A Detailed Look At The State Of Global Payment Gateway Marketby Agastya Bellamkonda Business Consulting
A service provider that acts as an intermediary
between e-commerce websites and banks for payment transactions made by the
customer is a payment gateway. There are three modes of payment transactions
done with the help of payment gateways, namely - offline, real-time and hybrid
payment gateway market has evolved at a dizzying pace in the last few years.
Any business in any sector can now collect money online through a customer
preferred bank without compromising on the security of the sensitive data that
is shared during the process. Integration of payment gateways has become an
important aspect of any business, especially so if it’s e-commerce/online.
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You can use various methods for the transaction as
well. Debit and credit cards, UPI ID, Net Banking and mobile communication
transaction are some of the most commonly used methods of transaction.
leader of the payment gateway market is North America for the largest share,
followed by Europe. Anticipated to be a potential market in the near future is
the Asia Pacific, while the Middle East, Africa and Latin America are expected
to see decent growth.
Drivers vs. Constraints:
easy access to the internet, contactless payment solutions, mobile access to
the internet and e-commerce sites, the market for payment gateways is on the
high. Although, with open-source payment gateways there are a few threats like
hackers and transaction limits that contribute to the constraints of payment
gateways in the future market.
- PayU Group
- Skrill Limited
- Razorpay Software Private Limited
- Amazon Payments
- Ingenico Group
- Paytm Mobile Solutions
- Payoneer Inc.
- WePay, Inc.
- VeriFone Holdings
- Adyen N.V.
Industry Trends and Updates:
amount of online mobile transaction in India has increased to 6.9 Billion in
2017 from 2.9 Billion in 2016. This growth is expected to accelerate as more
and more businesses integrate payment gateways to their sites. There are
avenues for new players to enter the market and thus will have a positive
impact on the overall growth of the payment gateway market.
Internet of things and Artificial Intelligence has the ability to automate the whole process and these technologies are emerging with various developments making it possible in the near future. The demand for online retail will drive the payment gateway integration thus increasing the market as well.
has penetrated into its rural areas with internet thus expanding its mobile and
online payment services. This could very well put China as a dominant in the
payment gateway market. However, non-bank related payments are expected to face
strict rules and go through an online settlement platform for those
transactions which might negatively impact the market growth in the country.
Created on Jul 28th 2019 23:49. Viewed 378 times.