Global Payment Gateways Market by 2023 Growth Analysis of all Top Key Players Like Wirecard, Wirecard, Adyen, Allied Wallet and PayPal

Over the last few years, the global payment gateways market has been exhibiting a strong growth. Some of the factors that are driving the market include easy access of the internet, expanding e-commerce sector and introduction of mobile wallets.

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A payment gateway refers to a service provider which acts as an intermediary between e-commerce websites and bank by facilitating payment transactions. Security plays an integral part in the payment gateways owing to the sensitive data of credit card that needs to be protected from the fraudulent entities. The order submission gets completed by using the HTTPS protocol which helps in securing the personal information. Some of the benefits of using payment gateways include user-friendly interface, expense and loss management, and time efficiency. A new research report titled “Payment Gateways Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the global payment gateways market was worth US$ 10 Billion in 2017. The report further anticipates the market to cross US$ 16 Billion by 2023, at a projected CAGR of around 8.1% over the forecast period.

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Market Drivers/Constraints:

* One of the vital factors influencing the market demand for payment gateways includes easy access of internet and a rise in the number of people adopting online retailing as well as contactless payment methods such as mobile wallets.

* Currently, banks are collaborating with retail vendors in order to provide cashback schemes for expanding the consumer-base and retaining the existing consumers.

* Introduction of mobile payment gateways like Amazon Pay, Apple Pay, Samsung Pay, Android Pay, etc. have made the process of bill payments convenient. Further, various companies are expanding their businesses by adapting the digital approach, thereby spurring the growth prospects of payment gateways in the upcoming years.

* However, there are various factors which act as a hindrance to the growth of the market. Payment gateways have a limit regarding the number of transactions that can take place in a day. In addition, there is a high risk of being hacked that may lead to information leak.

Global Payment Gateways Market Segmentation:

Market Breakup by Application:

1. Large Enterprises

2. Micro and Small Enterprises

3. Mid-sized Enterprises

On the basis of application, the payment gateways market is segregated as large enterprise, micro and small enterprises, and mid-sized enterprises. Amongst these, large enterprises account for the majority of the total share.

Market Breakup by Mode of Interaction:

1. Hosted Payment Gateways

2. Pro/Self-Hosted Payment Gateways

3. API/Non-Hosted Payment Gateways

4. Local Bank Integrates

5. Direct Payment Gateways

6. Platform-Based Payment Gateways

Based on mode of interaction, the market is segmented as hosted payment gateways, pro/self-hosted payment gateways, API/non-hosted payment gateways, local bank integrates, direct payment gateways and platform-based payment gateways. Currently, pro/self-hosted gateways exhibit a clear dominance in the total market share.

Market Breakup by Region:

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

On a geographical front, North America enjoys a leading position in the global payment gateways market, accounting for the largest share. North America is followed by Europe, Asia Pacific, Middle East and Africa, and Latin America.

Competitive Landscape:

The market is highly competitive in nature with the presence of numerous manufacturers who compete in terms of prices, features and quality. They are constantly coming up with additional features, thereby enhancing customer experience. Some of the leading players operating in the market are:

1. Worldpay Group

2. Wirecard

3. Adyen

4. Allied Wallet

5. PayPal

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This release was published on openPR.