The Rise of Online Payment Gateway 

The free payment system is growing exponentially with flexible payment methods, increased e-commerce usage, improved broadband connectivity, and the emergence of new technologies. Could an increase in the incidence of cyber attacks and spam hinder the growth of the online payment market or will it continue to grow at a rapid pace?

The global digital payment industry is expected to reach the USD6.6 trillion mark by 2021, registering about 40% over two years. Non-cash payment methods are rapidly coming in with new features such as mobile wallets, peer-to-peer payments (P2P), real-time payments and cryptocurrensets. In the growing digital age, many payment technology companies are working with traditional financial institutions to cater to the needs of the latest buyers and sellers. Thanks to improved broadband connectivity, the growth of mobile commerce, the emergence of new technologies such as Virtual Reality, Artificial Intelligence, and faster digitalization, billions of people have begun to accept tangible payments in both developed and developing countries. In addition, rising commerce businesses, digital remittances, digital business payments, and B2B mobile payments are enhancing the non-monetary transaction system.

Non-financial transaction users of different generations widely accept digital peer-to-peer (P2P) applications as they are very popular and flexible. In-app payments or tap transactions took seconds to exit and allowed users to pay anytime and anywhere. Token making, encryption, Secure Sockets Layer (SSL), etc., have provided many ways to receive payments while enabling digital transactions. In addition, users do not always have to fill in the details to complete the payment process. Therefore, online payment gateways play an important role in economic growth, allowing trade in today's economy. With existing social segregation laws, digital payments have become a binding transaction without contact with other measures to prevent the spread of coronavirus.

Businesses The Power of Digital Trading

Electronic payment systems have become an integral part of businesses as consumers' tendency to shop online is growing. With increasing internet penetration, increased use of smartphones, and a variety of e-transaction options, more consumers are choosing online channels over traditional and brick-and-mortar stores. Therefore, businesses are turning to the Internet with an electronic payment solution to maximize profits. Automatic electronic payment system removes the amount of errors and saves a lot of time and effort. Higher standards for detecting and preventing fraud in digital transaction systems and AI-based fraud detection protects users from security breaches. By providing flexibility for making payments with credit / bank cards, mobile money, e-Wallet, etc., businesses can expand their customers. The electronic payment process improves customer satisfaction as customers do not have to count money or deal with paperwork whenever they want to make a transaction.

Biometric Verification Improves Security

Biometric validation includes identifying biometric features and structural features to ensure human identification. The verification method can include fingerprint scanning, facial recognition, voice recognition, vein mapping, iris detection, and cardiac analysis. With the increase in data theft and fraud, biometric authentication has become a reliable and secure way to conduct digital transactions. According to a recent study, biometrically certified commercial transactions are expected to account for 57% of the total biometric transactions by 2023. transactions. A digital payment technology provider, Worldline is partnering with French FinTech, A3BC (Anything Anywhere Anytime Biometric Connection), to prevent cell phones from entering through a two-factor authentication process. The integrated solution removes the touch with a single touch, instead we see fingerprints with a hand image. MasterCard plans to deliver a payment solution to FinGo's scanning vein that helps users verify transactions.

Mobile wallets

In 2019, mobile wallets received credit cards to become the most widely accepted payment method worldwide. Digital wallets offer flexibility for users to store multiple payment methods in a single digital home and convert money into electricity needed for online or in-store purchases. Financial institutions have begun to embrace the trend of digital wallets by offering visual cards to business customers. Visual cards stored in digital wallets contain information such as 16-digit card numbers, CVV code, expiration date and function as a visible plastic card. Currently, only 37% of retailers support mobile payments where they sell, but with increasing acceptance, retailers are willing to invest in technology that supports digital wallets. Visual funds can save money due to lower processing costs as they limit transaction prices and quantities. Artificial Intelligence (AI) enhances the user experience with regard to transactions with ChatBots, which are designed to generate and perform significant transactions on user interest. In addition, e-wallets based on money earned by new companies are adopted by new companies in organizations that use digital savings methods. Smart voice technology has contributed to the growth of smart voice bags since Amazon introduced the platform for this platform, which is now being pursued by Google and Apple.

The E-Commerce Boom Accelerates the Growth of the Digital Payment Market

The rapid growth of E-commerce is creating shocking waves, and the sonic boom is spreading across the FinTech industry. The growth of many e-commerce companies is driven by the type of financial services they provide. Digital transactions make it easier for the buyer and seller to make the transaction and remain loyal to the market space. The COVID-19 epidemic has added a new dimension to new e-commerce, introducing new styles such as other payment methods at checkouts (not with digital wallets), visual cards, QR codes, and more done without touch. In addition, the Buy Now Pay Later (BNPL) practice dominates the e-commerce industry as it reduces the financial burden on the consumer. BNPL incorporates a soft credit check, so consumers can buy what they need, keep an inventory running, and pay overtime without compromising their credit score. BNPL provides businesses with much needed funding and greater flexibility in exit.

The Impact of the COVID-19 Epidemic on the Growth of the Digital Payment Market

Digital payment systems have gone beyond their peer transfer (P2P) and building payments. The COVID-19 epidemic has allowed digital payment systems to demonstrate their potential, such as a strong understanding of local markets and their ability to establish strong local relationships. Businesses and consumers are increasingly "going digital" by offering and purchasing goods and services online. At the time of the epidemic, people did not want to touch or exchange money because of the concept of catching financial infections. Several governments around the world are bringing in digital transfers to provide COVID assistance. As a result of the closure measures, consumers have switched to online platforms, which created the need for digital payment systems. Now, digital platforms have become an integral part of people's lives, and consumers are more likely to continue shopping online in the post-epidemic. Significant changes in consumer behavior are likely to increase the demand for e-payment systems significantly. Therefore, companies focus on communicating with digital users to meet the needs of new customers and thriving businesses in a changing market environment. Organizations are rethinking the customer journey to reduce conflict and offer new security features. Payment companies such as PayPal and Square Cash are working across the board to better understand the social reorganization and stabilization of the business in the near future.

E-Payment programs are the future

With the proliferation of smartphones and the internet, consumers are becoming tech-savvy, offering endless opportunities in digital payment markets. Post-epidemic payment systems are expected to continue to prosper in the coming years. While cards are always the first payment option in the world, mobile wallets are gaining momentum quickly. Traditional cash flow is declining at bank branches and ATMs, reflecting the flow of energy to a poorer society. Currently, China dominates the global fund, followed by South Korea. However, there are still many countries that rely heavily on cash due to lack of reliance on financial institutions and lack of proper broadband infrastructure, etc. In the near future, payments for social media, biometric payments, voice payments are likely to become commonplace in developing countries as well.

Concerns about cybersecurity and privacy with Online Payment Solutions

Cyber ​​security and privacy threats have become a major concern with the increasing number of online fraud cases. According to a Mastercard survey, one in four consumers experienced some form of fraud by 2020, which increased the crime rate by 49%. In the first half of 2020, online scams have increased by 73.8% since 2019. However, adopting new technologies such as multifactor verification, biometrics, 3D security, Artificial Intelligence, and Learning Machines can help control counterfeit activities such as identity theft, viral crime, etc. Switching to offline cards, QR codes, and token making can also help reduce the risks associated with digital payment solutions. In addition, educating end users about the safe use of e-payment solutions through augmented efforts to build financial information can help prevent fraud. The advent of advanced trading and the emergence of e-payment platforms supported by powerful security solutions can help drive the goal of making the economy truly financially viable.

According to a TechSci research report on Global Payment Gateway Market By Type (Hosted, Self-hosted & Bank Integrated), Enterprise Size (SME and Large Enterprise), End-User (Retail, Travel & Hospitality, Healthcare, Education, Government, Resources and Others), Region, Competition, Forecast and Opportunities, 2026 ", the global payment market is expected to exceed USD15 billion by 2019, the CAGR registration of 22% by 2026. The growth could be due to rising demand for online transactions, increased broadband connectivity, and a clear growth in e-commerce worldwide.