Payment Gateways Come to the Fore as Consumer Demand Continues to Grow

NEW YORK, January 24, 2019 /PRNewswire/ --

FinancialBuzz.com News Commentary

The traditional method of paying is slowly fading as payment gateway's popularity continues to climb. As technology becomes more prevalent in everyday life, more and more consumers are opting to use digital payment solutions in order to pay for goods and services. Businesses and consumers are adopting payment solutions because they offer a more secure and quicker transaction than traditional methods. According to data compiled by Imarc Group, the global payment gateways market reach USD 10 Billion in 2017 and is expected to reach USD 16 Billion by 2023. Additionally, the industry is expected to grow at a CAGR of 8.1% throughout the forecast period from 2018 to 2023. The market is expected to continue its growth as more businesses adopt these digital solutions. The growing number of smartphones is also projected to propel the industry forward due to the quick and convenient processes that consumers are able to access. Glance Technologies Inc. (OTC: GLNNF), PayPal Holdings, Inc. (NASDAQ: PYPL), Fiserv, Inc. (NASDAQ: FISV), ACI Worldwide, Inc. (NASDAQ: ACIW), Evertec Inc. (NYSE: EVTC)

Payment processing options are increasingly becoming a necessity within the retail industry as retailers need to be able to accept debit and credit cards from customers. However, the emergence of digital solutions is reshaping the industry. Now, payment solutions are being integrated into other sub-sectors such as restaurants and even bodegas. Aside from accepting credit card payments, restaurants are now being challenged with transitioning into the digital era. Mobile payment solutions are being introduced into the restaurant business in an effort to quickly and even split the bill among a group, for instance. Joe Kleinwaechter, Vice President of Innovation and Design at Worldpay, "Companies like Starbucks have found great success in using an app as a form of payment," he says. "This not only encourages customers to download the restaurant's app, but it's a great way to reach customers with coupons, special offers and announcements, ultimately creating a stronger consumer connection."