According to Verified Market Intelligence, the Global e-Commerce Payment Market was valued at USD 23.70 Billion in 2016 and is projected to reach USD 25.43 Billion by 2025, growing at a CAGR of 13.0% from 2018 to 2025.
E-Commerce payment is a method of payment that allows direct payment processing or for online vendors. This form of payment has proven to increase the overall efficiency in the online payment service as well as have additional advantages such as the added convenience to the customer, the protection from fraudulent activity as well as the enablement of the usage of multiple currencies which aids the overall online market.
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With the increase in the implementation of more complex technologies, there is a rise in systems such as big data management and mobile wallets. These technologies are increasing the focus on customer satisfaction. This shift towards digital commerce has led to these factors driving the payment gateways market. Factors such as the concerns for security and the lack of other payment options, along with the high entry barriers have resulted in restraint in the global payment gateways market