IMARC Group’s report titled “United States Payment Gateways Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The United States payment gateways market size reached US$ 5,290.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 7,294.5 Million by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
Payment gateways are online applications that act as intermediaries between various e-commerce websites and banks. They play a crucial role in authenticating and authorizing online transactions conducted by consumers worldwide. Payment gateways are essential for encrypting sensitive information like credit card numbers and bank account details, ensuring the secure transfer of data from customers. Moreover, these applications help prevent fraud by offering features like Address Verification System (AVS) and Card Verification Value (CVV) checks. They also enable convenient shopping at any time without the need to endure long queues. Consequently, payment gateways are widely used by businesses of all sizes, including large, small, micro, and mid-sized enterprises.
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United States Payment Gateways Market Trends and Drivers:
The United States payment gateways market is experiencing robust growth, primarily driven by several key factors. One of these key drivers is the increasing adoption of online banking services. Additionally, the widespread utilization of web-based payment gateway applications in the e-commerce sector is contributing to market expansion. The emergence of NFC-based technologies is also playing a significant role in boosting market growth. Moreover, the ongoing digital transformation of businesses and the growing popularity of online payment methods, such as credit and debit cards as well as mobile wallets, for conducting financial transactions are further fueling market growth throughout the United States. Furthermore, there is a notable reliance on online travel agencies (OTAs) for booking travel-related services, including flights, cars, tours, cruises, and hotel accommodations, which serves as another substantial driver for market growth. Lastly, strategic partnerships between banks and retail vendors to offer cashback incentives, attract new customers, and retain existing users are expected to drive the United States payment gateways market in the foreseeable future.
Breakup by Application:
- Large Enterprises
- Micro and Small Enterprises
- Mid-Size Enterprises
Breakup by Mode of Interaction:
- Hosted Payment Gateways
- Pro/Self-Hosted Payment Gateways
- API/Non-Hosted Payment Gateways
- Local Bank Integrates
- Direct Payment Gateways
- Platform-Based Payment Gateways
Breakup by Country:
- Northeast
- Midwest
- South
- West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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