An online payment gateway is a service that enables merchants to accept credit card and other forms of electronic payment for goods and services purchased online. Payment gateway services are provided by companies that specialize in secure electronic commerce transactions.
When a shopper attempts to make a purchase from an online store, the payment gateway service provider verifies that the shopper’s credit card is valid and that the shopper has the necessary funds to complete the transaction. The payment gateway service provider then forwards the transaction information to the merchant’s bank for approval. Once the transaction is approved, the payment gateway service provider notifies the shopper and the merchant of the successful transaction.
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Key Trends
Some key trends in online payment gateway technology include the following:
1. Increased use of mobile devices for online payments: More and more consumers are using their mobile devices to make online payments. This trend is being driven by the increasing popularity of mobile commerce and the convenience of using a mobile device to make payments.
2. Increased use of alternative payment methods: Alternative payment methods, such as e-wallets and mobile payments, are becoming increasingly popular.
3. Increased security: Security is a major concern for consumers when making online payments. As a result, online payment gateway providers are continuously working to improve the security of their services.
Key Drivers
Some of the key drivers of the online payment gateway market are increasing internet penetration, the growing e-commerce industry, and evolving digital banking landscape.
Internet penetration is increasing globally, especially in emerging economies. This is resulting in a growing number of online shoppers and transactions.
This growth is being driven by factors such as the increasing use of mobile devices for shopping, the growing popularity of social media, and the increasing use of digital payment methods.
The digital banking landscape is also evolving, with more banks and financial institutions offering digital payment solutions to their customers. This is resulting in a growing number of people using online payment gateway solutions to make payments.
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Market Segments
The online payment gateway market is segmented by application, mode of interaction, and region. By application, it is bifurcated into large enterprises, and small & medium enterprises. Based on the mode of interaction, it is bifurcated into hosted, API, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global online payment gateway market includes players such as PayPal Holdings Inc., Amazon.com Inc., Stripe, CCBill, AsiaPay Limited, Avangate Inc., Dwolla Inc., Alipay.Com Co. Ltd, Instamojo Technologies Pvt Ltd., Mastercard, and others.
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