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Payment Gateway Market size was valued at USD 26.75 billion in 2019 and is poised to grow from USD 26.79 billion in 2023 to USD 153.55 billion by 2031, growing at a CAGR of 22.2% in the forecast period (2024-2031).

The market for online payment gateways is undergoing an increase in strategic activities, including partnerships, growth, mergers and acquisitions, and the incorporation of cutting-edge technologies. Industry leaders invest strategically in advancing R&D efforts and supporting their expansion goals. 'PayPal Holdings, Inc.', 'Stripe', 'Adyen N.V.', 'Square, Inc.', 'Wirecard AG', 'Payments, Inc.', 'CCBill, LLC', 'PayU Group', 'Skrill Limited', 'Ingenico Group', 'BlueSnap Inc.', ', Inc.', 'Worldpay, LLC', 'Authorize.Net Corporation', ' Co. Ltd.', 'Fiserv, Inc.', 'Payline Data Services LLC', 'GoCardless Ltd.', 'First Data Corporation', 'Braintree Payment Solutions LLC'

It is anticipated that increasing e-commerce sales and faster internet will foster the expansion of the payment gateway sector. Modern payments, smartphone transactions, and a growth in online credit card payments have caused retail to depart from conventional business structures. Retailers are working to create cutting-edge mobile payment solutions, manage risk, and provide excellent customer experience both online and offline. Although certain aspects of this evolution will occur spontaneously, there will be many possibilities for many parties to influence the final product.

The market under investigation is evolving along with consumer trends. A few trends affecting the retail industry are the cashless economy, mobile banking, fast payments, digital commerce, and the expanding influence of regulatory bodies. Customers benefit from shorter lines, the removal of cash-on-hand issues, and faster moving queues when making payments online. This simplifies the payment process and makes it more convenient for customers.

In 2021, North America dominated the market and generated more than 36% of worldwide sales. Technology developments and the use of payment gateways in booming end-use areas like retail and e-commerce are responsible for the increase. The market expansion in the area is also being fueled by the presence of well-known firms like Square, PayPal Holdings Inc., Mastercard, BluePay, and Amazon Payments Inc. Oberlo predicted that sales in the U.S. retail industry will increase by 2.3% in 2021 and by 4.1% in 2022.

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Global Payment Gateway Market

Product ID: SQSG45E2040