United States Payment Gateways Market Forecast Report by Type, Enterprise, End User and Company Analysis 2024-2032

United States Payment Gateways Market Size

The United States Payment Gateways market is expected to reach US$ 8.33 Billion in 2023 to US$ 37.55 Billion by 2032, with a CAGR of 18.22% from 2024 to 2032. The market is expanding significantly as a result of the quick development of digital payments, consumers' increasing propensity for online shopping and e-commerce, and the rise in small and medium-sized enterprises (SMEs) that are spearheading innovation in the area.

United States Payment Gateways Overview

The payment gateway market is expected to increase as a result of a number of important factors, including rising e-commerce sales and expanding internet usage in the United States. The trend in merchant and client preferences toward digital channels that facilitate online money transfers is also expected to fuel the industry's growth in the next years. One sector of the financial technology (Fintech) industry that is growing significantly is the payment gateway market. A payment gateway is a technological device that facilitates the safe exchange of payment information between an online merchant and an acquiring bank or payment processor.

Growth Drivers for the United States Payment Gateways Market

Adoption of Digital Payments

The transition from cash to digital payments-characterized by a decrease in the use of cash and an increase in the acceptance of credit cards, debit cards, and ACH payments-has a substantial influence on the expansion of payment gateways in the United States. According to the findings of the Federal Reserve survey, American consumers' use of digital wallets-especially those provided by fintech or non-bank technology companies-rose by 32% in 2023 over the previous year. This growth outpaced the increases in bank mobile applications (8%), and the use of debit cards (5%). At the moment, 40% of users would rather pay using their bank's mobile app.

Additionally, younger generations are more inclined to use digital wallets; a large number of Generation Z (those between the ages of 18 and 25) and millennials (those between the ages of 26 and 41) use these platforms to pay bills with their cellphones. Moreover, eighty percent of these younger customers think it's vital to be able to make payments using a mobile device. As a result, this trend is propelling innovation and development in the payment gateways sector as suppliers strive to create dependable, adaptable, and sturdy solutions that meet the changing demands of local businesses and customers in the digital economy.

Growth of E-Commerce

As technology advances, payment gateways can be integrated with a variety of e-commerce platforms to offer state-of-the-art features like real-time analytics and mobile payment alternatives. Furthermore, the phenomenal growth of the United States e-commerce business is driving an increasing need for payment gateways. After excluding pricing and seasonal fluctuations, U.S. retail e-commerce sales for the first quarter of 2024 totaled $289.2 billion, according to a study from the Department of Commerce's Census Bureau. This represents a 2.1% rise from the fourth quarter of 2023. When compared to the same period in 2023, e-commerce sales jumped by 8.6% in Q1 2024, while overall retail sales rose by 1.5%. 15.9% of retail sales in the first quarter of 2024 were made online. Payment gateways are handling higher quantities of transactions as more customers and businesses shop online, which calls for a strong infrastructure to process payments securely and quickly.

United States Payment Gateways Company Analysis

The major participants in the United States Payment Gateways market includes PayPal Holdings, Inc., Amazon Pay (Amazon.com, Inc.), Adyen, JPMorgan Chase & Co., Stripe, Inc., BitPay Inc., Braintree, Wepay, Inc.

United States Payment Gateways Company News

In April 2024, the goal of Dwolla's recently released Open Banking Services is to maximize Account-to-Account (A2A) payment efficiency. By utilizing its single API, Dwolla's pre-integration with top open banking service providers streamlines the implementation process for businesses, cutting down on complexity and expediting the adoption of A2A payment solutions.

In April 2024, San Francisco A partnership with URBN to manage online and in-store retail transactions for Urban Outfitters, Anthropologie Group, Free People, and FP Movement has been disclosed by Stripe, a financial infrastructure platform that supports businesses. By using Stripe as its main payment infrastructure, URBN also hopes to increase authorization rates, improve consumer checkout consistency, and open the door for future developments.

Type- Industry is divided into 2 viewpoints:

1. Hosted

2. Non-hosted

Enterprise- Industry is divided into 2 viewpoints:

1. Large Enterprises

2. Small & Medium Enterprises

End User - Industry is divided into 5 viewpoints:

1. BFSI

2. Media & Entertainment

3. Retail & E-commerce

4. Travel & Hospitality

5. Others

All companies have been covered with 5 Viewpoints

1. Overviews

2. Key Person

3. Recent Developments & Strategies

4. Product Portfolio & Product Launch in Last 1 Year

5. Revenue

Company Analysis

1. PayPal Holdings, Inc.

2. Amazon Pay (Amazon.com, Inc.)

3. Adyen

4. JPMorgan Chase & Co.

5. Stripe, Inc.

6. BitPay Inc.

7. Braintree

8. Wepay, Inc.