The rapidly increasing interest in online shopping and the need for secure digital payments that comes with it make a variety of businesses search for smart FinTech solutions. Thus, the integration of a payment gateway has already become a key aspect of every business conducting sales online.
The upward trend is obvious, but which market aspects will change to match it? Read on for a detailed overview of the tendencies that are predicted to transform the payment gateway market in the near future.
Before reviewing the fresh trends of the payment gateway market, it’s crucial to understand its current state. Here are a few insights:
While some of these factors are more positive than others, all of them equally contribute to the demand for the availability of reliable payment gateway solutions.
The payment gateway market is the area of FinTech that is forecasted to demonstrate plenty of innovation in the coming years. Here are the most significant trends that are likely to drive change in the payment and cybersecurity industries:
1. Versatile FinTech Solutions Arising
Since the demand for efficient payment gateways has become evident, it is now prompting industry players to establish more sophisticated solutions to remain competitive. For example, instead of a traditional payment gateway, companies are likely to offer all-in-one platforms that combine it with multiple other functionalities.
2. Rising Demand for Local Bank Integrated Payment Gateways
The tendency toward the digitization of financial services contributes to the demand for a local bank integrated payment gateway. This type of payment gateway sends the consumer to a bank page during a transaction, where they can enter their payment data. It is an easy-to-integrate and efficient solution, which explains the growing trend for its adoption and the anticipated CAGR exceeding 15% till 2027.
3. Increasing Payment Gateway Adoption Rate Among SMEs
Small and medium enterprises are adopting payment gateways at a fast pace. The main goals they pursue include:
Thus, SMEs occupy over 60% of the digital solutions market as of 2020, and this percentage is highly likely to grow in the upcoming years.
4. Increasing Importance of Payment Gateways for Media and Entertainment
Other sectors that are largely benefitting from the integration of payment gateways are the entertainment and media industries. The businesses in these spheres are focusing on improving consumer experiences by providing digital payment services at movie theaters, amusement parks, and other related venues.
5. Retail Segment Growth Boosting Payment Gateway Adoption
Retail eCommerce sales worldwide are expected to reach $7.4 trillion by 2025. Such transaction volumes require technical resources to be processed. Thus, the retail industry is sure to propel the payment gateway market growth over the given period and beyond.
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