Online Payment Gateway Market Surges: Projected to Reach US$ 117.5 Billion in 2023

The online payment gateway market size is projected to be valued at US$ 117.5 Bn in 2023 and is expected to rise to US$ 293.9 Bn by 2033. The sales of online payment gateway are expected to grow at a significant CAGR of 9.6% during the forecast period

Future Market Insights, Inc., Tuesday, December 27, 2022, Press release picture

One of the main drivers of the market’s expansion is the growing digital transformation of organisations all over the world. Additionally, growing technical breakthroughs have made it possible for financial service providers to supply customers with novel digital offerings.

Governments around the world are working to spread awareness of internet services in rural areas.

In order to deliver fast internet services, the British government invested USD 5.9 billion in the nation’s rural areas in 2020. A shared rural mobile phone network project that the government invested USD 606.3 million in in 2020 was intended to provide 4G connectivity to 95% of the nation’s rural areas in the upcoming years.

Request a Sample Copy of the Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-4331

To provide merchants and customers with a digital payment’s infrastructure, e-commerce enterprises are collaborating with payment service providers. Due to the volume of transactions managed by merchants, gateway systems have been increasingly incorporated into their sales channels.

In order to provide real-time payment options to customers and businesses, numerous banks worldwide are working to form alliances with payment gateway service providers.

Yes Bank announced in November 2021 that it will be working with Amazon Pay and Amazon Web Services (AWS) to offer a real-time payment system via the Unified Payment Interface (UPI) transaction capability.

Key Takeaways from the Online Payment Gateway Market

In the United States, it is predicted that in 2022, more than 80% of transactions are unlikely to involve cash due to growing acceptance from SMEs. Additionally, it is predicted that online payment transaction values would increase by more than 15% between 2020 and 2025.
In 2020, Europe accounted for roughly 25% of the global market for payment gateways. The region’s market is underpinned by a strong regulatory environment for payments and a highly saturated card use rate.
Due to the rise in smartphone usage, Asia-Pacific is far outpacing other areas in terms of the adoption of online transactions. According to the GSMA, Asia’s mobile internet penetration will increase from 45% in 2018 to 62% in 2025.
The ORF research claims that start-ups and several young entrepreneurs are propelling. In the Indo-Pacific region as of 2020, there will be 55,200 start-ups. Due to mergers and acquisitions and intra-ASEAN investments, digital start-ups are expanding regionally.
In 2021, the hosted segment dominated the market and generated more than 57.0% of total revenue. Due to elements like simple payment setup processes and decreased merchant liability, the demand for hosted payment gateways is rising among retailers.
With the top six suppliers controlling more than 70% of the market’s revenue, the payment gateway market is still largely consolidated. The majority of the market was accounted for by PayPal, Stripe, and Square.

Competitive Landscape

With the existence of well-known firms like PayPal and Stripe, the Online Payment Gateway Market is very competitive. Other businesses, meanwhile, are attempting to achieve greater market shares by engaging in mergers and acquisitions in order to attract more customers.

PayU stated in January 2020 that it will buy a majority share in PaySense, a digital credit platform. LazyPay and PaySense, two of PayU’s consumer lending companies, will combine their business activities as part of the acquisition in order to create a full-stack digital lending platform in India.
In a partnership announced in January 2020, PayPal Holding Inc. and UnionPay International (UPI) will collaborate to hasten the expansion of their respective networks. In accordance with the contract, PayPal agreed to support UPI acceptance everywhere PayPal is accepted, giving UnionPay cardholders more options when they shop.

Request for Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-4331

Market Segmentation

Online Payment Gateway by Application: