Online Payment Gateway Market Expected to Hit USD 193.27

New York, U.S., June 02, 2022 (GLOBE NEWSWIRE) — Online Payment Gateway Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), “Online Payment Gateway Market Analysis by Type (Pro/Self-Hosted Payment Gateways, Local Banking Integrations, Platform-Based Payment Gateway Solution, Others), by Application (Micro & Small Business, Large Enterprise, Midsize Business) – L assessment of forecasts until 2030 is ready to reach USD 193.27 billion by 2030, registering a CAGR of 10.18% throughout the forecast period (2021-2030).

Scope of Online Payment Gateway Market Report:

The global online payment gateway market is witnessing strong revenue growth. The adoption of online payment solutions in large enterprises across all industries is growing at an even faster rate. Furthermore, the demand for user-friendly payment solutions in the online market and shoppers is constantly increasing. The changing needs of businesses for increased online payment solutions and services to stay at the forefront of the market offers significant opportunities.

Report metric Details
Market size $193.27 billion
CAGR 10.18%
Year of reference 2020
Forecast period 2021-2030
Historical data 2019
Forecast units Value (USD billion)
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Segments Covered Type, application and region
Geographical areas covered North America, Europe, Asia-Pacific and Rest of the World (RoW)
Main suppliers Wirecard AG (Germany), Global Payments Inc. (USA), Worldpay Inc. (USA), Naspers Ltd. (South Africa), PayPal Holding (USA), SecurePay Pty Ltd. (Australia), Tencent Holdings Ltd. (China), CCBill LLC (USA), Visa Inc. (USA), Com Inc. (USA), Alibaba Group Holding Ltd. (China), Verizon Communications Inc. (USA), Stripe (USA), CASHU (UAE), Adyen NV (Netherlands), First Data Corp. (US) and GMO Payment Gateway Inc. (Japan)
Key market opportunities Advances in billing methods to provide solid opportunities
Key Market Drivers Emerging technologies such as AI and IoT to support market growth

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Rapid advancements in technology are increasing the market size, improving the performance of online payment gateway solutions, securing and automating financial transactions and billing routines. There is a growing demand for B2B2C payment solutions; in which there is a payment gateway. Additionally, there is a significant increase in mainstream token offerings and the NFT ramp, allowing users to purchase NFTs with credit cards and bank accounts.

Online Payment Gateway Market segments

The Online Payment Gateways Market report is segmented into Types, Applications, and Regions. The type segment is sub-segmented into pro/self-hosted payment gateways, local banking integrations, platform-based payment gateway solutions, and others. The application segment is sub-segmented into micro and small enterprises, medium enterprises and large enterprises. The regional segment is divided into Asia-Pacific, Americas, MEA, Europe and Rest of the World.

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Online Payment Gateway Market Regional analysis

North America leads the global online payment gateway market. Factors such as increase in online transactions and online trading platforms are contributing to the growth of the market. In addition, the strong inclination of consumers towards e-commerce platforms and the widespread use of debit cards, credit cards and m-commerce are influencing the region’s market shares.

Growing technological advancements and the need for online payment gateway services in the region are driving the market revenue. Additionally, the wide applications of online payment gateway solutions in different end-use segments and the growing reliance on e-invoicing and online shopping are increasing market value. The proliferation of digitization and automation in SMBs and large enterprises is increasing the use of online payment gateway solutions.

Industry trends

Companies are integrating effective payment solutions to meet new challenges and facilitate their transition to digitization. With technology upgrades and increasing digitization of businesses, there is a growing need to integrate online payment solutions into every business. As a result, online payment gateway markets around the world are gaining popularity.

The COVID-19 pandemic has impacted the online payment gateway industry, resulting in a huge revenue loss. The pandemic crises that have wreaked havoc on the supply chain and consumer buying habits have increased the demand for an efficient payment ecosystem for sellers, services and distribution. Technology vendors strive to improve the functionality of their online payment gateway line through product upgrades and integrations.

Some areas that have seen an increase in the adoption of online payment gateway solutions include utility bill payments and recharges, online gaming, OTT platforms, and online pharmacies and groceries. During the lockdown, online payment volumes increased significantly. Also, government initiatives to help the poor with certain funds through direct transfers to bank accounts.

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Furthermore, the growing focus of companies on growing their business by automating their operational and business processes is increasing the market size of online payment gateways. The major trends observed in the market are the increased adoption of cloud computing, cloud-based applications, and software as a service (SaaS) or on-demand software. The pandemic disruption has shifted consumer habits from in-store shopping to online/virtual shopping.

The companies are focusing on four key areas: adding contactless shopping and payment options by integrating advanced technologies, such as AI, ML, cloud and IoT, to meet customers’ critical business needs . Moreover, due to the massive shift towards online shopping and constrained spending, vendors have been encouraged to take innovative steps to gain greater competitive advantages.

Strict lockdown mandates have increasingly pushed online payments, fueling growth in e-commerce sales worldwide. Additionally, contactless money orders have moved the purchase of services, goods and entertainment online. Contactless cards and e-wallets are the most widely used payment methods that greatly benefit consumers by making more online purchases and using less cash.

Online Payment Gateway Market Competitive analysis

The online payment gateway market is witnessing increasing strategic initiatives, such as collaboration, expansion, mergers and acquisitions, and integration of advanced technologies. Industry leaders are making strategic investments to boost research and development activities and support their expansion plans.

For example, recently, on May 16, 2022, MooPay, a crypto-friendly payment platform, announced that it was working on building a Blockchain payment gateway to democratize crypto payments. The increase in cyberattacks on cryptocurrency exchanges around the world is encouraging crypto users to opt for non-custodial wallets for security. However, non-custodial wallets are often complicated for non-native crypto users.

The Dominant Key Players in the Online Payment Gateway Market Covered are:

  • Wirecard AG (Germany)
  • Global Payments Inc. (USA)
  • Worldpay Inc. (USA)
  • Naspers Ltd. (South Africa)
  • PayPal Holding (USA)
  • SecurePay Pty Ltd. (Australia)
  • Tencent Holdings Ltd. (China)
  • CCBill LLC (USA)
  • Visa Inc. (USA)
  • Com Inc. (USA)
  • Alibaba Group Holding Ltd. (China)
  • Verizon Communications Inc. (USA)
  • Stripe (US)
  • Adyen NV (Netherlands)
  • First Data Corp. (United States)
  • GMO Payment Gateway Inc. (Japan)

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Therefore, Blockchain technology is integrated into the MooPay solution to provide a convenient user experience while maintaining decentralization as the main principle. MooPay is a non-custodial wallet with Web2 and Web3 functionality, allowing users to have custody of their wallets on a non-custodial exchange.

MooPay has a similar interface to most Web2 payment gateways and accepts crypto payments from customers through Web3 functionality. All transactions on MooPay are done through SMART contracts. The business is completely on-chain and everything happens on-chain.

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