The global payment gateway market size is expected to reach USD 71.22 billion by 2027 registering a CAGR of 21.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing use of these billing methods across the globe. Growing usage of various digital channels for payments has also been driving the market growth.
Various companies are using these systems as they allow secure internet transactions, which helps prevent or avoid debit or credit card scams and other fraudulent activities. Such methods also help automate the complete billing process, with faster processing speed and error-free computations.
Various factors, such as the growing trend of digitalization and rising usage of numerous online billing modes like net banking and mobile wallets, are anticipated to propel the market growth over the forecast period. In addition, merging of major e-commerce sites with various payment gateway platforms, partnerships between banks and online retailers, and attractive cashback offers on online billing, are further expected to drive the payment gateway market growth.
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Further key findings from the study suggest:
- The hosted segment is expected to account for the largest market share over the forecast period
- Payment gateways can deliver a significant uplift to the profitability of a small & medium enterprises by delivering better customer experience and reducing transaction costs
- Various factors, such as better shopping experience and increased usage of smartphones, are expected to create growth opportunities for the market in the retail & e-commerce end-use segment
- North America is estimated to be the largest regional market due to high demand for faster billing solutions as a result of growing e-commerce sales and rapidly changing retail market
- Key vendors in the market include Stripe; Braintree; Authorize.Net; PayPal Holdings, Inc.; and Amazon Payments, Inc.