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In the global Payment Gateway Market, the payment service providers generate revenue by charging fees for providing transaction processing. The gateway services enable merchants to accept online payments through digital payment methods including Credit Cards, Debit Cards and eWallet. The payment-related service providers offer the technology that links a merchant’s website to its processing network and merchant account.Payment gateway market is expected to grow US$ 86.9 billion by 2025 from US$ 30.6 billion in 2016. Hosted payment gateway is expected to continue its dominance. Currently, more than 50% of the payment gateway deployments are hosted. Hosted payment gateways are the most convenient and economic gateways, that are not only highly secure but customizable and user-friendly. Lesser investments and easy integration with the systems have made the adoption of hosted payment gateways more attractive among the organizations.
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Key trend which will predominantly affect the market in coming year is development of payment gateways by the merchants themselves for management of large volume transactions. Consumers across the globe are evolving with the adoption of new tools to enhance their overall shopping experience. This creates a significant opportunity for the merchants to integrate ‘Business to Consumer’ B2C sales channel and to leverage sales data generated to understand consumer behavior. Keeping these goals in mind, major e-commerce players are developing their own payment gateway solutions combined with eWallet services. This trend is particularly identified among merchants handling large volume transaction. However, only a handful of companies are capable of developing their own payment gateway network due to high development & maintenance cost and other value-added services.
Payment gateway market by type is segmented into hosted payment gateway, non-hosted payment gateway, direct payment gateway and platform based payment gateway. Payment gateway solutions have accomplished several crucial tasks in online purchasing & transaction management. Rather than transmitting payments (this is the role of dedicated payment processors), payment gateway solutions authorize the funds being transferred to the seller and do so in a secure and convenient manner for the buyer. Almost all the types are increasingly demanding payment gateway capabilities that improve the payment convenience while limiting security risks.
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The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interviews wer conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the payment gateway industry.
Some of the major players influencing Payment Gateway market are PayPal Holdings, Inc., Amazon Payments, Inc., Secure Trading Limited, Cardstream Limited, CCBill, LLC, BitPay, Inc., GoCardless Ltd., Stripe Inc., Due Inc., Merchant Warrior, Authorize. Net, and WePay Inc.
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