There were 234 press releases posted in the last 24 hours and 391,470 in the last 365 days.

Payment Gateway Market worth $48.4 billion by 2029, growing at a CAGR of 12.6%: Report by MarketsandMarkets™

Chicago, April 19, 2024 (GLOBE NEWSWIRE) -- The global Payment Gateway Market size is projected to grow from USD 26.7 billion in 2024 to USD 48.4 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Payment Gateway Market"

175 - Tables
48 - Figures
233 - Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=245750678

Payment Gateway Market Dynamics:

Drivers:

  • Rapid Growth in E-commerce
  • Mobile Payment Adoption
  • Globalization of Business Transactions

Restraints:

  • Regulatory Compliance
  • Dependency on Banking Infrastructure

Opportunities:

  • Blockchain and Cryptocurrency Integration
  • Value-added Services

List of Key Players in Payment Gateway Market:

  • JP Morgan (US)
  • Paypal (US)
  • Amazon (US)
  • Visa (US)
  • Mastercard (US)
  • PhonPe (India)
  • Razorpay (India)
  • Alibaba (China)
  • Stripe (Ireland)
  • Adyen (Netherlands)

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=245750678

The proliferation of subscription-based business models across various industries has led to a surge in demand for recurring payment solutions. Payment gateways that offer flexible subscription management tools are poised to capitalize on this growing market trend. These solutions enable businesses to effortlessly manage recurring billing cycles, automate subscription renewals, and handle customer upgrades or downgrades seamlessly. By providing customizable billing frequencies, proration options, and subscription management dashboards, these payment gateways empower businesses to efficiently handle complex subscription workflows while ensuring a frictionless customer experience. Moreover, integrated reporting and analytics features allow businesses to gain valuable insights into subscription performance, churn rates, and customer lifetime value, enabling them to optimize pricing strategies and maximize revenue potential. As subscription-based businesses continue to proliferate, the demand for payment gateways with robust recurring payment capabilities is expected to remain strong, driving innovation and competition in the payments industry.

By type, the hosted type segment is expected to have the largest market size during the forecast period. 

Hosted payment gateways provide a turnkey solution for merchants seeking to accept online payments without the hassle of building and maintaining their own payment infrastructure. By offering a pre-built checkout process that seamlessly integrates with existing websites or online stores, these gateways eliminate the need for merchants to invest time and resources in developing complex payment systems from scratch. This streamlined approach not only accelerates the onboarding process but also minimizes technical challenges and reduces the risk of errors or security vulnerabilities associated with DIY payment solutions. Hosted payment gateways typically offer a range of customizable features, including branded checkout pages, multiple payment methods, and built-in security measures such as PCI DSS compliance and data encryption. As a result, merchants can quickly launch their online businesses and focus on core activities like product development, marketing, and customer service, while leaving the payment processing to trusted third-party providers. Overall, hosted payment gateways represent a cost-effective and efficient solution for merchants looking to enhance their online presence and drive revenue growth in today's digital economy.

By vertical, the retail & eCommerce segment is expected to hold a dominant share during the forecast period.

Modern retail strategies increasingly embrace an omnichannel approach, blending physical storefronts with an online presence to offer customers a seamless shopping experience. Payment gateways that facilitate the integration of in-store and online transactions play a crucial role in realizing this vision of unified commerce. By enabling features such as click-and-collect or buy-online-return-in-store options, these gateways bridge the gap between offline and online channels, allowing customers to engage with brands across various touchpoints effortlessly. For instance, customers can browse products online, make purchases through a preferred payment method, and choose to pick up their orders in-store at their convenience. Similarly, customers can return items purchased online to a physical store, providing added convenience and flexibility. This integration not only enhances customer satisfaction but also enables retailers to leverage their physical infrastructure to fulfill online orders efficiently while driving foot traffic to brick-and-mortar locations. Overall, payment gateways that support seamless integration between in-store and online transactions empower retailers to deliver a cohesive and personalized shopping experience that meets the evolving expectations of today's consumers.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=245750678

Based on region, Asia Pacific is expected to hold the largest market share during the forecast period.

In many Asia-Pacific countries, cash has long been the dominant mode of payment. However, there is a noticeable shift towards digital payments driven by various factors. One significant driver is the proactive stance taken by governments to promote cashless transactions through initiatives and policies aimed at modernizing payment infrastructure and fostering financial inclusion. Additionally, the widespread adoption of smartphones and internet connectivity has facilitated the rise of mobile wallets, providing consumers with convenient and secure alternatives to traditional cash transactions. The growing acceptance of mobile wallets by merchants further accelerates this trend, as it encourages consumers to embrace digital payment methods. Furthermore, factors such as urbanization, changing consumer preferences, and the COVID-19 pandemic, which highlighted the importance of contactless payments for public health reasons, have also contributed to the increasing popularity of digital payments in the APAC region. As a result, the landscape of payment habits is gradually evolving, with digital payments poised to become increasingly prevalent in the years to come.

Browse Adjacent MarketsSoftware and Services Market Research Reports & Consulting

Related Reports:

Human Capital Management Market

Environment, Health, and Safety Market

Open Banking Solutions Market

Video on Demand (VoD) Market

Facial Recognition Market


About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Primary Logo