Payment Gateways Market 2019 —
As per a new report which is added to the online inventory of Wise Guys Reports (WGR), the global payment gateways market is set to grow at a compound annual growth rate (CAGR) of 16.1% between 2017 and 2023. In 2017, the market which was valued at USD 2,569,100 million is anticipated to be worth USD 6,291,800 million by the end of 2023.
Basically, payment gateway is an e-commerce application which approves payments for e-businesses, online retailers, or even for the traditional brick and mortar businesses as well in a safer way. In this process, the transaction flows from the payment gateway to the payments ecosystem and if it gets approved will eventually make its way into the merchant account.
Through payment gateway system, the merchant and the bank can facilitate online transactions thus increasing the demand of global payment gateways.
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The benefit offered by global payment gateways is also considered as a prominent market driver. By using payment gateways, the sensitive information such as credit card numbers or bank account details of the customer remains safe and highly confidential. Also, Payment gateways help in reducing fraud by providing Card Verification Value (CVV) and Address Verification System (AVS).
Global Payment Gateways Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region.
Some of the companies covered in this report include
By type, the market has been segregated into online mode and offline mode.
Based on application, the market has been segmented into retail, catering industry, medicine & cosmetics and others.
Global Payment Gateways Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). In North America, countries such as the U.S. and Canada are covered. In Europe, countries such as the UK, Germany, France, Italy etc are covered. In APAC, countries such as Japan, China and India are covered while in Latin America, countries including Brazil and Mexico are covered. In terms of revenue, China holds the largest share of the global payment gateways market and is expected to grow in the coming years as well. Faster adoption of the advanced technologies and easiness for the customers to make purchases at any hour of the day without waiting in long queues is also driving the market size of payment gateways in APAC countries such as India, China etc. The Asia Pacific region is expected to dominate the payment gateway market due to many initiatives taken by governments in order to enhance the online payment infrastructure in their countries.
Globally, the companies are using digital approach while doing businesses which is projected to spur the growth chances of the payment gateways market in the next few years. This report helps in understanding global payment gateways market by covering all the essential aspects, including macro overview of the market to micro details as well.
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