Payment Gateway Market worth $48.4 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 10, 2024 /PRNewswire/ -- New payment methods like bitcoin and BNPL choices, improved security with AI and biometrics, and seamless omnichannel experiences are what the Payment Gateway Market will look like in the future. In addition, it will integrate with cutting-edge technologies like blockchain and IoT, expand globally, and prioritise subscription payments, compliance, and data analytics for tailored services.

The global Payment Gateway Market size is projected to grow from USD 26.7 billion in 2024 to USD 48.4 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Payment Gateway Market"

175 - Tables
48 - Figures
233 - Pages

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Scope of the Report

Today's consumers demand a frictionless and convenient checkout experience when shopping online, driving the increased adoption of payment gateways that seamlessly integrate with e-commerce platforms. These gateways offer merchants the ability to streamline the checkout process by integrating directly with their online stores, eliminating the need for customers to navigate to external payment pages. Moreover, the popularity of one-click payment options, which enable customers to complete purchases with a single click or tap, further enhances the speed and simplicity of online transactions. As a result, payment gateways that prioritize seamless integration and one-click payment capabilities are gaining traction among merchants seeking to enhance customer satisfaction and drive higher conversion rates in the competitive e-commerce landscape.

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Based on payment gateway type, the API hosted and local bank integration gateway segment to hold second largest market size during the forecast period.

API-hosted payment solutions offer businesses unparalleled flexibility in integrating with a wide range of payment methods beyond traditional credit cards, including digital wallets, alternative payment methods, and emerging technologies like cryptocurrency payments. By leveraging APIs (Application Programming Interfaces), businesses can seamlessly connect their systems with multiple payment providers, allowing customers to choose from a variety of payment options at checkout. This flexibility not only caters to diverse consumer preferences but also enables businesses to expand their reach to global markets where alternative payment methods may be more prevalent. Additionally, API-hosted solutions empower businesses to stay ahead of the curve by adopting innovative payment technologies such as cryptocurrency payments, which offer benefits like lower transaction fees, faster settlement times, and enhanced security. As the payment landscape continues to evolve, API-hosted solutions provide businesses with the agility and scalability needed to adapt to changing consumer behaviors and emerging trends, ultimately driving growth and competitiveness in today's dynamic marketplace.

By vertical, the retail & eCommerce segment is expected to hold the largest market size during the forecast period.

Modern retail strategies increasingly embrace an omnichannel approach, blending physical storefronts with an online presence to offer customers a seamless shopping experience. Payment gateways that facilitate the integration of in-store and online transactions play a crucial role in realizing this vision of unified commerce. By enabling features such as click-and-collect or buy-online-return-in-store options, these gateways bridge the gap between offline and online channels, allowing customers to engage with brands across various touchpoints effortlessly. For instance, customers can browse products online, make purchases through a preferred payment method, and choose to pick up their orders in-store at their convenience. Similarly, customers can return items purchased online to a physical store, providing added convenience and flexibility. This integration not only enhances customer satisfaction but also enables retailers to leverage their physical infrastructure to fulfill online orders efficiently while driving foot traffic to brick-and-mortar locations. Overall, payment gateways that support seamless integration between in-store and online transactions empower retailers to deliver a cohesive and personalized shopping experience that meets the evolving expectations of today's consumers.

Asia Pacific is expected to hold a higher growth rate during the forecast period.

Across Asia Pacific region, there is an intense surge in technology initiatives and substantial investments in bolstering digital infrastructure. The robust commitment to advancing technological landscapes has created a pressing need for comprehensive validation methodologies, and payment gateway emerges as a linchpin in this context. The systematic approach of payment gateway aligns seamlessly with the multifaceted objectives of technology-driven projects. As governments and businesses embark on initiatives ranging from smart cities to digital transformation programs, the reliability and success of these projects hinge on the efficiency and accuracy of their underlying software systems. Payment gateway, tailored to the region's diverse technological environments, not only expedites the testing process but also provides a structured means to identify and rectify potential issues in a proactive manner. This strategic alignment ensures that the investments in technology initiatives yield reliable, high-quality outcomes, contributing to the overall advancement of the Asia Pacific region's digital landscape.

Top Key Companies in Payment Gateway Market:

The major vendors covered in the Payment Gateway Market are include JP Morgan (US), Paypal (US), Amazon (US), Visa (US), Mastercard (US), PhonPe (India), Razorpay (India), Alibaba (China), Stripe (Ireland), Adyen (Netherlands), Block, Inc (US), FIS (US),  Global Payments (US), Apple (US), Fiserv (US), Verifone (US), Paysafe (UK), Fidelity payments (US), Easebuzz (India), Bluesnap (US), Windcave (US), Helcim (US), Instamojo (India), Infibeam Avenue (US), NOWPayments (Netherlands), CoinGate (Lithuania), Ippopay (India), PayJunction (US), Lyra Network (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Payment Gateway Market.

Recent Developments

• In February 2024, Adyen and Billie partnered up to bring Buy Now, Pay Later to businesses across Europe. Billie's solution is seamlessly integrated with Adyen and can be activated by shops with just a few clicks.
• In May 2023, Stripe partnered with Airbnb to power bank payments for Airbnb guests using bank accounts.
• In May 2022, MasterCard partnered with CRED to enable Mastercard credit cardholders to make simple, secure, and high-value transactions using the CRED app on any mobile device.
• In October 2021, PayPal acquired Paidy, a leading two-sided payments platform and provider of buy now, pay later solutions in Japan. This acquisition would expand PayPal's capabilities, distribution, and relevance in the domestic payments market in Japan.

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Payment Gateway Market Advantages:

• Payment gateways offer fraud detection tools and secure encryption, guaranteeing dependable and secure transactions for clients and companies alike.
• Payment gateways give companies the ability to take payments from clients all around the world. By supporting a variety of currencies and payment options, they can reach a wider audience and promote global trade.
• Payment gateways improve the user experience and lower transaction friction by providing easy-to-use payment methods like digital wallets, bank transfers, and credit/debit cards.
• Payment gateways enable businesses to tailor and optimise their payment processes to their unique requirements and preferences by integrating easily with a wide range of e-commerce platforms, websites, and mobile applications.
• Payment gateways enable businesses to handle transactions in real-time, resulting in immediate payment confirmation and rapid order fulfilment. This enhances operational efficiency and boosts customer satisfaction.
• Payment gateways streamline accounting and financial management chores for firms by automating the reconciliation process through the provision of comprehensive transaction reports and settlement summaries.
• Payment gateways are dependable and scalable solutions that can manage peak loads and large transaction volumes, guaranteeing continuous payment processing even during spikes in demand.

Report Objectives

• To determine, segment, and forecast the Payment Gateway Market by type, vertical, and region in terms of value
• To forecast the size of the market segments with respect to 5 main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To study the complete value chain and related industry segments and perform a value chain analysis of the market landscape
• To strategically analyze the macro and micro-markets with respect to individual growth trends, prospects, and contributions to the total market
• To analyze the industry trends, pricing data, patents, and innovations related to the market
• To analyze the opportunities for stakeholders by identifying the high-growth segments of the market
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies
• To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and R&D activities

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