The global payment gateway market is anticipated to grow at a considerable CAGR of 15.7% during the forecast period (2024-2031). Several companies, especially MSMEs across the globe are rapidly adopting payment gateways for their regular transactions as these gateways provide secure internet transactions and prevent credit or debit card scams and other fraudulent activities. Reliable payment gateways encrypt sensitive information, including bank account details and debit or credit numbers to ensure that the customer’s information is transferred securely from the issuing bank to the end recipient. Moreover, they eliminate the need for consumers to deal with the hassles of shopping from physical stores and waiting in long queues. Consumers can efficiently complete the entire transaction online, enjoying a seamless shopping experience. Such factors are expected to drive the payment gateway market during the forecast period.
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The market players are contributing significantly to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, PayU had acquired a controlling stake in the digital credit platform, PaySense in January 2020. With this acquisition, PayU’s consumer-lending businesses, LazyPay and PaySense, will merge their business operations to build a full-stack digital lending platform in India.
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Market Coverage
- Segment Covered-
o By Mode of Interaction
o By End User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- including Amazon Payments Inc., Paytm Mobile Solutions Pvt. Ltd., PayPal Holdings Inc., PayU Group, Stripe Inc., Ingenico Group, Skrill Ltd., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Payment Gateway Market Report Segment
By Mode of Interaction
- Hosted
- Non-hosted
- Local Bank Integrates
- Direct
- Platform-based
By End User
- Pharmaceutical
- Food & Beverage
- Agrochemical
- Cosmetics & Personal Care
- Chemical
- Others
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