April 18, 2024

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Online Payment Gateway Market is Booming Worldwide

Online Payment Gateway Market Is Booming Worldwide | Amazon

According to the latest research study by Report Ocean, “Global Online Payment Gateway Market Research Report Forecast to 2023”, the online payment gateway market is booming worldwide. In fact, it is projected to expand at a rate of 12.8% CAGR during the forecast period 2018 to 2023. 

This study provides an in-depth assessment, including key market trends, upcoming technologies, industry drivers, challenges, regulatory policies, key players company profiles and strategies. It also takes things a step further by then listing market opportunities and risk side analysis – everything a business needs to make strategic and informed decisions.

Factors Driving Global Online Payment Gateway Growth

The growth of the payment processing solutions market is being driven by several different factors: 

Increasing eCommerce sales – Amidst the coronavirus pandemic, many major firms in the payment processing market have developed new products that cater to changing needs like contactless payments. Internet access has also reached all corners of the world, boosting the online shopping industry. 

Growing internet penetration – The constant acceleration of eCommerce has increased the use of ePayments. The use of these options have helped to overcome complicated and costly in-person processes. In turn, the innovations in ePayments have opened up additional eCommerce opportunities.

Evolving customer expectations – Digital currencies are now emerging in the global payments system and are expected to revolutionize the entire ecosystem of investments and financing. Retailers are also seeing the advantages and integrating new technologies like digital wallets and contactless payments.  

Opportunities and Challenges

This new report also revealed key insights into the opportunities and challenges the market faces moving forward.

Rising financial inclusion across the globe – An opportunity, payment services play a huge role in developing a country’s economy. Thanks to digitization and constant technological developments, this technology will continue to increase the variety and number of customizable and convenient payment options.

Increasing cyberattacks on digital payment solutions – A growing challenge, the evolving cyberattack landscape is going to continue to be a problem for market growth. Cyberattacks have and continue to be a major roadblock when it comes to adoption of digital payment solutions. Some of the types of fraud include friendly fraud, phishing, velocity attacks, triangulation, botnets and affiliate fraud.

The Largest Market Size Holder and Key Players

You might be wondering who holds the largest market size during the forecast period. The answer is, Asia Pacific. This region holds several growing economies including China, India, Indonesia and Malaysia. According to the report, at the end of 2018, 1.9 billion people across the region were connected to mobile internet. 

As far as the key players, the study found that Visa, Inc. (U.S.), CCBill, LLC (U.S.), PayPal Holdings, Inc. (U.S.), Naspers Ltd. (South Africa), Worldpay, Inc. (U.S.), Global Payments, Inc. (US), First Data Corp. (U.S.), Verizon Communications, Inc. (U.S.), Alibaba Group Holding Ltd. (China), 2Checkout.com, Inc. (U.S.), were the top major players in the global online payment gateway market. 

Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of best merchant account. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.