Payment gateway is a web-based application that acts as an intermediary between an e-commerce website and a bank to authorize and authenticate online transactions. It encrypts sensitive information, such as credit card numbers or bank account details, to ensure that the information is transmitted securely from the customer to the issuing bank. Payment gateways also helps in preventing fraud by providing Card Verification Value (CVV) and Address Verification System (AVS). Furthermore, they offer the customers the facility to make purchases at any hour of the day without the inconvenience of waiting in long queues. According to IMARC Group’s latest report, titled “Payment Gateways Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global payment gateways market reached a value of US$ 10 Billion in 2017.
Nowadays, the companies are restructuring their businesses and revenue strategies by moving towards a digital approach. This is projected to spur the growth prospects of the payment gateways market in the coming years. Additionally, the increasing usage of mobile wallets, which provide a convenient way for users to make in-store payments, has emerged as another major driver. Besides, an increasing number of customers are using smartphones or tablets for making online reservations and payments, thereby stimulating the demand for payment gateways. Moreover, various banks are collaborating with retail vendors to provide cashback offers so as to attract new customers and retain the existing users. On account of these factors, the market is expected to grow at a CAGR of 8.7% during 2018-2023, reaching a value of US$ 16 Billion by 2023.
The report has segmented the market on the basis of applications into large enterprises, micro and small enterprises, and mid-sized enterprises. Currently, large enterprises account for the majority of the total share. On a regional-basis, the report covers North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America represents the largest market, holding largest share globally. The report has also analysed the competitive landscape of the market with some of the key players being Worldpay Group, Wirecard, Adyen, Allied Wallet and PayPal.
This report provides a deep insight into the global payment gateways market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the payment gateways industry in any manner.
Key questions answered in this report:
- How has the global payment gateways market performed so far and how will it perform in the coming years?
- What are the key regions in the global payment gateways market?
- What are the key application segments in the global payment gateways market?
- What are the various stages in the value chain of the global payment gateways market?
- What are the key driving factors and challenges in the global payment gateways market?
- What is the structure of the global payment gateways market and who are the key players?
- What is the degree of competition in the global payment gateways market?