The Europe Payment Gateway Market would witness market growth of 21.5% CAGR during the forecast period (2021-2027).
The payments sector is still developing and evolving, with transactions, volume, and digital payments increasing all around the world. As they strive for a larger portion of the payment business, established suppliers of open and closed payments platforms faced increased rivalry in 2020. The availability of low cost internet and smart devices would accelerate the growth of the market.
Correspondent banking is also seen as a primary avenue for providing cross-border banking services, making it a profitable business for banks. The online payment gateway market in the region is predicted to increase significantly over the forecast period, owing to the rising adoption of mobile phones and cards as preferred modes of payment.
Because it is the front-end technology that sends client information to the merchant acquiring bank, which executes the transaction, the payment gateway is an integral aspect of the electronic payment processing system. Payment gateway systems are always improving to keep up with changing technological capabilities and consumer preferences. Earlier, credit cards with magnetic strips were accepted at terminals, and users had to sign paper signatures. The signature phrase could be replaced by a personal identification number (PIN) inserted directly into the payment gateway hardware as chip technologies advance. Contact less purchases are now possible, and many customers are opting to pay using their phones rather than conventional credit cards
The rising digitization of the financial industry is a crucial aspect i.e., positively influencing the success of the regional payment gateway market. Several big African banks are presently implementing various digital technologies to improve their clients' banking experiences. Furthermore, the growing count of internet banking customers is boosting the growth of the regional market. Payment gateway acceptance has accelerated in current years due to a change in customer preferences toward digital payment alternatives. Due to ongoing technological developments in these payment solutions, demand for them will continue to rise in the future years, enhancing the business picture.
The German FinTech market is the second largest in Europe and the fourth largest in the world. In between 2015 and 2019, the FinTech sector grew radically on an average. In 2019, Germany's FinTech acceptance rate mirrored that of the rest of the world, with over 64 percent of digital end consumers using FinTech services. These figures place Germany above the worldwide and European averages, making it Europe's second-most appealing FinTech market behind the United Kingdom. However, the United Kingdom's departure from the European Union in 2020, dubbed "Brexit," is predicted to have a long-term influence on the country's position as Europe's FinTech leader.
The Germany market dominated the Europe Payment Gateway Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $4,743.4 million by 2027. The UK market is experiencing a CAGR of 20.6% during (2021 - 2027). Additionally, The France market would witness a CAGR of 22.4% during (2021 - 2027).
Based on Type, the market is segmented into Hosted and Non-hosted. Based on End Use, the market is segmented into Retail & E-commerce, BFSI, Travel & Hospitality, Media & Entertainment and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Payment Gateway Market Size will Hit $73.9 Billion by 2027, at a CAGR of 22%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Visa, Inc., PayPal Holdings, Inc., BitPay, Inc., Stripe, Inc., JPMorgan Chase & Co., Amazon.com, Inc., Naspers Limited, VeriFone Holdings, Inc., Adyen N.V., and Worldline.
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