Global Market Insights Inc. has recently added a new report on the payment gateway market, which estimates the market value the payment gateway will exceed $ 60 billion by 2027 due to the growing demand for secure digital payments and mobile payment technology.
The spread of the Internet around the world is increasing the demand in the payment port market. The proliferation of the Internet will allow customers to use a variety of digital payment methods, such as online banking and mobile phones. The security of online transactions is the biggest challenge for both customers and companies. A payment gateway helps businesses conduct online transactions more securely. The growing demand for various smartphone-based digital payment applications is also supporting the growth of the payment gateway market.
The type of local bank integrated payment gateway is expected to increase to a CAGR of 15% by 2027 due to increasing digitalisation of banks. The local bank’s integrated payment gateway directs customers to banks during a financial transaction, where users can add their financial IDs. This type of payment gateway is quick and easy to install, making it ideal for SMEs.
The market share of SMEs was over 60% in 2020 due to the increasing adoption of digital payment solutions in SMEs. SMEs use digital payment solutions to avoid long customer queues. Digital payment is also faster than traditional manual payment methods, helping SMEs improve their customer experience. Digital payments can also help SMEs reduce risks, such as theft, caused by physical security breaches on their premises.
The media and entertainment industry is expected to grow significantly over the forecast period in the payment gateway market. This market growth is due to the increasing adoption of advanced technologies such as the Internet of Things and artificial intelligence in the media and entertainment industries. The entertainment industry emphasizes improving the customer experience by providing digital payment services in movie theaters, amusement parks and plays.
European payment port market the size is estimated to generate more than $ 15 billion in revenue by 2027. The reason for the growth is the increase in digitalisation in the financial sector of the entire region. Large banks are deploying a variety of digital solutions to enhance their customers ’banking experience. The increase in the number of Internet banking users in the region is another factor influencing the market feeding.
Market players have focused on collaborating with digital payment solution providers to expand their payment channel capabilities. For example, in March 2021, PayPal partnered with Indian payment and banking technology company Cashfree to enable international payments for merchants in 200 countries. This partnership helped the company strengthen its position in the payment gateway market.
Some important findings from the Payment Gateway market report are:
- The proliferation of smartphones is supporting the demand for online banking applications and digital payments.
- The increasing shift of consumers to online shopping is also fueling the payment gateway market.
- Europe is expected to have a significant market share in the payment gateway market due to the increasing digitalisation of the region’s financial sector.
- Market players are focusing on developing secure payment gateways to support secure digital transactions.