The report indicates that the growing prevalence of third-party payment processes is expected to have a positive impact on the growth of the global market.
Websites have always been a good source for channel merchants to generate revenue. Focusing on the current scenario, the share of mobile usage has increased significantly. Traditional payment acceptance methods have been declined over advanced payment methods.
Different modes of transactions are used for payment gateways such as real-time bank transfers, direct debits and others. Transactions that include payment gateways are prepaid cards, debit cards, credit cards, and charge cards.
The most used forms are credit cards and debit cards. Credit cardholders draw on a credit limit authorized by the card issuer, such as a bank, store, or service provider.
Credit card balances are generally rolling, with a portion of the balance to be paid on a 30 day basis, until the full balance is paid. While debit cards are bank cards used in cash transactions, which are not credit cards.
During a debit card transaction, the amount of a purchase is deducted from the available balance of the cardholder’s account. If there are insufficient funds available, the transaction is not completed. This is also called asset card (in the US) or charge card.
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Companies operating in the market are also eyeing the opportunities available in the global market. Some of the major companies operating in this market are PayPal Holdings, Inc., Amazon.com Inc., Avenues India Pvt. Ltd., Stripe and CCBill.
Third-party payments growth to bode well for global market growth
Emerging markets are home to 85% of the world’s population and approximately 90% of people under the age of 30 reside in these emerging markets. These markets are currently finding themselves at a ‘sweet spot’, where the population favors the growth of online transactions, which in turn curbs the underground economy and stimulates economic growth. By opening up the banking market to non-banking players, regulators circumvent the requirement for banking institutions to be able to provide a full range of financial services. This has brought about the “FinTech revolution”. This has been a driver for the online payment gateway market as regulators allow third parties to control payment processing.
NFC Payments to Hinder Market Revenue Growth
Given the current market scenario, payment gateways are booming all over the world, but new innovations are on the way. One such innovation that is expected to arrive soon and is in the works is payment via NFC technology, which could be the point of substitution for the payment gateway market.
Online payment gateway by app
- Online payment gateway for large businesses
- Online payment gateway for small and medium businesses
Online payment gateway by interaction mode
- Hosted payment gateway
- Pro/self-hosted payment gateway
- API / Non-hosted payment gateway
- Local banking integration
- Direct payment gateway
- Platform based payment gateway
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Online Payment Gateway Market by Region
- North America Online Payment Gateway Market
- Latin America Online Payment Gateway Market
- Europe Online Payment Gateway Market
- East Asia Online Payment Gateway Market
- South Asia & Pacific Online Payment Gateway Market
- Middle East and Africa (MEA) Online Payment Gateway Market
Key Questions Answered by the Report
- What valuation will the online payment gateway market have in 2022?
- At what CAGR did the consumption of online payment gateways grow from 2013 to 2021?
- What is the predicted market value to 2028, according to the Online Payment Gateways Market Research Report?
- Which transaction mode should hold the highest share for online payment gateways?
- How is the market expected to develop during the forecast period?
Future Market Outlook
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