Rising Popularity of Safe & Easy One-Step Payment Options to Provide Online Payment Gateway US$ 191.1 Bn Market Opportunity by 2028

Convenient Payment Options Driving Demand for Online Payment Gateways, Online Payments Such As Gpay, Paypal Holdings And Amazon Are Offering Cashbacks, Rewards And Various Vouchers That Attract Consumers To Use Online Payment Gateways.

NEWARK, Del, July 28, 2022 (GLOBE NEWSWIRE) -- The global online payment gateway market is anticipated to reach a value of over US$106.1 Bn by the end of 2022, exhibiting a prolific CAGR of 10.4% for the forecast period of 2022-2028. The market is expected to reach US$ 191.1 Bn by 2028. Growing demand for convenient and safe transactions coupled with easy one-step payment options are expected to fuel the market growth over the forecast period.

In the age of information, online payment gateways are the way to go. The pandemic, too, highlighted the importance of the digitalization of financial transactions. With restricted mobility, the benefit of making online payments took center stage. Convenient, hassle-free digital online payments were safe, easy, and saved time.

Banks and different companies offer e-receipts and notifications. Also, the reliability of online payments has increased due to companies offering OTPs and constantly sending transaction details.  Thus, heightened benefits arising from making digital payments have contributed to the market growth of online payment gateways. Mass acceptance of economic communication technology along with superfast internet connections have also contributed to the rising usage of online payment gateways.

Further, both apps and QR codes are utilized to make payments. This has escalated the convenience of online payments. Moreover, online payment apps like Gpay, PayPal Holdings, and Amazon offer various rewards and vouchers which appeal to the masses at large. Additionally, the future of online payment gateways is expected to become more secure with the incorporation of features like face and fingerprint scanners. All these factors are expected to propel market growth.

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“Rising adoption of QR codes coupled with various benefits of using online payment gateways will likely augment sales in the global market over the forecast period,” says an FMI analyst.  

Key Takeaways:

  • The popularity of QR codes and ease-of-operation to propel market growth
  • South Asia & Pacific to offer lucrative market opportunities over the forecast period.
  • The online payment gateway market in North America will experience impressive growth due to instant-payment trends over the forecast period.
  • Secure transactions will push the demand for hosted payment gateways
  • Hosted payment gateways to account for 44.6% of the market share.

Competitive Landscape 

PayPal Holdings, Inc., Amazon.com Inc., Stripe, CCBill, AsiaPay Limited (PayDollar), Avangate Inc., Dwolla, Inc., Alipay.Com Co. Ltd, Instamojo Technologies Pvt Ltd, and others are some of the major organizations in the online payment gateway market that are profiled in the full version of the report.

Key players in the online payment gateway market focus on introducing enhanced and user-friendly transaction interfaces into the market. These organizations also employ strategic marketing tactics like discounts and cashback rewards to expand their customer base.

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Regional Analysis

According to the latest reports by FMI, South Asia & Pacific region is expected to exhibit impressive growth over the assessment period. The large-scale acceptance of cheap communication technologies coupled with faster Internet connections has delivered a greater degree of convenience to consumers. This has contributed to the rising adoption of digital payments across South Asia & Pacific.

Banks and regulatory bodies have been influencing the migration of payments to the digital sphere. This leads to reduced transaction costs for banks and consequently lowers the operating costs. Governments, too, understand the benefits of promoting the usage of digital payments. Due to the growing acceptance of mobile phones and cards as the preferred modes of payment, the online payment gateway market is expected to register significant growth in the region throughout the forecast period.

Apart from Asia, North America is also expected to present impressive market growth. The availability of instant payments in North America is triggering new customer needs and requirements, while sparkling newer business propositions for service providers. 

Banks are striving to remain competitive, especially due to the emergence of FinTech and the regulatory push for modernization of the system. There is growing consumer demand for instant payment-based overlay services due to the convenience and ease of usage. Increasing adoption of instant payment systems coupled with FinTech growth and initiatives are expected to drive change and help the early adopter banks to gain a competitive advantage. All these are expected to promote market growth in this region.

The online payment gateway market in North America may face challenges from the growing use of open source payment gateways. There are some open source gateways present in the market affecting the current market status for online payment gateways. In the face of competition and customer-based expansion, some businesses provide these gateways and then charge the customer after a certain period of usage, this is expected to impede the market in that specific period.

Key Segments Covered in Online Payment Gateway Industry Survey

Online Payment Gateway by Application:

  • Online Payment Gateway for Large Enterprises
  • Online Payment Gateway for Small and Medium Enterprises

Online Payment Gateway by Mode of Interaction:

  • Hosted Payment Gateway
  • Pro / Self-hosted Payment Gateway
  • API / Non-hosted Payment Gateway
  • Local Bank Integration
  • Direct Payment Gateway
  • Platform-based Payment Gateway

Table of Content

1. Executive Summary

   1.1. Market Overview

   1.2. Market Analysis

   1.3. Analysis and Recommendations

   1.4. Wheel of Fortune

2. Market Introduction

   2.1. Market Taxonomy

   2.2. Market Definition

   2.3. Primary Response Analysis

3. Market Background

   3.1. Porter’s Analysis

   3.2. Macro-Economic Factors

   3.3. Forecast Factors – Relevance & Impact

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