Payment Gateway Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The payment gateway market was valued at USD 17.2 billion in 2020, and it is expected to reach USD 42.9 billion by 2026, at a CAGR of 16.43%, over the forecast period (2021 - 2026). The payment method has evolved at a dizzying pace since the past few years, from the token system to cash pooling and cashless payments. A payment gateway allows any businesses, such as brick and mortar or online retailing, to collect money through the customer's preferred bank without compromising on sensitive data. The integration of payment gateway has become one of the most critical aspects of any business in every industry. Besides, the increasing online transaction is expected to drive market growth over the forecast period.
Key HighlightsThe Payment Gateway Market is highly consolidated by players with the presence of prominent players such as PayPal and Stripe. However, other companies are trying to attain larger market shares by engaging in mergers and acquisitions to gain more consumers.
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