LOS ANGELES, July 14, 2021 (GLOBE NEWSWIRE) — The Payment Gateway Market is expected to grow at a CAGR of around 12.6% from 2021 to 2028 and reach the market value of over US$ 90.5 Bn by 2028.
Asia Pacific to record fast pace for the payment gateway market by recording stimulating CAGR
In the coming years, Asia Pacific is expected to have the fastest growing CAGR in the payment gateway market. With rising digital adoption rates and extremely high online engagement, the Asia Pacific region’s digital population is compelled to use mobile apps to manage their personal and professional lives. Apart from that, the United States and its private sector have long played an important role in the development of India’s software industry. Since 2014, the United States has invested roughly $30 Bn in India’s startups and technology sector.
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Furthermore, the primary focus of the future of digital economies is on advancements in wireless communication technology, particularly 5G services. With the introduction of 5G, a lucrative opportunity for technologies such as robotics, AI, quantum computing, and the internet of things becomes available (IoT). Furthermore, the Chinese government is focusing on improving internet access in rural areas, which is creating lucrative opportunities for the APAC payment gateway market to grow.
Europe has the second-largest market share for payment gateways. Rising credit card adoption and European merchants offering consumers the option of performing transactions through 80 different alternative payment options preferred by buyers from all over the world provide lucrative opportunities for European markets contributing to payment gateway growth. Apart from that, according to a Paynetsecure report, card processing interchange rates vary globally, depending on the location of the acquiring banks. Because European interchange is lower than US interchange, accepting card payments from European shoppers is less expensive than accepting payments from banks outside of Europe. This saves money on cross-border transactions, reduces foreign exchange exposure, and lowers sales costs. These factors contribute to the regional expansion of the payment gateway market.
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The global payment gateway market is segmented as type, enterprise, and end-use. By type, the market is classified into hosted and non-hosted. By enterprise, the market is bifurcated into large enterprises and small & medium enterprises. By end-use, the market is segregated as BFSI, media & entertainment, retail & e-commerce, travel & hospitality, and others.
According to the enterprises, large enterprises are expected to dominate the global payment gateway market. As large enterprises focus on various security aspects in order to conduct secure transactions for merchants, it has garnered significant attention in the global market. All transactions carried out by the merchant are encrypted in accordance with industry standards, thereby boosting segmental growth and ultimately contributing to the growth of the global payment gateway market.
The prominent players of payment gateway involve Due, PayPal, Stripe, Flagship Merchant Services, Payline Data Services LLC, Square Capital, LLC, Adyen, BitPay, GoCardless Ltd., Cayan, and among others.
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Some of the key observations regarding payment gateway include:
- In January 2018, Razorpay reveals version 2.0 by launching of new products. Digital payment startup Razorpay, in its 2.0 version announced the launching of new products such as “Razorpay Route”, “Razorpay Smart Collect”, “Razorpay Subscriptions”, and “Razorpay Invoices”. The payment solutions are designed to solve the management of the entire flow of transactions by the merchants valued at INR 16.32 Mn that served business in the Indian origin.
- In May 2021, Appetize announced the launching of new payment technology focusing on sports and entertainment venues, hospitality, and restaurants.
- In November 2020, Shopify announced a partnership with Alipay which is Asia’s leading digital payment wallet platform. Through this partnership, Shopify merchants can utilize Alipay’s platform as a payment mode through third-party providers. Furthermore, thus new Alipay’s platform is now available to Shopify merchants in the US, with influx of more markets involving South Korea, Indonesia, Hong Kong, Philippines, Malaysia, Thailand, and Bangladesh.
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