By attaining a CAGR of 10.4%, the online payment gateway market is expected to cross US$ 106.1 billion in 2022. Online Payment Gateway Market: Global Industry Analysis (2013-2021) and Opportunity Assessment (2022-2028) is a new research report on the online payment gateway market that Future Market Insights (FMI) has just released.
| Online Payment Gateway Market Size (2022) | US$ 106.1 Bn |
| Projected Market Value (2028) | US$ 191.1 Bn |
| Global Market Growth Rate (2022-2028) | 10.4% CAGR |
| Maximum Revenue Grossing Segment in 2022 | Hosted Payment Gateways (44.1%) |
According to the survey, the increasing use of third-party payment methods is anticipated to boost global market expansion. Websites have always been a reliable source of income for channel merchants. Focusing on the present situation, mobile usage has been increasing considerably. Compared to more sophisticated payment mechanisms, conventional methods of accepting payments have become less popular.
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Payment gateways accept a variety of payment methods, including direct debits, real-time bank transfers, and others. Prepaid cards, debit cards, credit cards, and charge cards are examples of transactions that make use of payment gateways.
Credit cards and debit cards are the most frequently utilised payment methods. Credit card users are allowed to use a credit limit set by the card’s issuer, which could be a bank, retailer, or service company.
The available balance in the cardholder’s account is used to cover the cost of a purchase when using a debit card. The transaction is not finished if there are not enough money available. This is also known as a payment card or an asset card (in the US).
Companies operating in the market are also eyeing on the opportunities available in the global market. Some of the leading companies operating in this market are PayPal Holdings, Inc., Amazon.com Inc., Avenues India Pvt. Ltd., Stripe, and CCBill.
Growing Third Party Payments to Augur Well for Global Market Growth
85% of the world’s population lives in emerging markets, where 90% of those under the age of 30 are also concentrated. The populace is favouring the expansion of online transactions in these marketplaces, which is reducing the black economy and promoting economic growth. This is what is known as a “sweet spot” for these markets.
Regulators are avoiding the necessity that banking institutions be able to offer a full spectrum of financial services by allowing non-bank firms access to the banking market. The result has been the “FinTech Revolution.” As a result of regulators permitting outside firms to manage payment processing, this has been a driving force for the market for online payment gateways.
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NFC Payments to Obstruct Market Revenue Growth
Eyeing the current market scenario, payment gateways are booming all over the world, but there are new innovations to come. One such innovation that is predicted to come soon and is being worked upon is the payment through NFC technology, which could be the substituting point for the payment gateway market.
Key Segments Covered in Online Payment Gateway Industry Survey
Online Payment Gateway by Application
- Online Payment Gateway for Large Enterprises
- Online Payment Gateway for Small and Medium Enterprises
Online Payment Gateway by Mode of Interaction
- Hosted Payment Gateway
- Pro / Self-hosted Payment Gateway
- API / Non-hosted Payment Gateway
- Local Bank Integration
- Direct Payment Gateway
- Platform-based Payment Gateway
Online Payment Gateway Market by Region
- North America Online Payment Gateway Market
- Latin America Online Payment Gateway Market
- Europe Online Payment Gateway Market
- East Asia Online Payment Gateway Market
- South Asia & Pacific Online Payment Gateway Market
- Middle East & Africa (MEA) Online Payment Gateway Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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