Payment gateway market expected to grow by 5.2 trillion in 2021 at a CAGR of 11.2%
BANGALORE, India, November 8, 2022 /PRNewswire/ — The Global payment gateway market is segmented by Type (Online Mode, Offline Mode), by Application (Retail, Food Service, Medical & Cosmetics, Others): Opportunity Analysis and Industry Forecast, 2022-2028.
The transaction volume of the global payment gateway is approximately $5.2 trillion in 2021, it will mark a CAGR of 11.2% in their forecast years.
Key Factors Driving the Growth of the Payment Gateways Market:
Important factors that are expected to contribute to the growth of the payment gateway market include increasing e-commerce sales and rising internet penetration internationally.
Due to the increasing use of various online payment methods such as credit cards, debit cards, online banking and mobile wallets, the market for payment gateways is booming.
The increasing availability and popularity of high-speed internet will further drive the growth of the payment gateway market.
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TRENDS INFLUENCING THE GROWTH OF THE PAYMENT GATEWAYS MARKET:
Online retail sales have soared as e-commerce has seen a surge during COVID-19-induced movement restrictions. Retailers are developing new strategies to take advantage of the convenience savings of home delivery and online shopping. Payment gateways are playing a bigger role in the payments infrastructure. For online shopping carts, point of sale systems and virtual terminals to be linked to the payment process, they are a necessary connection point in the modern economy. This factor is expected to boost the growth of the payment gateway market.
The use of payment gateways over the past few years has been driven by the growing use of the internet and smartphones as well as a shift in consumer preferences towards digital payment solutions. The need for these payment solutions will continue to increase in the coming years due to continuous technological improvements, which will improve business prospects.
The major factor driving the demand for integrated payment gateway to local banks is the increasing adoption of digital technology by banks. During a financial transaction, this payment gateway directs users to banks where they can enter their financial information. The quick and easy implementation of this payment solution has accelerated its adoption in SMEs. Thus, the growing demand for payment gateways integrated with local banks is expected to drive the growth of the payment gateway market.
To minimize long queues, SMEs are very interested in using digital payment options. Also, because digital payments are faster than traditional payment methods, these companies can provide a better customer experience. These payment methods help SMBs reduce the risk associated with theft resulting from a breach of the physical protection of their facilities. This will further drive the growth of the payment gateway market.
The COVID-19 pandemic has spurred the expansion of the payment gateway market. This is due to the growing consumer desire for e-commerce, digital payments, fast payments and the movement of cash.
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PAYMENT GATEWAYS MARKET SHARE
Based on the app, the retail segment is expected to be the most lucrative. The increase in online transactions in global retail and e-commerce businesses is responsible for the growth of the segment.
During the projected period, the Asia Pacific is expected to get a major revenue share in the payment gateway market. Many government initiatives in Asia Pacific Nations modernizing online payment infrastructure are credited with this increase.
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