Emerging Trends and Growth Opportunities in the Online Payment Gateway Market: US$ 293.9 Billion by 2033

In 2023, it is predicted that the market for online payment gateways will be valued at US$ 117.5 billion, and by 2033, it will be worth US$ 293.9 billion. Online payment gateway sales are predicted to grow at a notable CAGR of 9.6% throughout the projection period.

With the advent of the token system, currency pooling, and cashless transactions, the payment system has expanded significantly in recent years. One of every organization's most important components across all industries is the integration of a payment gateway.

One of the main factors fuelling the market's expansion is the increasing digital transformation of companies around the globe.

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To provide merchants and customers with a digital payment infrastructure, e-commerce enterprises are collaborating with payment service providers. Due to the volume of transactions managed by merchants, gateway systems have been increasingly incorporated into their sales channels.

In order to provide real-time payment options to customers and businesses, numerous banks worldwide are working to form alliances with payment gateway service providers.

• Yes Bank announced in November 2021 that it will be working with Amazon Pay and Amazon Web Services (AWS) to offer a real-time payment system via the Unified Payment Interface (UPI) transaction capability.

Key Takeaways from the Online Payment Gateway Market

• In the United States, it is predicted that in 2022, more than 80% of transactions are unlikely to involve cash due to growing acceptance from SMEs. Additionally, it is predicted that online payment transaction values would increase by more than 15% between 2020 and 2025.
• In 2020, Europe accounted for roughly 25% of the global market for payment gateways. The region’s market is underpinned by a strong regulatory environment for payments and a highly saturated card use rate.
• Due to the rise in smartphone usage, Asia-Pacific is far outpacing other areas in terms of the adoption of online transactions. According to the GSMA, Asia’s mobile internet penetration will increase from 45% in 2018 to 62% in 2025.
• The ORF research claims that start-ups and several young entrepreneurs are propelling. In the Indo-Pacific region as of 2020, there will be 55,200 start-ups. Due to mergers and acquisitions and intra-ASEAN investments, digital start-ups are expanding regionally.
• In 2021, the hosted segment dominated the market and generated more than 57.0% of total revenue. Due to elements like simple payment setup processes and decreased merchant liability, the demand for hosted payment gateways is rising among retailers.
• With the top six suppliers controlling more than 70% of the market’s revenue, the payment gateway market is still largely consolidated. The majority of the market was accounted for by PayPal, Stripe, and Square.

Competitive Landscape

With the existence of well-known firms like PayPal and Stripe, the Online Payment Gateway Market is very competitive. Other businesses, meanwhile, are attempting to achieve greater market shares by engaging in mergers and acquisitions in order to attract more customers.

• PayU stated in January 2020 that it will buy a majority share in PaySense, a digital credit platform. LazyPay and PaySense, two of PayU’s consumer lending companies, will combine their business activities as part of the acquisition in order to create a full-stack digital lending platform in India.
• In a partnership announced in January 2020, PayPal Holding Inc. and UnionPay International (UPI) will collaborate to hasten the expansion of their respective networks. In accordance with the contract, PayPal agreed to support UPI acceptance everywhere PayPal is accepted, giving UnionPay cardholders more options when they shop.

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Market Segmentation

Online Payment Gateway by Application:

• Online Payment Gateway for Large Enterprises
• Online Payment Gateway for Small and Medium Enterprises

Online Payment Gateway by Mode of Interaction:

• Hosted Payment Gateway
• Pro / Self-hosted Payment Gateway
• API / Non-hosted Payment Gateway
• Local Bank Integration
• Direct Payment Gateway
• Platform-based Payment Gateway

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa (MEA)