large enterprise. By end-use, the market is classified into travel & hospitality, BFSI, retail & ecommerce, media & entertainment, and others. By region, the payment gateway market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
Some of the leading payment gateway market players are PayPal Holdings, Inc., STRIPE, Visa Inc., Amazon.com Inc., FIS(Worldpay), Mastercard, PayU, BitPay, Inc., FISERV, INC.(BluePay), and JPMorgan Chase & Co.
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