According to a new market research report published by Acute Market Reports “Online Payment Gateways Market (Type – Hosted Payment Gateways, Self-hosted Payment Gateways, API Hosted Payment Gateways, Local Bank Integration, Direct Payment Gateways and Platform-based Payment Gateways; End-user – Travel, Food & Groceries, Pharmaceuticals & Healthcare, Shopping, Education, Government/NGOs and Utilities) – Growth, Future Prospects and Competitive Analysis, 2020 - 2028”, the global online payment gateways market was valued at US$ 15.83 Bn in 2019 and is set to demonstrate CAGR of 11.6% during the forecast period from 2020 to 2028.
Browse the full report at https://www.acutemarketreports.com/report/online-payment-gateways-market
Market Insights
With flourishing e-commerce sector, online payment has witnessed widespread growth over the period, thereby paving way for online payment gateways. Online payment constitute nearly 2/3rd of the total payment made in e-commerce transactions. With improving security of online payment, the ratio is set to continue increasing in following years. Subsequently, online payment gateways market is expected to exhibit robust growth rate during the forecast period. Growing inclination towards digital payments has significantly driven the overall online payment gateways market. Various national governments as well banking organizations are now encouraging digital payment in order to reduce their operating costs and better visibility of transactions. In addition, increasing number of credit/debit card holders worldwide is another prominent factor supporting the market growth. As of 2019, there are more than 2.7 Bn credit cards in circulation across the world. This is another important factor supporting the online payment gateways market.
Online payment gateways market is segmented based on type, end-user and geography. Based on type, the hosted online payment gateways segment led the global market with a value share of over 40% in 2019. These payment gateways are user-friendly, fairly secure and charge less fees to the merchants. Subsequently, the segment would continue dominating the market throughout the forecast period. Based on end-user, the market categorized into travel, food & grocery, pharmaceuticals & healthcare, shopping, education, government/NGOs and utilities. Further, based on the geography, North America governs the overall payment gateways market with more than 1/3rd share of the total revenue generated worldwide. Asia Pacific is expected to register the highest growth rate during the forecast period. The market here is mainly backed by Japan, China, India and Southeast Asia.
The overall online payment gateways market is fragmented in nature with presence of large number of regional as well as international players. The overall payments industry is highly competitive in nature with market players competing with wide range of businesses including banks, e-commerce companies, credit card providers and others. Additionally, market players are subject to numerous rules & regulations such as banking norms, payment regulations, anti-money laundering, data protection and consumer financial protection among others. One of the most prominent strategies adopted by the market players is partnership with credit/debit card companies (Visa, MasterCard). This is followed in order to make payment process for consumers and merchants easier as well as reduce any additional fees for payment gateway service provider.
Some of the major players profiled in the report include 2Checkout.com, Inc., Alipay.com Co. Ltd., Amazon.com, Inc., Authorize.Net Corporation, Avangate, Inc., Avenues India Pvt. Ltd. (CCAvenue), BluePay, Inc., First Data Corporation, PayPal Holdings, Inc., SecurePay (OLB Group, Inc.), Stripe, Inc. and others.
