The global payment gateway market size was US$ 21.1 billion in 2021. The global payment gateway market is forecast to grow to US$ 118.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 20.1% during the forecast period from 2022 to 2030. 

The payment gateway is a crucial component of an electronic processing system. It sends customer information to the merchant acquiring bank that processes all the transactions.

Factors Influencing the Market

• The growing demand for internet transactions will drive the global payment gateway market forward. 
• E-commerce platforms are gaining significant traction across all industrial verticals. As a result, it will benefit the global payment gateway market. 
• The convenience of electronic currency, card payments, digital and mobile wallets, and other contactless systems will contribute to the growth of the market.
• Mobile applications for digital payments are gaining popularity due to the beneficial offers and coupons. Thus, it will contribute to the growth of the global payment gateway market. 
• Growing urbanization and rising employment rate will also benefit the global payment gateway market across developing economies. 
• Increasing initiatives by government bodies to develop a cashless economy, through mobile banking and digital commerce services will accelerate the growth of the global payment gateway market. 

COVID-19 Impact Analysis

The COVID-19 pandemic has been beneficial for the global payment gateway market. Due to the pandemic, the demand for cashless deliveries increased. The e-commerce segment also witnessed a sudden increase in this user base. Various platforms started delivering groceries at the doorsteps. As a result of this, the rate of card payments and other online payments increased. 

Due to the wake of the COVID-19 pandemic, various e-commerce sites removed the option of cash payments. Thus, it emerged as a substantial benefit for the global payment gateway market. 

Regional Analysis

The Asia-Pacific payment gateway market is forecast to grow at a rapid pace. It is owing to the favorable policies by governments to develop a cashless economy. For instance, the government of India has launched various initiatives such as Digidhan Abhiyan and PayGov India to enhance the digital payment infrastructure in the country. Furthermore, the growing penetration of smartphones and cheap internet data will upsurge the demand for online transactions. Therefore, it will propel the payment gateway market forward. 

In addition to that, undergoing financial change due to growing digitalization will also benefit this market. 

Shifting consumer choices and changing retail trends will contribute to the growth of the global payment gateway market. In addition, the growing number of e-commerce sites and their profitable offerings will accelerate the growth of the market. 

Competitors in the Market

• Adyen
• Alipay.com Co Ltd
• Amazon Payments Inc.
• Authorize.Net
• BitPay, Inc.
• Braintree
• Ingenico Group
• PayPal Holdings Inc.
• Mastercard
• PayU Group
• Payza
• Stripe
• Skrill Limited
• Verifone Holdings Inc.
• Wepay, Inc.
• Visa
• Other Prominent Players

Market Segmentation

The global payment gateway market segmentation focuses on Type, Enterprise, End-Use, and Region. 

By Type

• Hosted
• Non-hosted

By Enterprise

• Small & Medium Enterprise (SME)
• Large Enterprise

By End-Use

• BFSI
• Media & Entertainment
• Retail & E-commerce
• Travel & Hospitality
• Others

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America