Payment Gateway Industry Overview, Trends, Opportunities, Growth and Forecast by 2024
By: IMARC Group
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
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Market Breakup by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
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:
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