Rising Use of Ecommerce Likely to Drive Global Online Payment Gateway Market
Market Research Future (MRFR) has announced a new release on the global online payment gateway market. The report looks into all aspects of the global online payment gateway market in order to present a comprehensive look at the growth prospects of the market over the 2018-2023 forecast period. According to the report, the global online payment gateway market is expected to rise at a strong 12.8% CAGR over the 2018-2023 forecast period.
Online payment gateways have become increasingly important over the last few years as online payments have become the more popular mode of making payments all over the world. Increasing availability of the Internet and the increasing number of online shopping channels have led to a proliferation in online payments, driving the global online payment gateway market. Online payment gateways act as a middleman between customers and online stores, facilitating the online transaction of payments, and thus carry significant importance in today’s ecommerce-crazy world. The growth in online shopping channels is likely to drive the global online payment gateway market over the forecast period.
Many nationalized and private banks have also decided to jump into the fray with their own offerings in the online payment gateway market. This has the potential to revolutionize the global online payment gateway market, as banks can offer data security at a level that other enterprises cannot offer, which takes care of the most important issue holding back online payment gateways at present. Bank-sponsored online payment gateways are thus likely to be a crucial part of the global online payment gateway market over the coming years and drive the global market at a handsome rate.
The global online payment gateway market has been segmented on the basis of type and application.
On the basis of type, the global online payment gateway market is segmented into platform-based gateway solutions, local bank integrates, pro/self-hosted payment gateways, and others.
On the basis of application, the global online payment gateway market has been segmented into micro & small enterprises, mid-size enterprises, and large enterprises.
On the basis of geography, the report segments the global online payment gateway market into North America, Europe, Asia Pacific (APAC), and Rest of the world.
APAC is likely to play a leading role in the development of the global online payment gateway market over the forecast period due to the growing support lent by Asian governments to digital/cashless payments. Asian countries, which have traditionally been plagued by corruption on a massive level, have realized the immense benefits of digital transactions in wiping out corruption and are thus supporting the widespread use of digital payment channels. India has been at the forefront of this movement, with PM Narendra Modi supporting a cashless India since before his inauguration and carrying on with the agenda through the demonetization initiative. In the bid to make commerce more efficient, many Asian countries are taking the digital route, which is likely to benefit the online payment gateway market in the region over the forecast period.
The growing availability of the Internet in Asian countries is also likely to help bring about steady growth of the online payment gateway market in the region over the forecast period.
Leading players in the global online payment gateway market include Visa Inc., GMO Payment Gateway Inc., SecurePay Pty Ltd., Alibaba Group Holding Ltd., First Data Corporation, CCBill LLC, Wirecard AG, PayPal Holdings Inc., Worldpay Inc., Tencent Holdings Ltd., Amazon.com Inc., Adyen NV, Verizon Communications Inc., Naspers Ltd., CASHU, 2Checkout.com Inc., and Stripe.
Global payments giant Visa recently announced an investment in Indian payment gateway BillDesk. This move is likely to be the first of many steps from Visa taken in order to secure a large slice in the growing ecommerce and online payments market in India. BillDesk processes around USD 60 billion worth of digital payments every year.