Online payment gateways are the merchant service which assists in carrying out a smooth transaction at the time of online shopping. The transaction is carried out by processing credit card, debit cards and direct payment process for various online business such as e- retailers, online websites. The payment gateways services can be provided by any financial service provider of by any commercialized bank.
Online payment gateway enables transfer of information between front end processor, for instance, bank and payment portal such as website and mobile apps. The payment gateways ensure proper transaction with considering all aspect to facilitate the safe and secure transaction.
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Online Payment Gateway Market: Drivers and Restraints
In emerging economies, expansion of small business to provide online service to the customers is the key driver piloting the growth of the online payment gateway market during the forecast period. Also, increasing inclination towards M-commerce is another driver for the industry growth.
Attractive online offers, all time availability, easy comparison with other goods, the huge time saving and easy access are the key reasons responsible for the growth of online shopping, so to facilitate proper buying and selling, a payment gateway is required, which is expected to spur the market growth during the forecast period. Moreover less trust on online payment methodology is the major factor restraining the growth of the online payment gateway market.
Global Online Payment Gateway Market: Regional Trend
North America is expected to witness huge market growth for online payment gateways, owing to huge dependence on electron payment for online purchasing. Further, online payment gateways offer safe and secure transaction, which is the other reason propelling the growth of the online payment gateway market in the respective reason.
Asia Pacific countries such as India and China is anticipated to witness fastest market growth, due to the adoption of online business platforms by local vendors and also the increase in the number of internet subscription is positively influencing online purchasing, which is the other driver for the growth of the market during the forecast period.
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Global Online Payment Gateway Market: Competitive Landscape
The major player operating in online payment gateway market includes Stripe, Amazon Payments, PayPal, and CCBill. The other players associated with the online payment gateway are SmsCoin, AsiaPay/PayDollar, BitCoin, MercadoPago, eWay.co.uk, eWAY AU, SecureTrading, NAB Transact, GoCardless, e-Path, Merchant Warrior, Cardstream, SecurePay, Sage Pay, Moip, Payson, PagSeguro, Certitrade, ePay.bg, ServiRed, Beanstream, WebCash, Moneris, VCS, Alipay, MyGate, Tenpay, PayFast, 99bill, Yandex, Pagosonline, QIWI, PayWay, ROBOKASSA, ePay.dk, WebMoney, DIBS, PayU.ro, PayPoint, PayU.pl, Ogone, Przelewy24, Worldline by Atos, PesoPay, SOFORT, Klarna, NETBANX, iDEAL, Barclaycard ePDQ, eWay NZ, Wirecard, CashU, Ogone, MOLPay, Worldpay, iPay88, PayU, CCAvenue, Epsilon, Realex, GestPay, and Remise.