In 2023, it is predicted that the market for online payment gateways will be valued at US$ 117.5 billion, and by 2033, it will be worth US$ 293.9 billion. Online payment gateway sales are predicted to grow at a notable CAGR of 9.6% throughout the projection period. Some of the factors driving demand for online payment gateways include the ones listed below:
From the token system to currency pooling and cashless transactions, the payment system has expanded significantly in the last few years. One of every organization’s most important components across all industries is the integration of a payment gateway.
One of the main factors fueling the market’s expansion is the growing digital transformation of organizations around the globe.
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To provide merchants and customers with a digital payment infrastructure, e-commerce enterprises are collaborating with payment service providers. Due to the volume of transactions managed by merchants, gateway systems have been increasingly incorporated into their sales channels.
In order to provide real-time payment options to customers and businesses, numerous banks worldwide are working to form alliances with payment gateway service providers.
Yes, Bank announced in November 2021 that it will be working with Amazon Pay and Amazon Web Services (AWS) to offer a real-time payment system via the Unified Payment Interface (UPI) transaction capability.
Key Takeaways from the Online Payment Gateway Market
- In the United States, it is predicted that in 2022, more than 80% of transactions are unlikely to involve cash due to growing acceptance from SMEs. Additionally, it is predicted that online payment transaction values would increase by more than 15% between 2020 and 2025.
- In 2020, Europe accounted for roughly 25% of the global market for payment gateways. The region’s market is underpinned by a strong regulatory environment for payments and a highly saturated card use rate.
- Due to the rise in smartphone usage, Asia-Pacific is far outpacing other areas in terms of the adoption of online transactions. According to the GSMA, Asia’s mobile internet penetration will increase from 45% in 2018 to 62% in 2025.
- The ORF research claims that start-ups and several young entrepreneurs are propelling. In the Indo-Pacific region as of 2020, there will be 55,200 start-ups. Due to mergers and acquisitions and intra-ASEAN investments, digital start-ups are expanding regionally.
- In 2021, the hosted segment dominated the market and generated more than 57.0% of total revenue. Due to elements like simple payment setup processes and decreased merchant liability, the demand for hosted payment gateways is rising among retailers.
- With the top six suppliers controlling more than 70% of the market’s revenue, the payment gateway market is still largely consolidated. The majority of the market was accounted for by PayPal, Stripe, and Square.
Competitive Landscape
With the existence of well-known firms like PayPal and Stripe, the Online Payment Gateway Market is very competitive. Other businesses, meanwhile, are attempting to achieve greater market shares by engaging in mergers and acquisitions in order to attract more customers.
- PayU stated in January 2020 that it will buy a majority share in PaySense, a digital credit platform. LazyPay and PaySense, two of PayU’s consumer lending companies, will combine their business activities as part of the acquisition in order to create a full-stack digital lending platform in India.
- In a partnership announced in January 2020, PayPal Holding Inc. and UnionPay International (UPI) will collaborate to hasten the expansion of their respective networks. In accordance with the contract, PayPal agreed to support UPI acceptance everywhere PayPal is accepted, giving UnionPay cardholders more options when they shop.
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Market Segmentation
Online Payment Gateway by Application:
- Online Payment Gateway for Large Enterprises
- Online Payment Gateway for Small and Medium Enterprises
Online Payment Gateway by Mode of Interaction:
- Hosted Payment Gateway
- Pro / Self-hosted Payment Gateway
- API / Non-hosted Payment Gateway
- Local Bank Integration
- Direct Payment Gateway
- Platform-based Payment Gateway
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Table of Content
1. Executive Summary | Online Payment Gateway Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10-years.
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