According to IMARC Group latest published report, titled “Asia Pacific Payment Gateways Market Report: Industry Trends, Share, Size, Growth Rate, Opportunity and Forecast 2022-2027,” that the Asia Pacific payment gateways market size reached US$ 9.0 Billion in 2021. Looking forward, the market expects to reach US$ 14.9 Billion by 2027, exhibiting a growth rate (CAGR) of 10.7% during 2022-2027.
A payment gateway refers to a web-based application that serves as an intermediary between e-commerce websites and banks to authorize and authenticate online transactions. The application is segregated into large, micro and small, and mid-sized enterprises. Payment Gateways ensure the secure transmission of information from the customer to the issuing bank by encrypting the sensitive information of consumers, including credit card numbers and bank account details.
Covid-19 Scenario:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Asia Pacific Payment Gateways Market Trends:
The shifting consumer preferences toward online shopping platforms are primarily augmenting the Asia Pacific payment gateways market. Furthermore, the inflating utilization of smartphones and tablets and the rising penetration of the internet are expanding the e-commerce sector, which is positively influencing the market growth. Apart from this, the increasing advancements in technology have led to the widespread adoption of Artificial Intelligence (AI) and the Internet of Things (IoT) has enabled businesses to make more informed decisions is acting as another significant growth-inducing factor.
Moreover, numerous companies are restructuring their businesses and revenue strategies toward a digital approach, which is also bolstering the regional market. Besides this, the growing need for developing reliable solutions that integrate payment solutions with digital channels is further catalyzing the market growth. Additionally, the rising number of bank collaborations with retail vendors to offer cashback schemes or discounts for retaining existing customers and attracting new customers is also driving the regional market. In addition to this, the introduction of Card Verification Value (CVV) and Address Verification System (AVS) and facilitating a purchase from anywhere and during any time of the day without the inconvenience of waiting in long queues is expected to drive the Asia Pacific payment gateways market in the coming years.
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Table of Contents
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific payment gateways market report, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on application and mode of interaction.
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:
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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