Retailers are adding various payment gateways such as Paypal and other gateways to their websites, which is expected to boost the payment gateway market growth.
PORTLANDO, OR, UNITED STATES, October 25, 2021 /EINPresswire.com/ — Rise in large volume of transactions dataand high adoption rate of various online payments modes such as credit cards, debit cards, net banking, and mobile wallets drive growth of the market. In addition, increase in use and easy availability of high-speed Internet fuels the market growth. However, data and security issues hamper the market growth. Furthermore, growth in new mobile applications that support online transactions and rise in thee-commerce sector are expected to provide lucrative opportunities for the global payment gateway market.
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Major players include: Authorize.Net, PayU Group, PayPal Holdings, Inc., Stripe, Inc., Wepay, Inc., and Skrill Limited.
COVID-19 Scenario Analysis:
• Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the global payment gateway market in 2020.
• Though governments have imposed lockdowns to contain spread of the virus, businesses have shifted to online mode for operations and are doing financial transactions online, which boosts the payment gateway market.
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