Global payment gateway market was valued at USD 22.5 billion in 2021, and it is expected to attain a value of USD 91.3 billion by 2028 with a CAGR of 22.1% over the prediction period (2022–2028).
Westford, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) -- There is no doubt that online payment gateway market continues to grow in popularity, as more and more businesses find the convenience and security it brings. In fact, there was a recent study that showed that 73% of all online shoppers now use a payment gateway, which is up from 34% in 2013. SkyQuest, expect that total traction through payment gateway to account over $2.5 trillion by 2025 from 1.9 trillion in 2020. This trend is being helped by growing adoption of mobile apps and online shopping via smartphones and other mobile devices.
Some of the most popular players in global payment gateway market are Stripe, PayPal, Square and Dwolla.
As the world becomes more digitized, businesses are increasingly seeking ways to payments processes. One of the most popular methods is through payment gateways, which allow customers to easily and securely pay for their purchases online. However, due to the increasing popularity of online payments, there has been an increase in the demand for payment gateway market. This has led to a surge in the number of companies offering these services, as well as the amount they are willing to pay for them. As a result, both providers and customers are likely to experience increased competition in the near future.
Ultimately, this will lead to better prices for both consumers and providers of payment gateway services. In addition, it will also improve consumer confidence in online transactions, making them more likely to use these platforms in the future.
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Top 10 Companies Hold over 60% Share of Payment Gateway Market
In today's payment gateway market, it seems like the top few companies are dominating the payments gateway industry. As per SkyQuest analysis, the top 10 companies account for over 60% of all the transactions that take place through payment gateways. Wherein, PayPal, Amazon Pay, Square, Skrill, Stripe, 2checkout, Authorize.Net, PayU, BlueSnap, and Payza are top 10 players.
This is likely due to the number of features that these companies in the payment gateway market offer their customers. These features include secure checkout, fraud prevention, and automatic billing. While the top 10 companies enjoy a higher market share, they are not the only players in this market. There are hundreds of smaller companies that are competing for remaining 40% of the market value. These companies offer unique payment gateway solutions that can provide competition to the top 10 companies.
SkyQuest study reveals that PayPal is leading the global payment gateway market. The company that allows users to process payments online and in stores. PayPal offers customers a wide range of merchant services, including merchant account processing, virtual console processing, and Checkout by PayPal across more than 203 countries. In addition to online payments, PayPal also offers buyers the ability to use its Venmo platform to easily send payments to friends and family.
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Currently, the company has over 423 million active users who are responsible for generating financial traction worth $323 billion and $339 in first and second quarter of 2022, respectively. In Q2, the company recorded over 5.5 billion transactions. In fact, the company witnessed around 13% increase in the Q1 2022 revenue as compared to previous year. Apart from this, various subsidiaries of PayPal in the global payment gateway market accounted transaction worth over $19.3 billion.
Another popular payment gateway solution is Stripe. Stripe is a global startup that enables businesses to accept credit cards, debit cards, bank transfers, and other forms of payments online. Stripe offers businesses several merchant services, including card processing, and sales receipts printing.
SkyQuest has identified several opportunities and market dynamics and prepared a report on the global payment gateway market. The report will especially help the players who are looking to enter this lucrative market or expand operation into new territories.
Transaction banks to Play Key Role in Global Payment Gateway Market
Transaction banks are playing an important role in the payment gateway market by providing traditional treasury services such as clearing and settlement, underwriting and issuing securities, and transacting customer payments. They are helping to create a more efficient ecosystem by integrating with other payment providers, operating system vendors, and market participants.
Transaction banks have been able to succeed in this market because they have a deep understanding of treasury and payments systems and are able to leverage their own capabilities to provide innovative solutions for their clients. They have also developed strong relationships with industry players, which allows them to draw on their expertise when designing solutions for their customers.
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By working together with other players in the payment ecosystem, transaction banks are creating a more efficient system that can better serve customers. They are also contributing to the growth of the digital economy by providing innovative financial services that help companies in global payment gateway market grow and compete.
One of the major problems facing merchants today is the fact that they are not able to get a fair rate for processing their payments. This is because there are a number of big banks who control the market and can charge whatever they want.
Transaction banks, on the other hand, are focusing on offering merchant services that are tailored specifically to their needs. This means that they can offer better rates and also provide greater convenience to their customers.
One of the most important things that transaction banks can do in the payment gateway market is improve the efficiency of payments processing. This is because they have access to a large quantity of creditworthy customers and can use this information to negotiate better rates with processors.
Transaction banks also offer merchant services such as compliance and fraud monitoring. This is because they understand how important it is for merchants to protect their data and profits.
Overall, transaction banks are playing an important role in the payment gateway industry and are helping to make transactions more efficient for both merchants and consumers alike.
Top Players in Global Payment Gateway Market
Wirecard AG (Germany)
Global Payments Inc. (US)
Worldpay Inc. (US)
Naspers Ltd. (South Africa)
PayPal Holding (US)
SecurePay Pty Ltd. (Australia)
Tencent Holdings Ltd. (China)
CCBill LLC (US)
Visa Inc. (US)
Com Inc. (US)
Alibaba Group Holding Ltd. (China)
Verizon Communications Inc. (US)
Adyen NV (Netherlands)
First Data Corp. (US)
GMO Payment Gateway Inc. (Japan)
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