The availability of the Internet and the deluge of eCommerce stores have 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 Master Card 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.
Key players operating in the online payment gateway market include First Data Corp. (U.S.), Adyen NV (Netherlands), Amazon.com, Inc. (U.S.), CASHU (UAE), Stripe (U.S.), GMO Payment Gateway, Inc. (Japan), Verizon Communications, Inc. (U.S.), Alibaba Group Holding Ltd. (China), 2Checkout.com, Inc. (U.S.), Visa, Inc. (U.S.), CCBill, LLC (U.S.), Tencent Holdings Ltd. (China), SecurePay Pty Ltd. (Australia), PayPal Holdings, Inc. (U.S.), Naspers Ltd. (South Africa), Worldpay, Inc. (U.S.), Global Payments, Inc. (US), and Wirecard AG (Germany). Various strategies such as acquisitions, partnerships, joint ventures, and novel product launches are used by these players to gain a major share in the market.
The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives is discussed in minute detail.
At MRFR, our research analysts conduct a thorough objective analysis of the market when creating market reports by adhering to a rigorous set of standards that allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top executives of the various payment applications and payment service providers. Secondary research entails a thorough analysis of past and present trends in a forward-looking manner. Additionally, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the value and supply chain. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.
For the scope of research, the report offers a comprehensive analysis of the global online payment gateway market.
Global master card market is projected to grow at approximately 12.8% CAGR during the assessment period (2018-2023).
The increasing inclination of customers towards cashless/ cardless payments and penetration of smartphones, are major tailwinds pushing the growth of the global master card market.
North America holds the largest share in the global master card market, followed by Europe and the Asia Pacific region, respectively.
Adyen NV (Netherlands), First Data Corp. (U.S.), Amazon.com, Inc. (U.S.), Stripe (U.S.), CASHU (UAE), GMO Payment Gateway, Inc. (Japan), Alibaba Group Holding Ltd. (China), Verizon Communications, Inc. (U.S.), 2Checkout.com, Inc. (U.S.), CCBill, LLC (U.S.), Visa, Inc. (U.S.), Tencent Holdings Ltd. (China), PayPal Holdings, Inc. (U.S.), SecurePay Pty Ltd. (Australia), Naspers Ltd. (South Africa), Global Payments, Inc. (US), Worldpay, Inc. (U.S.), and Wirecard AG (Germany), are some of the top players operating in the global master card market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global master card market adopt to gain a larger competitive advantage.