Payment gateway is a server and software that transfers all information related to an online transaction of a specific bank account and sends the response to consumers regarding the status of their transaction, whether it is successful or declined. In addition, it basically acts like a mediator between banks and various ecommerce web sites as well as mobile applications where an online transaction is done. Payment gateway authenticates online transactions by encrypting sensitive data. In addition, payment gateway provides security by preventing any online frauds with the help of card verification value (CVV) and address verification system (AVS). With the rise in the trend of online transactions, the market is expected to witness a tremendous growth in the future.

Market scope and structure analysis:

COVID-19 Scenario Analysis:

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the global payment gateway market in 2020.
• Though governments have imposed lockdowns to contain spread of the virus, businesses have shifted to online mode for operations and are doing financial transactions online, which boosts the payment gateway market.
• E-commerce sales have increased during the corona virus pandemic, which contributes in growth of the market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Rise in large volume of transactions dataand high adoption rate of various online payments modes such as credit cards, debit cards, net banking, and mobile wallets drive growth of the market. In addition, increase in use and easy availability of high-speed Internet fuels the market growth. However, data and security issues hamper the market growth. Furthermore, growth in new mobile applications that support online transactions and rise in thee-commerce sector are expected to provide lucrative opportunities for the global payment gateway market.

The market trends for global payment gateway market are as follow: 

New product launches to flourish the market:

The payment gateway market is growing at a very fast pace across the globe. In addition, the market is very competitive so prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers to increase their customer base. For instance, in January 2020, PayU acquired a controlling stake in digital credit platform PaySense.

Retailers expected to grow the market:

Retailers are adding various payment gateways such as Paypaland other gateways to their websites, which is expected to boost the market growth. Some companies are even making their own payment gateways and adding to their websites to give better shopping experience to their customer which is promising the market growth in the future.

Asia- region todominate the market growth:

Asia-Pacific is expected to have the largest market share during the forecast period, owing toemerging economies like India, China, and South Korea and increase in smart phone users in the Asian countries. Also, the e-commerce sector in countries like India are growing at a very fast pace. People like to buy things online instead of going to the store which is creating the demand for payment gateway solutions fueling the growth of the market.

Key segments covered:

Key benefits of the report:

• This study presents analytical depiction of the global payment gateway market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global payment gateway market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis based on the present and future competitive intensity of the market.

Questions answered in the global payment gateway market research report:

• Who are the leading market players active in the global payment gateway market?
• What would be the detailed impact of COVID-19 on the global payment gateway market?
• projections for the future that would help in taking further strategic steps?What are the
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global payment gateway market?