The payment gateway market is expected to experience significant growth in the coming years, according to a market study by Market US. The study forecasts a sustained compound annual growth rate (CAGR) of 20.5% from 2023 to 2032, and a market size exceeding RM719 billion (USD 161 billion) by 2032. The study attributes this growth to several factors, including the increasing adoption of digital payments, rising e-commerce activities, and the growing popularity of mobile payment methods.
As more consumers and businesses turn to digital payment methods, the demand for payment gateways has been rising steadily. Payment gateways facilitate secure online transactions between customers and merchants by encrypting sensitive payment information and verifying payment details. With the proliferation of e-commerce activities, payment gateways have become an essential component of online transactions, enabling merchants to accept payments from customers all over the world.
Moreover, the growth of mobile payment methods has been a major driver of the payment gateway market. The increasing popularity of mobile devices and the convenience of mobile payments have contributed to the rise in demand for payment gateways that support mobile transactions. This trend is expected to continue as more consumers prefer to make payments using their mobile devices.
The Market US study provides insights into the major players in the payment gateway market and their market share. The report identifies key players such as PayPal Holdings Inc., Stripe Inc., and Square Inc. The study also provides strategies for growth, such as partnerships, collaborations, mergers and acquisitions, and product launches. The report suggests that these strategies are likely to be effective in expanding the market share of companies in the payment gateway industry.
In summary, the payment gateway market is expected to experience significant growth in the coming years, driven by factors such as the increasing adoption of digital payments, rising e-commerce activities, and the growing popularity of mobile payment methods. The study by Market US provides valuable insights into the major players in the industry, their market share, and strategies for growth.
2 May 2023