NEW YORK, October 29, 2021 / PRNewswire / – Zion Market Research has released a new report titled “Online payment gateways market by type (hosted and non-hosted), by type of business (small and medium business (SME) and large business), by end user industry (retail, travel, BFSI, media and entertainment and others): Global Industry Outlook, Comprehensive Analysis and Forecast, 2020-2028 “. According to analysts at Zion Market Research, the global online payment gateways market represented more than $ 18.2 billion in 2020 and is expected to reach more than $ 86.5 billion by 2028, with a CAGR of 21.6% from 2021 to 2028.
Internet penetration and advancements in mobile payment technology to drive growth
âThe increasing prevalence of internet all over the world, advancements in mobile payment technology, increasing usage of smart phones and mobile wallets for various operations will drive the growth of the online payment gateways market in years to come, âsays the author of this article. to study. Mobile payments are used for various operations including ordering takeout, movie tickets, and smartphone game upgrades, which is expected to propel the growth of the studied market during the forecast period. In addition, the use of debit or credit cards in developed and developing countries to make these payments is increasing. This factor should further strengthen the growth of the studied market. This is because the card details can be saved on the mobile phones and the payment can be processed easily through the smart phones.
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During the projected period, the rapid penetration of internet to the world is expected to fuel the market growth. Nowadays, customers are increasingly adopting online payment options to pay their bills. In addition, increasing consumer awareness of the convenience of online shopping, along with changing payment preferences, has resulted in the rapid acceptance of online payment options, which is propelling the growth of the market.
The global online payment gateway presents a highly competitive business landscape, due to the presence of a large number of market players, according to a new research report from Zion Market Research (ZMR). Some of the leading providers in the payment gateway market are Adyen, Authorize.Net, Bitpay, Inc., Amazon Payments Inc., Braintree, PayPal Holdings Inc., Stripe, PayU Group, Verifone Holdings Inc., Wepay, Inc. online from around the world. These players in the online payment gateway market place great importance on customer retention by entering into agreements with credit / debit card companies such as MasterCard, Inc. and Visa, Inc. to streamline the payment process. and reduce processing costs. In addition to this, the key players are trying to expand their market share through mergers and acquisitions in order to attract more customers.
Government initiatives to support growth in Asia-Pacific
At the regional level, Asia Pacific has been one of the leaders in the global online payment gateways market and is expected to continue to grow in the years to come, the online payment gateways study says. This increase is due to the increase may be linked to a number of government efforts to improve the online payment infrastructure of the various nations of the Asia Pacific Region. For example, the Reserve Bank of India (RBI) has regulated many gateways to enable successful digital payments in India. In addition, the government of China focuses its efforts on strengthening internet connectivity in rural areas, which increases the growth potential of the online payment gateways market in this region.
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The online payment gateways market is segmented as follows:
- Small and Medium Business (SME)
- Big business
By end-use industry
- To travel
- Media and entertainment
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- North America
- Great Britain
- Rest of Europe
- Asia Pacific
- South Korea
- South East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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