Gateway Market

A payment gateway is a financial service, which is an interface between E-commerce website and a bank to authorize and authenticate any online transaction. The key function of payment gateway is to encrypt the delicate information such as bank account details or credit/debit card numbers and make sure that the information is sent securely from the customer to the issuing bank.

More and more companies currently are reframing their business and revenue strategies towards digital approach. One reason for this is due to the adoption of digitalization by various government organizations across the world. This has led to the development of card acceptance infrastructure such as payment gateways. Online comparison of products across different websites, 24/7 availability, and ease of access along with better communication technologies are major factors that contribute to the growth of E-commerce which, in turn, contributes to one of the factor affecting the growth of payment gateway market. Apart from these, the introduction of mobile wallets which provide customers a convenient way to make in-store payments has emerged as another driver for payment gateway market.

New payment methods like Bitcoin, which gained immense popularity in the year 2017, does not require any payment gateway system for financial transactions. Thus, Bitcoin or any other similar crypto currency which uses block-chain technology could act as a major restraint for the growth of payment gateway market in the future.

Also, due to the emergence of open source payment gateway systems, there is a threat to the global payment gateway market share. It is up to the vendors to offer best features and differentiate their product from the competitors to stay ahead.

Growing number of smartphones and internet penetration due to emergence of 4G LTE and 5G technologies in emerging markets serves a huge potential for payment gateway companies to tap in and provide mobile wallet services.

Growing popularity of wearable devices and smartphones has led to the innovation of payment systems. For instance, payment gateways such as Apple pay, Samsung pay and Android pay have made it possible for customers to pay without entering the PIN. This is known as contactless payment, which makes use of near field communication (NFC) technology or point of sale (POS) to facilitate digital payment.
Numerous threats that have hunted upon traditional payment system have led to the development of new payment gateway architectures such as Cloud-based PoS systems and secure elements systems.

 

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In terms of interaction mode, the payment gateways can be segmented as:
• Self-hosted payment gateway
• API-hosted payment gateway
• Local bank integration
• Direct payment gateway
• Platform-based payment gateway
• Hosted payment gateway
In terms end-user, the payment gateway market can be segmented as:
• Small size enterprises
• Medium-size enterprises
• Large enterprises
In terms of geography, the payment gateway market can be segmented as:
• USA and Canada
• South America
• Europe
• Middle-East
• Asia
• South Africa
• Other
The growing global payment gateway market has sparked a fierce competition among the vendors who are constantly under the pressure to provide an innovative and low-cost solution to the customers. The following companies are some major players in payment gateway market:
• PayPal
• Square
• Amazon pay
• Authorize.net
• Klarna

The other prominent vendors are: Braintree, CCBill, Google Checkout, Vanco payment solutions, Alipay, HiperCard, Worldpay, Sage pay, LawPay, MercadoPago, GiroPay, ClickBank Payment Link, Epoch, PaySafecard, SiteLink Merchant Services, eWAY, Apple pay, 2Checkout etc.
In May 2018, PayPal has announced an initiative to engage small and underserved businesses across the globe. There are about 19 million merchants across the globe who have small businesses and could be tapped in by payment gateway vendors. This, in turn, could be a game changer for the payment gateway vendors to acquire the majority of the market and increase the revenue.

 

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