Payment Gateway Market Insights, Leading Key Players And Top Factors Driving 2020–2026

An online payment gateway is a channel that connects the bank account to the platform where the money needs to be transferred. Payment Gateway is software that enables to complete an online transaction using various payment methods such as online banking, credit card, debit card, UPI or online wallets. A payment gateway plays the role of a third party that transfers your money securely from your bank account to the seller’s payment portal. It also protects the confidential information of the user throughout the process and guarantees high security level by encrypting data such as card and bank information provided by the user.
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The major factors driving the growth of the global payment gateway market include the Increasing penetration of internet across the world, growing usage of mobile wallets due to enhancement in mobile-based payment technology, and shifting consumers towards online transactions. A payment portal helps companies like brick and mortar stores or online retail sites to collect money through a bank without losing critical data. In addition to this, the growing adoption of payment gateways across various industry verticals, such as retail, BFSI, travel and others, is further propelling the growth of global payment gateway market during forecast period. Payment gateways are convenient, economical, highly secure, customizable, user-friendly and can be easily integrated with the websites at a low cost. Adding payment gateways in retail company websites helps to increase their sales. However, factors such as growing cyber-attacks, data breaches and strict regulatory compliances by payment card industry (PCI) for online transactions, are hampering the growth of global payment gateway market.
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Based on the region, Asia-Pacific is expected to grow at a higher CAGR during the forecast period due to the increasing government initiatives to improve the online payment infrastructure in emerging countries such as China and India. Morever, In China, government is mainly focusing on scaling up the internet access in rural areas. In India, RBI has regulated payment gateways such as Paytm, BHIM, and Mobikwik, thereby driving the growth of payment gateway market in this region.
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Global Payment Gateway market has been segmented on the basis of type, organization size, end-user, and key region. Based on type, the market is segmented into hosted and non-hosted. Based on organization size, the market is segmented into large enterprises and small & medium-sized enterprises. Based on end user, the market is segmented into travel, retail, BFSI, media & entertainment, and others.
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Some of the major players of global Payment Gateway market are Amazon Payments, Inc., PayPal Holdings Inc., Skrill Limited, PayU, Payoneer Inc., BitPay, WePay, Alipay, Adyen and Paytm among others.
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