Online Payment Gateway Market Set for Rapid Growth by 2024

Global Online Payment Gateway Market: Overview

While doing online shopping, online payment gateways, which are nothing but merchant services, help in making a smooth transaction. The transaction processes the debit cards, credit card, and direct payment process for the different online businesses. Any commercialized bank financial service provider can provide the services of payment gateways. The payment gateways make sure that proper safe and secure transaction has been done.

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Global Online Payment Gateway Market: Segmentation

The global online payment gateway market is fragmented into its interaction mode and the organization size. Based on the interaction mode, the global market is segregated into pro/self-hosted payment gateways, local bank integrates, platform based payment gateway solution, hosted payment gateways, API/non-hosted payment gateways, and direct payment gateway. Depending on the organization size, the market is categorized into micro and small enterprise, large enterprise, and mid- sized enterprise.

Global Online Payment Gateway Market: Growth Factors

The major factor that is driving the online payment gateway market is the significant expansion of the small enterprises in the developing nations to provide the customers with online services. The increasing popularity of the M-commerce is also another factor that is driving the online payment gateway market. Attractive online bids, time-saving comparison of the goods which is easy, full-time availability, and easy access are some of the main reasons that have increased the rate of online shopping, in order to make easy buying and selling, a payment gateway is essential, this fact will trigger the growth of the market in the coming years. The factor that is restraining the growth of the market is lack of trust while making online payments will restrict the consumers from making such payments.

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Global Online Payment Gateway Market: Regional Analysis

The market for online payment gateway is geographically diversified into Latin America, the Middle East & Africa, Eastern Europe, North America, Western Europe, and Asia Pacific. The highest market share in the online payment gateway is held by North America. The high dependence on the electronic payments for any online shopping is the key factor that is driving the online payment gateway market in North America. Moreover, online payment gateways provide transactions that are secure and safe, which is also fuelling the market growth. In Asia Pacific region, the emerging countries such as China and India will witness a speedy market growth, owing to the fact that the local vendors are highly making use of the online business platforms and the increase in the internet subscription is significantly increasing the online purchasing, thus contributing to the market growth in the coming years.

Global Online Payment Gateway Market: Competitive Players

The key market players that are involved in the online payment gateway market include Amazon Payments, CCBill, AsiaPay/PayDollar, MercadoPago, eWAY AU, NAB Transact, e-Path, Cardstream, Sage Pay, Payson, Certitrade, ServiRed, WebCash, MyGate, 99bill, Pagosonline, WebMoney, PesoPay, CashU, Realex, Klarna, Stripe, PayPal, Beanstream, Wirecard, Worldpay, and others.

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