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Growth Opportunities in the Asia-Pacific Payment Gateway market look promising over the forecast period. Surge in the number of online transactions coupled with technological advancements in mobile payments, emergence of new payment methods such as cash pooling and increased usage of mobile wallets are primarily driving the Asia-Pacific payment gateway market revenues towards USD 8,304 million by 2026.
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Increasing internet penetration along with rising smartphone penetration and proliferation of digital banking are driving e-commerce sales across Asia-Pacific, especially in China and India, thereby driving the payment gateway market, as more e-commerce sales will lead to more online transactions. Also, the rising importance of digital payments across the region as a result of several government initiatives is further propelling the growth of Asia-Pacific payment gateway market. The payment gateway is becoming popular as it provides real-time transaction processing, streamlined payments, process multiple-currency payments along with it reduces frequency and severity of credit card fraud and convenient to make payment. As the percentage of online sales are increasing, more and more companies are going online to be competitive and relevant. The companies are adopting payment gateways to allow their customers to make a purchase directly from their website to increase the overall customer experience.
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Hosted payment gateway held the maximum revenue share in 2018 and is expected to dominate the market during the forecast period due to several advantages associated with it, including quick & easy implementation, reduced liability on the merchant, and enhanced compatibility coupled with additional data security. In addition, hosted payment gateways are being highly adopted owing to its high-speed website integration.
Large enterprises segment accounted for the maximum revenue share in 2018 due to the large number of transactions and high value per transaction coupled with a rise in adoption of advanced technologies such as artificial intelligence for payment gateway. Small & medium enterprises are projected to grow at the fastest CAGR% in the forecast period during 2019-2026 as more and more small and mid-size businesses are moving to online sales.
Retail segment held the largest market share in 2018 and is expected to grow at the highest CAGR% during the forecast period as consumer are buying more products online. Brick and mortar retailer is moving online to increase revenues and be competitive.
China dominated the Asia-Pacific payment gateway market in 2018 owing to its sheer size of e-commerce market. In 2017, it was the third-largest e-commerce market by sales in the world. Increasing consumer preference towards online purchases is increasing the number of online transactions, eventually propelling the demand for payment gateways in the country. India is projected to grow at the highest CAGR during the forecast period owing to increase in penetration of internet and smartphone along with various government initiative to promote digital payments and the growth of mobile payments such as UPI, BHIM, etc.
The Asia pacific payment gateway market is consolidated and major players in Asia Pacific payment gateway market are Alipay, Tenpay, PayEase, AsiaPay, NTT Com Asia, PaySec, Red Dot Payment, MOLPay, 2C2P, econtext Asia, Stripe, CCAvenue and PayU Money among others.
The Asia-Pacific payment gateway market has been segmented based on type, organization size, vertical, and key countries. Based on type, Asia-Pacific payment gateway market has been segmented into hosted payment gateway, non-hosted payment gateway. Based on organization size, the market has been segmented into small & medium enterprises and large enterprises. Based on vertical, market has been categorized as retail, travel & hospitality, BFSI, utilities, education and others.
Key questions answered in this research report:
Market Segmentation
By Type
By Organization Size
By Vertical
By Country
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