Future Market Insights (FMI) has recently published a new research report on the online payment gateway market titled “Online Payment Gateway Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028).” The report states that the growing prevalence of third party payment processes is expected to have a positive impact on the growth of the global market. Websites have always been a good source for channel merchants for generating revenue. Concentrating on the current scenario, the share for mobile usage has been growing significantly. The traditional ways of accepting payments has been declined as compared to advanced payment methods.
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Different mode of transactions are used for payment gateways such as real-time bank transfers, direct debits, and others. Transactions that include payment gateways are prepaid cards, debit cards, credit cards, and charge cards. The most widely used forms are credit cards and debit cards. Credit cardholders draw on a credit limit permitted by the card issuer such as a bank, store, or service provider. Credit card balances are usually rolling, whereby, part of the balance needs to be paid on a 30-day basis, until the full balance is paid. Whereas, debit cards are bank cards used in cash transactions, which are not credit cards. In a debit card transaction, the amount of a purchase is withdrawn from the available balance in the cardholder’s account. If the available funds are insufficient, the transaction is not completed. This is also called asset card (in the US), or payment card.
Companies operating in the market are also eyeing on the opportunities available in the global market. Some of the leading companies operating in this market are PayPal Holdings, Inc., Amazon.com Inc., Avenues India Pvt. Ltd., Stripe, and CCBill. According to the report, the global online payment gateway market is expected to witness a CAGR of 10.3% from 2018 to 2028. The market is expected to reach a valuation of US$ 191.7 Bn by the end of the forecast period rising from a valuation of US$ 65.5 Bn in 2017.
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Growing Third Party Payments to Augur Well for Global Market Growth
Emerging markets are the home for 85% of the global population, and about 90% of people under 30 years of age reside within these emerging markets. These markets are presently discovering themselves at a ‘sweet spot‘, where the population is favouring the growth of online transactions, which are in turn curtailing the black economy and stimulating economic growth. By opening up the banking market to non-bank players, regulators are side-stepping the requirement for banking institutions to being able to provide a full spectrum of financial services. This has brought about the ‘FinTech Revolution’. This has been a driver for the online payment gateway market, as regulators are allowing third parties to control payment processing.
NFC Payments to Obstruct Market Revenue Growth
Eyeing the current market scenario, payment gateways are booming all over the world, but there are new innovations to come. One such innovation that is predicted to come soon and is being worked upon is the payment through NFC technology, which could be the substituting point for the payment gateway market.