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Online Payment Gateway Market Share

ID: MRFR//4886-CR | 108 Pages | Author: Ankit Gupta| May 2023

The Online Payment Gateway Market has become increasingly competitive, prompting companies to devise strategic positioning approaches to secure their market share. In this dynamic landscape, businesses are adopting various strategies to stand out and cater to the evolving needs of consumers. One prevalent strategy is differentiation, where companies aim to offer unique features or services that set them apart from their competitors. This could involve providing a more user-friendly interface, enhanced security features, or introducing innovative payment options.

Moreover, partnerships and collaborations have become pivotal for market players. By joining forces with banks, financial institutions, or even other tech companies, online payment gateway providers can expand their reach and offer a more comprehensive suite of services. This not only enhances the value proposition for customers but also strengthens the market presence of these providers. Such collaborations often lead to the integration of additional functionalities, creating a more robust and appealing ecosystem for users.

Additionally, aggressive marketing strategies play a crucial role in market share positioning. Companies invest in extensive advertising campaigns, both online and offline, to create brand awareness and attract a larger user base. Offering promotions, discounts, or cashback incentives can also be part of these strategies to lure customers and encourage them to choose a particular payment gateway over others.

Furthermore, a focus on technological innovation is paramount in the fiercely competitive online payment gateway market. Providers continuously invest in research and development to stay ahead of the curve. Introducing cutting-edge features, adopting the latest security protocols, and embracing emerging technologies like biometrics or blockchain are common tactics. This not only ensures the reliability and security of transactions but also appeals to tech-savvy users who seek modern and efficient payment solutions.

Global expansion is another significant strategy employed by online payment gateway providers. As e-commerce and digital transactions transcend geographical boundaries, companies seek to establish their footprint in various regions. Adapting to local regulations, currencies, and preferences becomes crucial in this approach. By tailoring their services to diverse markets, companies can capture a more extensive user base and solidify their position in the global online payment landscape.

Furthermore, customer-centric strategies play a pivotal role in market share positioning. Understanding the evolving needs and preferences of users allows companies to tailor their services accordingly. This could involve offering customizable payment solutions for businesses, ensuring seamless integration with various e-commerce platforms, or providing responsive customer support. A positive user experience becomes a significant differentiator in a market where convenience and efficiency are paramount.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2018-2021
Forecast Period	2023-2032
Growth Rate	11.3% (2023-2032)

Online Payment Gateway Market Highlights:

Online Payment Gateway Market Trends

Online Payment Gateway Market Analysis

Online Payment Gateway Market Share

Online Payment Gateway Companies

Online Payment Gateway Market Overview

The Online Payment Gateway Market is projected to grow from USD 34222.63 million in 2024 to USD 80759.7 million by 2032, exhibiting a compound annual growth rate (CAGR) of 11.33% during the forecast period (2024 - 2032). Additionally, the market size for online payment gateway was valued at USD 30748.1 million in 2023.

Online payment gateway enables transfer of information between front end processor, for instance, bank and payment portal such as website and mobile apps. The payment gateways ensure proper transaction with considering all aspect to facilitate the safe and secure transaction.

Figure 1: Online Payment Gateway Market Size, 2023-2032 (USD Billion)

Online Payment Gateway Market Overview 2024

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Online Payment Gateway Market Driver

Increasing digital payment transactions in e-commerce and M-commerce

The advent of e-commerce is transforming the retail business landscape. The start-up firms are capturing new opportunities in the electronic marketplace through innovative business models. The established firms are looking to transform their old business models as per the new environment. E-commerce is generating wealth, mostly through entrepreneurial start-ups and corporate ventures.

The government organizations across the globe are encouraging digital transactions that has led to the development of card payment platform such as payment gateways. Payment gateways are used as a transactional authority while paying on any merchant website via credit cards, debit cards, and charge cards. Since the introduction of Interchange Fee Regulation, the use of debit cards has become even cheaper for both merchants and their customers. Moreover, debit card processors like Paymill serves the e-commerce transaction needs worldwide. It does not charge any monthly or set-up fees, thus making it an attractive choice for e-commerce merchants, looking for a flexible and scalable payment processor.

The increasing penetration of smartphones, tablets and other Internet-enabled devices is fueling the m-commerce market. M-Commerce reduces overhead costs and increases transactional efficiency by eliminating physical presence of the user and other intermediaries. Advances in wireless and mobile technologies are expected to increase the number of transactions over the forecast period. Increasing mobile Internet usage owing to improved bandwidth is expected to drive the m-commerce market. Furthermore, mobility in m-commerce transactions enable a broader reach, which is expected to drive the market further. The aforementioned factors are likely to drive the growth of the online payment gateway market.

Online Payment Gateway Market Segment Insights

Online Payment Gateway Type Insights

A payment gateway is a service that is used by e-commerce businesses to manage online payment transactions done by customers through debit or credit cards. On the basis of the type of payment gateway, the market has been segmented into Hosted Payment Gateways, API/Non-Hosted Payment Gateways, Pro/Self-Hosted Payment Gateways, Local Bank Integrates, Direct Payment Gateways, and Platform-Based Payment Gateway Solution. API/Non-Hosted Payment Gateways segment is expected to grow rapidly during forecast period.

Online Payment Gateway Application Insights

A commercial bank or financial service provider can provide the services of payment gateways enabling safe and secure transaction. On the basis of application, the market is segmented into micro and small enterprise, large enterprises, and mid-size enterprise. Micro & Small Enterprise applications expected to grow rapidly during forecast period.

FIGURE 2: ONLINE PAYMENT GATEWAY MARKET SIZE (US$ Mn) BY INDUSTRY VERTICAL 2022 VS 2032

ONLINE PAYMENT GATEWAY MARKET SIZE (US$ Mn) BY INDUSTRY VERTICAL

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Online Payment Gateway Regional Insights

Geographically, North America is expected to have a significant share of the Online Payment Gateway Market during the projected period.

North America holds the maximum market share in the Online Payment Gateway Market. When it comes to the online payment gateway market, North America is one of the most developed regions in the globe. The region, which includes the United States, Canada, and Mexico, has a well-developed infrastructure, cutting-edge technology, and a sizable population of tech-savvy customers. As a result, it is a vital market for providers of online payment gateways.

The North American internet payment gateway market is highly competitive, with a significant number of competitors offering a variety of payment options. PayPal, Stripe, Square, Amazon Payments, Authorize.net, Braintree, and 2Checkout are among the market's key players. These businesses provide a variety of payment options, including mobile payments, digital wallets, payment processing services, and others.

The expansion of e-commerce and the increasing acceptance of online payments have been the primary drivers of the North American online payment gateway market. For convenience and ease of use, consumers in the region are increasingly turning to online shopping and digital payments. The COVID-19 pandemic has intensified this tendency, with many consumers preferring online shopping and contactless payments to avoid infection.

US is a major market for online payment gateway due to rising automation and increased adoption of industry 4.0 in the region. The region especially the US has the presence of a large number of online payment gateway provider including PayPal Holdings, Inc., Stripe, 2Checkout, and Amazon.com, Inc. Additionally, the region being technologically advanced countries are rapidly adopting online payment gateway technology for increasing demand for online payment.

FIGURE 3: ONLINE PAYMENT GATEWAY MARKET SHARE BY REGION 2022 VS 2032 (US$ Mn)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Online Payment Gateway Key Market Players & Competitive Insights

April 2024: an announcement by NOWPayments, a global leader in cryptocurrency payments, shed light on the trends of stablecoin usage on their platform over the last quarter. Topping the Euronet statistics is USDTSOL with 85.9%, in second place, USDTARB (10.28%) and USDTOP (3.82%). The analysis indicates an increased level of confidence in the use of stablecoins and affirms the commitment of its issuer to constant innovation and changes.

February 2024: Euronet completed the acquisition of Infinitium Holdings, a digital payments corporation based in Singapore, so as to integrate it into its Ren payments platform to improve online payment security, as well as the prevention of payment fraud.

July 2023: Tap Payments became certified as a technology provider for payment gateway with Mada, the largest domestic payment network in Saudi Arabia which helps businesses to integrate new payment capabilities along with safe vaults.

Key Companies in the Online Payment Gateway market include

PayPal Holdings, Inc.

Stripe, Inc,

Verifone,

Authorize.Net,

Amazon Pay,

PaySimple,

BlueSnap Inc.,

Global Payments Inc.,

WorldPay by FIS,

CCBILL, LLC.,

Fiserv, Inc,

Infibeam Avenues

Online Payment Gateway Industry Developments

June 2022 Amazon.com, Inc announced it has reached 85 lakhs small and medium businesses in India, Amazon.Com, Inc offers services such as business QR codes and voice notification features to these stores helping merchants excel in business.

November 2022 BlueSnap and Gaviti, an automated A/R collection company, announced a partnership to help businesses create automated and easy-to-use A/R collection methods. The partnership aims to streamline and optimize the payment processing system.

August 2022 Global Payments Inc. entered a definitive agreement to acquire EVO payments, an online payment provider company. The acquisition will help strengthen Global Payments Inc.'s presence in newer geographies.

June 2022 PayPal today announced the expansion of its credit card offerings for a small business operating in the US. The credit card is issued by a web bank and powered by MasterCard, the launch of the credit card is a strategic company move for expanding its company vertical and generating new revenue stream.

Online Payment Gateway Market Segmentation

Online Payment Gateway Type Outlook

Hosted Payment Gateways

API/Non-Hosted Payment Gateways

Pro/Self Hosted Payment Gateways

Local Bank Integrates

Direct Payment Gateways

Platform-Based Payment Gateway Solution

Online Payment Gateway Application Outlook

Micro & Small Enterprise

Mid-size Enterprise

Large Enterprise

Online Payment Gateway Industry Outlook

BFSI

Retail & E-Commerce

Media & Entertainment

Travel & Hospitality

Others

Online Payment Gateway Regional Outlook

North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific

Middle East & Africa

South America

Online Payment Gateway Companies

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