Payment Gateway Industry Overview, Trends, Opportunities, Growth and Forecast by 2024

NEW YORK - Dec. 2, 2019 - PRLog -- A payment gateway refers to a service provider which acts as an intermediary between e-commerce websites and bank by facilitating payment transactions. Security plays an integral part in the payment gateways owing to the sensitive data of credit card that needs to be protected from the fraudulent entities. A new research report titled "Payment Gateways Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" by IMARC Group estimates that the global payment gateways market was worth US$ 11 Billion in 2018. The report further anticipates the market to cross US$ 17 Billion by 2024, at a projected CAGR of 7.9% over the forecast period.

Global Payment Gateways Market Drivers/Constraints:

One of the vital factors influencing the market demand for payment gateways includes easy access of internet and a rise in the number of people adopting online retailing as well as contactless payment methods such as mobile wallets.

Currently, banks are collaborating with retail vendors in order to provide cashback schemes for expanding the consumer-base and retaining the existing consumers.

Introduction of mobile payment gateways like Amazon Pay, Apple Pay, Samsung Pay, Android Pay, etc. have made the process of bill payments convenient. Further, various companies are expanding their businesses by adapting the digital approach, thereby spurring the growth prospects of payment gateways in the upcoming years..

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Market Breakup by Application:

1. Large Enterprises

2. Micro and Small Enterprises

3. Mid-sized Enterprises

Market Breakup by Mode of Interaction:

1. Hosted Payment Gateways

2. Pro/Self-Hosted Payment Gateways

3. API/Non-Hosted Payment Gateways

4. Local Bank Integrates

5. Direct Payment Gateways

6. Platform-Based Payment Gateways

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/payment-gateways-market

Market Breakup by Region:

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Competitive Landscape:

The market is highly competitive in nature with the presence of numerous manufacturers who compete in terms of prices, features and quality. They are constantly coming up with additional features, thereby enhancing customer experience. Some of the leading players operating in the market are:

Worldpay Group
Wirecard
Adyen
Allied Wallet
PayPal

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