Online Payment Gateway Market Size to Reach USD USD 6403.3 Million by 2027 at a CAGR of 14.8% | Valuates Reports

Major factors driving the growth of the online payment gateway market are:

The online payment gateway market is expected to grow with evolving payment methods, rising e-commerce use, improved broadband connectivity, government initiatives that support digitizing payment, increased mobile usage, and the emergence of new technologies.

To provide you and your customers with the highest level of security, payment gateways include features such as online fraud detection, PCI-DSS compliance, and data encryption. This, in turn, is expected to propel the payment gateway market forward.

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TRENDS INFLUENCING THE GLOBAL ONLINE PAYMENT GATEWAY MARKET

The growth of the Online Payment Gateway market is expected to be fueled by rising eCommerce sales and increased internet penetration. The use of ePayments is aided by the constant acceleration of eCommerce, which provides significant benefits. ePayments make it easier to avoid the time-consuming and costly process of physically collecting cash for online purchases or sales. Furthermore, advancements in ePayments can make the process of making payments and other financial services more convenient, potentially expanding eCommerce opportunities. Furthermore, the COVID-19 outbreak is fueling global e-commerce growth, with millions of people in quarantine all over the world shopping for goods, services, and entertainment online.

Businesses are embracing B2B payment solutions as a way to streamline processes and increase efficiencies through automated payment systems. One of the most important payments gateway trends is the move toward digitization, which allows businesses to send and receive payments quickly and eliminates manual billing processes. Businesses can cut costs and improve cash flow by using technology to speed up the sending and receiving of payments. This in turn is expected to drive the growth of the Online Payment Gateway market.

New government initiatives to support the digitization of payment transactions are expected to boost Online Payment Gateway market growth even more.

The online payment gateway market is expected to benefit from technological advancements, which are expected to provide lucrative growth opportunities. Emerging technologies, such as the internet of things (IoT) and artificial intelligence, can automate the entire transaction process and perform a specific set of tasks. Artificial intelligence, for example, can be used at payment gateways to gain better insights into feedback and analytics. As a result, the company can obtain waiting time and human insights, as well as general user insights to aid in the understanding of payment patterns and the introduction of new features. In addition, with the growing popularity of online and mobile payments around the world, a slew of new businesses are attempting to break into the market.

Furthermore, mobile payments are used for a variety of operations, such as ordering takeout food, purchasing movie tickets, and upgrading smartphone games, which is expected to drive the online payment gateway market's growth over the forecast period. In addition, the use of debit or credit cards to make these payments is increasing in both developed and developing countries. This factor is expected to bolster the market's growth even more. This is due to the fact that card information can be saved on mobile phones and payments can be processed quickly.

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ONLINE PAYMENT GATEWAY MARKET SHARE

Based on application, Micro and Small enterprises are expected 

to be the most lucrative segment. The global online payment market is benefiting significantly from the continued expansion of small businesses in emerging economies seeking to provide online services to their customers.

Based on type, hosted payment gateway is expected to be the most lucrative segment. Hosted payment gateways are preferred by retailers, educational institutions, and online shopping stores because they use encryption during the transaction process, allowing for secure amount transfers from senders to receivers' accounts.

Based on region, China is the largest market for online payment gateways, with about 30% of the market, followed by Europe and the United States, each with about 20%.

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TOP COMPANIES IN THE ONLINE PAYMENT GATEWAY MARKET:

Alipay, PayPal, and Worldpay are the leading companies in the online payment gateway market, together accounting for about 50% of the market share.

Other Key Players:

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