Technavio, a tech-focused market research company, has broadcast a new study on the global payment gateways market, which is calculated to grow at a CAGR of close to 17% during the estimated period 2017-2021.
Based on geographical segmentation, Technavio market researchers classify the global payment gateways market into the following leading regions: the Americas, APAC, and EMEA.
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Payment gateways market in Americas: The introduction of contactless payment POS terminals will fuel the growth of the Americas during the forecast period. The growing popularity of mobile wallets has encouraged many payment networks to unbundle their offerings, which will help the vendors to launch innovative systems that facilitate smooth transactions. The consumers are accepting digital wallet technology due to the adoption of Europay, MasterCard, and Visa (EMV) technology.
According to Amrita Choudhury, a lead analyst at Technavio, specializing in research on an enterprise application, “Leading vendors are launching new payment gateways and mobile wallets to attract more consumers and promote digital payment technologies. Additionally, rising adoption of smartphones and other mobile devices has encouraged payment gateway developers to increase their investments in the merchant service. The growing integration of payment gateways in the retail e-commerce sector will help revolutionize the American market over the next few years.”
Payment gateways market in EMEA: The increasing momentum of NFC-enabled wallet services and the launch of many non-NFC wallet services will help in the growth of the payment gateway market in EMEA. Various financial institutions and telecom operators are launching independent mobile wallet platforms that will help reach a wide end-user segment. Moreover, the research and development of smartphone technology, increasing number of NFC-enabled smartphones, the high focus of industry stakeholders on digital security, widespread adoption of mobile gadgets, and integration of e-commerce will fuel the development of the EMEA market.
Payment gateways market in APAC: The limited availability of debit and credit cards in many nations in APAC is encouraging customers to use bank accounts that are linked to mobile wallets. The increasing focus on financial policies in many countries helps in connecting the unbanked population and will result in the growth of the APAC market. Countries like China and India are using payment gateway solutions integrated with online platforms and hardware devices, such as smartphones and POS systems, to prevent fraudulence in transactions. Also, the development in the BFSI and e-commerce segment will revolutionize the APAC market.
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The key players operating in the global payment gateways market are:
- Amazon Payments
- CCBill
- PayPal
- Stripe
Other leading vendors in the market include PayDollar, MercadoPago, Authorize.Net, eWAY AU, NAB Transact, e-Path, Merchant Warrior, SecurePay, ePay.bg, Moip, PagSeguro, Beanstream, Moneris, Stripe, Alipay, Tenpay, 99Bill, PagosOnline, PayWay, ePay.dk, DIBS, PayPoint, Ogone, Worldline by Atos, Ogone, Worldpay, SOFORT, NETBANX, Barclaycard ePDQ, PayU, CCAvenue, Realex, GestPay, Epsilon, Paygent, iPay88, MOLPay, CashU, eWay NZ, iDEAL, Klarna, PesoPay, Przelewy24, PayU.pl, PayU.ro, WebMoney, ROBOKASSA, QIWI, PayFast, MyGate, VCS, WebCash, ServiRed, Certitrade, Payson, Sage Pay, Cardstream, GoCardless, SecureTrading, and eWay.co.uk.
A complete study is available in the Technavio report titled, ‘Global Payment Gateways Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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