The North America Payment Gateway Market would witness market growth of 21.4% CAGR during the forecast period (2021-2027).
E-commerce firms are cooperating with payment service providers to serve customers and merchants with a digital payments infrastructure. Because merchants handle a huge volume of transactions, gateway systems have been integrated into their sales channels. For example, in July 2021, PayU, a payment gateway service provider, announced a partnership with WooCommerce, a customizable e-commerce platform, to deliver digital payment infrastructure and end-to-end digitization of business operations to WooCommerce businesses. This cooperation is anticipated to provide merchants with contactless payment solutions that will help them scale their growth and profitability, as well as exclusive transaction pricing and no hidden fees.
Many banks around the world are attempting to form agreements with payment gateway service providers to give customers and merchants real-time payment options. Yes Bank, for example, established a partnership with Amazon Web Services (AWS)) and Amazon Pay in November 2021 to provide a real-time payment system via the Unified Payment Interface (UPI) transaction capability. UPI supports inter-bank person-to-merchant and peer-to-peer network transactions using the Yes Bank digital payment platform as a result of this agreement.
Instant payments are prompting new client expectations and requirements in North America, as well as sparking new business possibilities for service providers. The payment environment is projected to be disrupted by new companies with the launch of open APIs and other technologies, and immediate payment can evolve as a viable alternative to conventional payment systems.
Banks are working hard to stay competitive, especially in light of the advent of FinTech and the regulatory push for system modernization. Because of the convenience and ease of use, customers are increasingly requesting fast payment-based overlay services. Increased use of fast payment systems in key economies, combined with FinTech growth and efforts, is projected to speed up transformation and assist initial adopter banks to stand out.
The US market dominated the North America Payment Gateway Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $19,171.9 million by 2027. The Canada market is poised to grow at a CAGR of 24.2% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 23.1% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Payment Gateway Market is Estimated to reach $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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