The availability of the Internet and the deluge of eCommerce stores has fueled the online shopping craze. Modern customers are able to harness the power of the net to make seamless transactions. Nationalized and private banks have decided to capitalize on this trend and introduced their own medium for making financial transactions a piecemeal for customers. Online payment gateways are merchant services that act as a middleman for processing the transactions between customers and online sites with a secure encrypted handshake.
The global Digital Payment Gateway Market is anticipated to expand at a 12.8% CAGR from 2018 to 2023 (forecast period), according to the latest report by Market Research Future (MRFR). The increasing inclination of customers towards cashless and cardless payments is expected to drive the market growth. The penetration of smartphones into consumer lifestyles has induced the need for online payment applications and expects to bolster market demand during the forecast period.
Security concerns regarding payment can be a hurdle for the market. But the integration of trusted digital certificates and concerted efforts made by these providers to provide a secure pathway is likely to culminate in higher market growth.
The report covers the latest trends affecting the market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts make highly astute projections regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the global online payment gateway market segmented by type, application, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their current standing in the market. New revenue sources for players are analyzed and outlined coupled with the various strategies implemented by players.