- Shifting from legacy systems used by banks to real-time payments, many governments around the world are introducing national payment gateways and open banking systems. Mobile banking is expected to rise with the banks expected to provide access to third-party developers through APIs.
- Banks, Big Technology and E-commerce companies have made investments into payments technology by launching mobile payments applications to improve payments for customers and merchants.
- Major marketing strategies adopted by these payment gateway companies is to partner with major merchants and e-commerce sellers to increase transaction value and volume through their gateway and providing incentives such as discounts and cash-backs for using a specific payment method.
Growth in E-commerce: The growth in the Transaction value and volume for payment gateway operators will be driven by growth in internet and mobile phone penetration across global regions. Payment through cards and online will be driven by a rise in e-commerce as more customers would make payments seamlessly with fewer steps. Emerging economies are leading the adoption of e-commerce and it digital payment methods. Seamless payments in brick and mortar stores are also driving innovation in POS and in-store payment methods. Apple, Google, and Amazon have introduced real-time payment systems across regions that comply with regional regulations to improve payments through their websites and e-commerce sites.
Open Banking Regulations: The majority of the banking system is based on older systems that do not support real-time payments. Hence making payments, which has always included the banking system, lacked innovation. The threat of security theft and frauds has inhibited the banks and various governments to lag in introducing innovation in payments. Currently, many governments have introduced Open Banking regulations that enable banks to innovate through third-party developers. With the help of these third-party developers, the bank’s role in payments will be to only execute settlement and clearance notifications to the payment systems operated by card networks.
The Middle East and Africa Region has high cash in circulation as a percentage of GDP and relies mostly on cash for payments, both for sellers and buyers. UAE banks have started on the road to digital adoption. With the mergers of major banks in recent years, a reduction in the number of ATMs in the future is a trend towards the adoption of digital banking services.
Analysts at Ken Research in their latest publication “Global Payment Gateway Market Outlook to 2024” believe growth in e-commerce, demand by customers to have seamless payment options online and in-store, increase in mobile phone and internet penetration driving adoption of mobile phone payments, entry of third party developers to provide value-added services, regulations in Fintech, various governments’ need to increase banked population are some of the factors that will drive the market to register an 11% CAGR growth in transaction value and volume for the period 2019-2024.
For More Information on the market research report, please refer to the link below:-
Key Segments Covered:-
By Region
APAC
North America
Europe
Middle East and Africa
Latin America
By End-User Industry
Retail
Transportation
Government
Banking and Financial
Telecommunications
Others (Media and Entertainment)
Key Target Audience
Existing Payment Gateways
Investors and Venture Capital Firms
Third-Party Developers
Banking and Financial Services Companies
Government Entities
Merchant Acquirers
Card Issuers
E-Commerce Sellers and Websites
Time Period Captured in the Report:-
Historical Period: 2014 -2018
Forecast Period: 2019-202
Companies Covered:
First Data
Paypal
Worldpay
Adyen
Square
Alipay
GMO Pay
PayU
Ingenico
Authorize.net
Key Topics Covered in the Report:-
Executive Summary
Research Methodology
Global Payment Gateway Market Value Chain Analysis
Global Payment Gateway Market Overview
Global Payment Gateway Ecosystem
Global Payment Gateway Market Trends
Global Payment Gateway Market Challenges
Global Payment Gateway Future Projections
Global Payment Gateway Market Segmentation by Region
Global Payment Gateway Market Segmentation by End-User Industry
Competition Analysis of Global Payment Gateway Companies
Global Payment Gateway Regulations
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Ken Research
Ankur Gupta, Head Marketing & Communications
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