Online payment gateway market refers to a type of market which helps in making smooth online transactions between buyer and seller. It is an ecommerce service in which the transaction processes debit and credit card payments by transferring key information between payment portals and front end processors.
Online payment gateways play a vital role in online transaction process, the service of which is provided by one of many financial service providers of commercialized banks. The online payment gateways make sure that the ecommerce transaction process is securely and safely done between the payment processor and payment gateway.
Payment gateway is a process that authorizes transfer of funds between merchants and customers by performing several tasks such as encryption, authorization and completing the transaction to finalize the order. On approval, the appropriate response is generated and then the payment processor evaluates and transmits transaction data.
Geographically, North America holds the highest market share for online payment gateway market. The key factor driving the growth of North America’s market in online payment gateway is flying dependence of consumers on electronic payments for online shopping. With an increase need of internet subscription, local vendors are making high use of online business platforms to significantly increase online purchasing in countries like India and China. It is estimated to make Asia Pacific the highest emerging countries to make rapid market growth in online payment gateway market.
The demand for advanced technology that provides secure and safe transactions in online payment gateways is anticipated to fuel market share by the end of forecast period. Factors such as increasing adoption of mobile devices coupled with rising popularity of mobile commerce are making headway for the growth of the online payment market. Moreover, need of user affable methods for making online reservations and payments via smartphones is anticipated to positively impact the growth of the market.
According to a recent study conducted by Research Nester, the global market for online payment gateway is expected to grow at a moderate CAGR of 16% during the forecast period 2018-2027. Online payment gateway market is anticipated to generate USD 89.5 billion in revenue by the end of 2027.CLICK TO DOWNLOAD SAMPLE REPORT
Based on application type, online payment gateway market is segmented into small, large and medium enterprises. To meet the gradual changing demands of customers regarding online payments, the large enterprises have a high demand in this market.
Our in-depth analysis of the online payment gateway market includes the following segments:
The online payment gateway market is further classified on the basis of region as follows:
The growth of the market is driven by increasing demand for online shopping, making reservations among other ecommerce applications. The demand for communication devices enhancing the privilege of safe and secure online transactions is anticipated to increase market share by the end of forecast period. With the growing technology advancement in mobile phones for online transaction, the leading mobile phone manufacturers are delivering smart solutions for user friendly transactions.
This developing need for payment gateways market via mobile phone is encouraging the growth prospects of the online payment gateway market. It is further enhancing the adoption of mobile devices for their user friendly and accessible advantages fostering the popularity of mobile commerce making consumers to buy more smartphones, tablets etc. to shop online. This factor is envisioned to impact the growth of online payment gateway market.
Moreover, the extension of small enterprises to provide customers with online services such as 24/7 assistance, easy access, time saving evaluation of products along with attractive discount offers in developing nations is estimated to fuel the growth of online payment gateway market.
However, the security related concerns such as cyber theft and personal credentials being compromised might become the restraining factor for the growth of online payment gateway market.
Overview of the Parent Market
The online payment gateway market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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