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Payment gateways are used by small and medium enterprises to increase their profitability by delivering better customer experiences and reducing transaction costs. In terms of enterprise size, the small and medium enterprise segment is expected to witness significant growth over the forecast period.

In terms of type, the hosted segment is expected to retain its dominance over the forecast period owing to features such as easy payment integration, built-in compliance capabilities, and the ability to integrate more diverse methods.saw a 40% year-on-year growth in the second quarter of 2020 due to an increase in online grocery sales. Moreover, e-commerce vendors also saw an increase in their sales during the pandemic. This development is mostly identified among merchants handling a large volume of transactions. Numerous e-commerce vendors are developing their payment gateway systems combined with eWallet services. The COVID-19 pandemic has positively impacted the market owing to changing consumer preference toward online shopping.

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For instance, in October 2021, Pine Labs, a software development company, announced the launch of Plural, a payment gateway platform, to offer merchants an integrated solution for all kinds of payments. Financial service providers are also focusing on developing innovative payment gateway solutions for merchants. The financial service providers focus on incorporating technologies such as Artificial Intelligence (AI) and Machine Learning (ML) in their payment gateway systems for process automation and fraud detection. Payment gateways help merchants that manage a large volume of transactions automate the complete money transfer process with faster processing speed and error-free computations. These partnerships are allowing merchants to benefit from the opportunities generated by the globalization of the e-commerce sector. Retailers and e-commerce merchants across the globe are focusing on expanding their businesses in other regions and are partnering with payment service providers. Moreover, rapidly increasing internet penetration across the globe is anticipated to fuel market growth over the forecast period. Increase in online transactions, coupled with the advancements in payment methods, such as cash pooling, cashless transactions, and token systems, is expected to fuel the market growth. The global payment gateway market is expected to reach USD 132.24 billion by 2030, expanding at a CAGR of 22.1% from 2022 to 2030.

Global Payment Gateway Market Global Payment Gateway Marketĭublin, Ma(GLOBE NEWSWIRE) - The “Payment Gateway Market Size, Share & Trends Analysis Report by Type (Hosted, Non-hosted), by Enterprise Size (Large Enterprise, Small & Medium Enterprises), by End Use (BFSI, Retail & E-commerce), by Region, and Segment Forecasts, 2022-2030” report has been added to ’s offering.

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