Payment Gateway Market Global Forecast Report by Type (Hosted, Non-hosted), Enterprise (Large Enterprises, Small & Medium Enterprises), End User (BFSI, Media & Entertainment, Retail & E-commerce, Travel & Hospitality, Others), Countries and Company Analysis 2024-2032

Growth Drivers for the Payment Gateway Market 

Rising Adoption of Digital Payments 

The growing acceptability of online payment mechanism by consumers is a key factor that will growth in the payment gateways market. This is because a lot of people are use online transactions for their purchases thus the use of cash is rare. The use of digital wallets including those using mobile payments and contactless has slowly picked up, especially within the active generation. This change is due to the developments in technology which help a consumer to purchase products via a mobile device. The market is still growing due to increasing adoption of e-commerce solutions by more companies in order to meet customer expectations concerning digital payment methods such as mobile or online payments.

Growth of E-Commerce and Online Shopping 

The current boom in e-commerce, and online shopping in particular, is the major driver of the payment gateways market. Essential payment procedures that facilitate transactions occurring while consumers buy products and hire services through online markets are critical due to more consumers shifting towards online markets. Online stores are now incorporating better and secure payment gateway to increase sales and minimize the chance of shoppers leaving their shopping carts. It will be necessary to highlight that the constant growth of e-commerce is impossible without the help of reliable payment gateways. The current Indian government has been especially vocal in its push towards digital advancement through processes like Digital India, Make in India and Startup India. These programs are meant for enhancing an adoption of various technologies in different sectors like health, education, and farming among others, and secondly for initiating the most suitable environment for start-ups. Internet and smartphone usage intensity in India has also grown rapidly over the years, which contributed much to the formation of the digital environment. But research done by Internet and Mobile Association of India claims that the number of internet users may further explode to 800 million by 2023. This increase in internet users has also led to an increase in the number of mobile wallet users in India, which is expected to reach 900 million by 2025.

Internationalization of Cross-Border Transactions 

Technological advancement characterized by globalization of commerce has seen an upsurge in the number of cross-border transactions; in turn requiring more payment gateways. Due to globalization firms including themselves in the global market, it becomes essential to devise payment solutions that support multiple currency payments systems and abide by the different laws. Payment gateways that have international processing solutions help the merchants to accept payments from a global customer base due to features such as foreign exchange, etc and materials such as fraud control. This need for cross border payments is thereby driving growth in the payment gateways market, as firms look to improve their global operational efficiency.

Asia Pacific Payment Gateway Market

The Asia-Pacific region’s Payment Gateways market is evolving swiftly due to the integration of payment platforms for digital transactions and e commerce. The increase in the number of smartphone subscription, favorable government policies and increase in the middle-income earners has helped cause this. Owing to increased internet penetration, several geographical locations like, China, India and South East Asia are experiencing rapid investment on payment gateway solution.

India Payment Gateway Market 

The demand for the payment gateway has surged immensely in current years in India and has led aboard change in customers buying patterns and even businesses strategies. Digital payment has been one of the major strong pillars of the government’s ‘Digital India’, and online payment and service has been far spreading itself in the country. Modern consumers often used cards and digital transactions after demonetization, and the payment gateway vendors appeared as a response to this need. Being a young country that rapidly adapts to the new forms of doing business and actively introduces the digital economy and e-commerce platforms, customers opt for the convenience, safety and openness of online payment methods. The above demand is being led by a number of factors such as popularization of smart phones, increases in internet connection and government policies pushing for digital transactions. August 2024, This Tamil Nadu-headquartered Software-as-a-Service (SaaS) major, Zoho on it is venturing into payments segment with Zoho Payments which is a holistic payments gateway to enable companies accept money over the Internet from their consumers.

Europe Payment Gateway Market 

The opportunities for the Europe payment gateways market have emerged due to higher levels of Internet usage and rising demand for e-commerce and digital payment services. Well-articulated policies that encourage secure trade and consumer protection increases market credibility. Today the top countries that are most innovative and ahead of others in the implementation of the sophisticated payment gateway solutions are those of the European Union such as the United Kingdom, Germany, and France.

France Payment Gateway Market 

The payment gateways in the France market is largely growing due to the rising trend of digital payments and growth of e commerce business. More and more French consumers are shifting towards online shopping which has forced merchants to include modern payment methods to their online platforms. This is due to high compliance laws that urge clients to seek safer means to process payments in addition to protection of data. Furthermore, the latest phenomenon of mobile payment and contactless payments is altering the payment structure in the country. Consequently, solutions for payment that feature multiple currency processing and integrated fraud prevention are becoming popular; France securely occupies one of the leading positions in the European market of payment solutions. By Feb 2024, Lyra Network, has been playing a significant role in securing eCommerce and POS payments with adequate experience in fintech and paytech solutions platform for Digital Innovation with UPI in the French market.

Payment Gateway Company Analysis 

The major participants in the Payment Gateways market includes PayPal Holdings, Inc., Amazon Pay (Amazon.com, Inc.), Stripe, Inc., PayU Group, Adyen, BitPay Inc., JPMorgan Chase & Co., Braintree, Wepay, Inc.

Payment Gateways Infection Company News 

Augus 2024: PhonePe Payment Gateway, today announced the launch of PhonePe PG Bolt, a groundbreaking solution that empowers merchants by offering the fastest in-app payment experience to customers with 99% success rate. PhonePe PG Bolt offers a 1- second transaction time with the widest reach for registered PhonePe merchants and users who can integrate their payments across apps without multiple onboarding. 

July 2023, Razorpay has becoming the first Indian startup to launch an international Payment Gateway, developed for the Malaysian market with Curlec – now known as ‘Curlec by Razorpay’. This is a giant leap forward not just for Razorpay but for all Indian fintechs: We are not just building for India.

In November 2022, the leading B2B and B2C companies' payment orchestration platform, BlueSnap, has extended its collaboration with the leading eCommerce firm, objectsource, to help European online retailers improve Magento integration for the dynamic EU market. 

In September 2022, with an emphasis on the e-commerce, retail, travel, cryptocurrency, and financial services sectors, British payments company Paysafe partnered with Spreedly, a payments orchestration platform, to assist merchants with their international payments across the UK and Europe. Transactions could be made through Paysafe's payment gateway. 

In August 2022, The Reserve Bank of India (RBI) granted the financial services platform Mswipe Technologies an in-principal Payment Aggregator (PA) license. Mswipe will be able to create an internal online payment gateway with this approval.

Type- Industry is divided into 2 viewpoints:

1. Hosted
2. Non-hosted

Enterprise- Industry is divided into 2 viewpoints:

1. Large Enterprises
2. Small & Medium Enterprises

End User - Industry is divided into 5 viewpoints:

1. BFSI
2. Media & Entertainment
3. Retail & E-commerce
4. Travel & Hospitality
5. Others

Countries- Industry is divided into 25 viewpoints:

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• United Arab Emirates

All companies have been covered with 5 Viewpoints

1. Overviews
2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year
5. Revenue

Company Analysis

1. PayPal Holdings, Inc.
2. Amazon Pay (Amazon.com, Inc.)
3. Stripe, Inc.
4. PayU Group
5. Adyen
6. BitPay Inc.
7. JPMorgan Chase & Co.
8. Braintree
9. Wepay, Inc.