NEW YORK, Oct. 29, 2021 /PRNewswire/ --Zion Market Research has published a new report titled "Online Payment Gateway Market By Type (Hosted And Non-Hosted), By Enterprise Type (Small And Medium Enterprise (SME) And Large Enterprise), By End User Industry (Retail, Travel, BFSI, Media And Entertainment And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028". According to analysts at Zion Market Research, the global online payment gateway market accounted for more than USD 18.2 Billion in 2020 and is expected to reach more than USD 86.5 Billion by 2028, growing at a CAGR of 21.6 % from 2021 to 2028.
Penetration of Internet and Advancements in Mobile Payment Technology to Spur Growth
"Rapidly rising internet prevalence throughout the world, advances in mobile payment technology, an increase in the usage of smart phones and mobile wallets for variety of operations will garner the growth for online payment gateway market in the years ahead," says the author of this study. Mobile payments are utilized for diverse operations, including ordering takeaway food, movie tickets, and smart phone game upgrades, which is expected to propel the growth of the market studied, during the forecast period. Also, the usage of debit or credit card across the developed and developing countries, to make these payments, is increasing. This factor is expected to further bolster the growth of the market studied. This is because card details can be saved on mobile phones, and payment can be processed easily, via smart phones.
Over the projected period, the rapidly rising internet penetration around the world is expected to fuel market growth. Customers are increasingly adopting online payment options to pay their bills these days. Furthermore, rising consumer knowledge of the convenience of online purchases, along with shifting payment preferences, has resulted in the fast acceptance of online payment options are propelling the market growth.
The Global Online Payment Gateway is exhibiting a business landscape that is highly competitive in nature, due to the presence of a large number of market players, finds a new research report by Zion Market Research (ZMR). Adyen, Authorize.Net, Bitpay, Inc., Amazon Payments Inc., Braintree, PayPal Holdings Inc., Stripe, PayU Group, Verifone Holdings Inc., Wepay, Inc. are some of the prominent vendors of the online payment gateway market from around the world. These market players across online payment gateway market are placing a premium on customer retention by forming agreements with credit/debit card firms like MasterCard, Inc. and Visa, Inc. to streamline the payment process and reduce processing fees. In addition to this, they key players are attempting to expand their market share through mergers and acquisitions in order to attract more customers.
Government Initiatives to Support Asia Pacific Growth
Regionally, Asia Pacific has been one of leading the worldwide online payment gateway market and is anticipated to continue to grow in the years to come, states the online payment gateway study. This surge is due to the increase can be linked to a number of government efforts aimed at improving the online payment infrastructure of the various nations in the Asia Pacific region. For instance, the Reserve Bank of India (RBI) has regulated many gateways to allow successful digital payments in India. In addition, the government of China is concentrating its efforts on boosting internet connectivity in rural regions, resulting in increased potential for the online payment gateways market growth in this region.
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