SELBYVILLE, Del., July 22, 2021 (Newswire.com) – Global Market Insights Inc. has recently added a new report on the payment gateway market, which estimates the market valuation for payment gateway will cross US $60 billion by 2027 due to increasing demand for secure digital payments and mobile payment technology.
Rising internet penetration across the globe is boosting the payment gateway market demand. The increasing internet penetration is enabling customers to use various digital payment methods such as net banking and mobile wallets. The security of online transactions is the major challenge faced by both customers and businesses. The payment gateway helps businesses to perform online transactions in a more secure way. The growing demand for various smartphone-based digital payment apps is also supporting the payment gateway market growth.
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The local bank integrated payment gateway type is expected to grow at a 15% CAGR till 2027 due to growing digitalization across banks. The local bank integrated payment gateway directs customers to banks during the financial transaction, where users can add their financial credentials. This type of payment gateway is quick and easy to set up, making it ideal for SMEs.
The SMEs held the market share over 60% in 2020 due to the growing adoption of digital payment solutions across SMEs. SMEs are using digital payment solutions to avoid long queues of customers. The digital payment is also faster than traditional manual payment methods, helping SMEs to improve their customer experience. Digital payments also enable SMEs to reduce the risks, such as thefts, arising due to physical security breaches at their premises.
The media & entertainment industry is expected to grow significantly over the forecast period in the payment gateway market. This market growth is attributed to the increasing adoption of advanced technologies, such as IoT and AI, across the media & entertainment industry. The entertainment industry is emphasizing improving the customer experience by providing digital payment services at movie theatres, amusement parks, and plays.
Europe’s payment gateway market size is projected to generate revenue of over USD 15 billion by 2027. The growth is attributed to increasing digitalization across the financial sector in the region. The major banks are deploying various digital solutions to improve their customers’ banking experience. The increasing number of internet banking users in the region is another factor fueling the market.
The companies operating in the market are focused on partnering with digital payment solution providers to expand their payment gateway capabilities. For instance, in March 2021, PayPal partnered with Cashfree, an India-based payment and banking technology company, to enable international payments for merchants across 200 countries. This partnership helped the company to strengthen its position in the payment gateway market.
Some major findings of the payment gateway market report include:
- Growing smartphone penetration is supporting the demand for online banking apps and digital payments.
- Rising shift of consumers toward online shopping is also fueling the payment gateway market.
- Europe is anticipated to hold a significant market share for the payment gateway market due to increasing digitalization across the financial sector in the region.
- The companies operating in the market are focusing on development of secure payment gateways to support secure digital transactions.
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Partial chapters of report table of contents (TOC):
Chapter 3. Payment Gateway Industry Insights
3.2. Industry segmentation
3.3. Impact of COVID-19 outbreak
3.3.1. Global outlook
3.3.2. By region
220.127.116.11. North America
18.104.22.168. Asia Pacific
22.214.171.124. Latin America
126.96.36.199. Middle East & Africa
3.3.3. Industry value chain
188.8.131.52. Payment gateway technology providers
184.108.40.206. Marketing & distribution channels
3.3.4. Competitive landscape
220.127.116.11. Distribution network
18.104.22.168. Business growth
3.4. Payment gateway ecosystem analysis
3.4.3. Credit card networks
3.4.4. Payment processors
3.4.5. Payment gateways
3.4.6. Independent Sales Organizations (ISOs)
3.4.7. Payment facilitators
3.4.8. Payment processing hardware providers
3.4.9. Shareholder profit margin analysis
3.4.10. Vendor matrix
3.5. Payment gateway evolution
3.6. Regulatory landscape
3.6.1. Alternative Investment Fund Managers Directive (AIFMD)
3.6.2. Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.6.3. Dodd-Frank Wall Street Reform and Consumer Protection Act
3.6.4. European Market Infrastructure Regulation (EMIR)
3.6.5. Federal Information Security Management Act (FISMA)
3.6.6. Foreign Account Tax Compliance Act (FATCA)
3.6.7. General Data Protection Regulation (GDPR)
3.6.8. Health Insurance Portability and Accountability Act (HIPAA)
3.6.9. Markets in Financial Instruments Directive (MiFID)
3.6.10. North American Electric Reliability Corp. (NERC) standards
3.6.11. Payment Card Industry Data Security Standard (PCI DSS)
3.6.12. The Gramm-Leach-Bliley Act (GLB) Act of 1999
3.6.13. The Sarbanes-Oxley Act of 2022
3.7. Technology and innovation landscape
3.7.1. Application Processing Interface (API)
3.7.3. AI and machine learning
3.8. Digital payment statistics
3.9. Patent analysis
3.10. Investment portfolio
3.11. Industry impact forces
3.11.1. Growth drivers
22.214.171.124. Increasing e-commerce sales along with growing internet penetration
126.96.36.199. Changing consumer preferences towards digital payments
188.8.131.52. Supportive government initiatives
184.108.40.206. Increasing financial literacy across developing nations
220.127.116.11. Catalyzed investments in the fintech industry
3.11.2. Industry pitfalls & challenges
18.104.22.168. Rising cybersecurity issues
22.214.171.124. Absence of a global standard for cross-border transactions
3.12. Porter’s analysis
3.13. PESTEL analysis
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