Global Market Insights Inc. has recently added a new report on the payment gateway market, which estimates the market valuation for payment gateway will cross US $60 billion by 2027 due to increasing demand for secure digital payments and mobile payment technology.

Rising internet penetration across the globe is boosting the payment gateway market demand. The increasing internet penetration is enabling customers to use various digital payment methods such as net banking and mobile wallets. The security of online transactions is the major challenge faced by both customers and businesses. The payment gateway helps businesses to perform online transactions in a more secure way. The growing demand for various smartphone-based digital payment apps is also supporting the payment gateway market growth.

The local bank integrated payment gateway type is expected to grow at a 15% CAGR till 2027 due to growing digitalization across banks. The local bank integrated payment gateway directs customers to banks during the financial transaction, where users can add their financial credentials. This type of payment gateway is quick and easy to set up, making it ideal for SMEs.

The SMEs held the market share over 60% in 2020 due to the growing adoption of digital payment solutions across SMEs. SMEs are using digital payment solutions to avoid long queues of customers. The digital payment is also faster than traditional manual payment methods, helping SMEs to improve their customer experience. Digital payments also enable SMEs to reduce the risks, such as thefts, arising due to physical security breaches at their premises.

The media & entertainment industry is expected to grow significantly over the forecast period in the payment gateway market. This market growth is attributed to the increasing adoption of advanced technologies, such as IoT and AI, across the media & entertainment industry. The entertainment industry is emphasizing improving the customer experience by providing digital payment services at movie theatres, amusement parks, and plays.

Europe’s payment gateway market size is projected to generate revenue of over USD 15 billion by 2027. The growth is attributed to increasing digitalization across the financial sector in the region. The major banks are deploying various digital solutions to improve their customers’ banking experience. The increasing number of internet banking users in the region is another factor fueling the market.

The companies operating in the market are focused on partnering with digital payment solution providers to expand their payment gateway capabilities. For instance, in March 2021, PayPal partnered with Cashfree, an India-based payment and banking technology company, to enable international payments for merchants across 200 countries. This partnership helped the company to strengthen its position in the payment gateway market.

Some major findings of the payment gateway market report include:

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