Massive Growth in Online Payment Gateway Market

Friday, September 25th, 2020

The online payment gateway market is growing at a high CAGR. It was valued at U.S.D. 17.2 billion in 2019. To know more about the market and find a reliable provider, keep on reading below. 

Online Payment Gateway Market Growing 

The International Telecommunication Union (ITU) reports that in 2018, 80% of the population from the developed countries and 45% population from the developing ones had access to the internet.

It’s crucial to work with an exceptional payment gateway provider that can help you take your business to the next level with ease. Thanks to a respectable merchant services provider, you can get fast and easy access to the right online payment gateway for your business.

To find one, you just need to turn to a reputable merchant services comparison expert like BestPaymentProviders.com. BPP U.S. is dedicated to providing the most secure, advanced and cheapest merchant services in the space based on the most reliable snapshot of processors it delivers. 

Payment Gateway Market Growth Factors

The global payment gateway market is growing driven by more than one factor. Specifically, the market growth is based on the rise in mobile payment technology, increased use of mobile wallets, and more. 

Moreover, the growing number of online transactions together with the rise in billing methods is making the market further grow. Cashless transactions are highly associated with payment gateway systems since the latter systems include effective alert mechanisms developed to detect offline/online suspicious activities.

One of the mentioned factors has to with the growing internet penetration, especially in developing countries. On the other hand, online transactions have become more widespread and easy to access, thus making consumers change their preferences for completing payments online.

In addition, COVID-19 has resulted in immense growth in eCommerce sales. Millions of consumers around the globe moved to the online space for making purchases, making payments, entertainment, etc. According to ACI Worldwide, online retailers worldwide had 74% growth in March 2020 as compared to March 2020.

So, online payment gateways are vitally important when it comes to online transaction processing. The rapidly growing number of internet users worldwide, together with other factors, are fueling the market growth.