According to Markntel Advisors Report, Payment Gateway Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
A Payment Gateway is an online money operating gateway that aids digital transactions by connecting buyers to sellers. It authorizes the payer's account details, including debit or credit card details, safely, ensures the availability of funds required to transfer, and eventually, by moving sensitive, thus enabling the seller to get paid the amount. Hence, a payment gateway is a digital interface for transferring money between the seller and the buyer. It is an asset to every business as it ensures secure, smooth, and hassle-free transactions. Furthermore, with technological advancements, payment gateways constantly evolve per new customers' demands and preferences.
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Global Payment Gateway Market Research Report & Summary:
The Global Payment Gateway Market is projected to grow at a CAGR of around 20% during the forecast period, i.e., 2023-28.
Time Period Captured in the Report:
· Historical Years: 2018-21
· Base Years: 2022
· Forecast Years: 2023-2028
Who are the Key Players Operating in the Payment Gateway Market?
The top companies of the Payment Gateway Market ruling the industry are:
PayPal Holdings, Stripe, Inc, Adyen N.V., Inc, Amazon Pay, Square, Inc, Skrill limited, PayU group, Ingenico Group, Alipay.com Co Ltd, Paytm Mobile Solutions Pvt. Ltd
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Payment Gateway Market Recent Development:
· In January 2022, Adyen N.V. Inc launched a mobile point-of-sale portfolio in the E.U., the U.S., and the U.K.
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The Payment Gateway Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Type
-Hosted
-Self-hosted
-Bank integrated
-By Enterprise Size
-Small & Medium Enterprise
-Large Enterprise
-By End-Users
-Retail
-Travel
-Hospitality
-Healthcare
-Education
-Government
-Utilities
-Others
-By Region
-North America
-South America
-Europe
-Asia-Pacific
-Middle East & Africa
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Market Dynamics -Global Payment Gateway Market:
Key Driver: Online Shopping Trends and Government Initiatives Promoting Digital Transactions
A notable shift in shopping patterns with growing internet penetration has led to the large-scale adoption of payment gateways in recent years. In addition, numerous government initiatives encouraging digital transactions further promote such extensive adoption, citing it as vital for the country’s economy in terms of maximized revenues, transparency, and ICT technologies. As such, initiatives like the Unified Payment Interface (UPI) launched by the Indian government and the promotion of ePayments by the Monetary Authority Singapore (MAS) have fueled market growth. Moreover, over the past few years, retailers have evolved into taking all forms of payment options available owing to the tangible presence of smartphones and cards. Thus retailers are putting efforts into employing innovative mobile transaction solutions, risk management, and customer service to stay in line with modern payment solutions. Backed by these aspects, the industry is expected to expand its horizon in the coming years.
Possible Restraint: Lack of Standardized Regulations for International Transactions
Businesses continuously purchase goods and services from around the world and across countries. However, due to the lack of standardized global regulations and varying government restrictions, digital payment and transaction providers fail to make the most out of the such opportunity. Payment and data storage requirements varying from country to country are becoming obstacles to efficient cross-border payments. Moreover, the local payment infrastructure of many countries needs to be at par to handle international transactions. Given the independent development of payment systems, the need for standardized regulation and automation across inter-bank and intra-bank networks is rising to prevent cyber-attacks, thereby impeding industry growth.
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