Payment Gateways Market Update: Exceeding Expectations of Key Players That Shows Promising Future
Seattle, WA -- (SBWIRE) -- 02/12/2020 -- Payment gateway is a web-based application that acts as an intermediary between an e-commerce website and a bank to authorize and authenticate online transactions. It encrypts sensitive information, such as credit card numbers or bank account details, to ensure that the information is transmitted securely from the customer to the issuing bank. Payment gateways also helps in preventing fraud by providing Card Verification Value (CVV) and Address Verification System (AVS).
Nowadays, companies are restructuring their businesses and revenue strategies by moving towards a digital approach. This is projected to spur the growth prospects of the payment gateways market in the coming years. Additionally, the increasing usage of mobile wallets, which provide a convenient way for users to make in-store payments, has emerged as another major driver. Besides, an increasing number of customers are using smartphones or tablets for making online reservations and payments, thereby stimulating the demand for payment gateways.
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The payment gateway industry can be segmented by type, organization size, end use, and region. The type segment can be further segmented into hosted and non-hosted payment gateways. Hosted payment gateways are dominating the market as they are economical, convenient, highly secure, user-friendly, and customizable.
By end use, the market can further be segmented into travel, retail, BFSI, and media & entertainment. As the demand for online retailing is rising across the globe, the number of online payments is also growing, thereby increasing the growth of the payment gateway industry.
Regionally, the market for payment gateway is segmented into North America, South America, Europe, Middle East & Africa and Asia Pacific. Asia Pacific is expected to witness the fastest growth due to several government initiatives for digitization in economies such as India. China contributed the highest share in the Asia Pacific payment gateway market. Additionally, China and India are likely to register impressive growth during the forecast period on account of the increase in the number of small and medium enterprises and customers performing online transactions. Moreover, increasing penetration of the internet in rural areas of the developing economies would further positively influence the growth of Asia Pacific payment gateway market.
Amazon Payments Inc., Adyen N.V., PayU Group, Payoneer, Inc., BitPay, Inc., WePay Inc., VeriFone Holdings, Inc., Alipay.com Co Ltd., Payza, Paytm Mobile Solutions Pvt Ltd., PayPal Holdings, Inc., and Skrill Limited, among others.
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