Market Size of North America Payment Gateway Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 12.87 Billion |
| Market Size (2029) | USD 32.56 Billion |
| CAGR (2024 - 2029) | 20.37 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Payment Gateway Market Analysis
The North America Payment Gateway Market size is estimated at USD 12.87 billion in 2024, and is expected to reach USD 32.56 billion by 2029, growing at a CAGR of 20.37% during the forecast period (2024-2029).
- North America's demand for payment gateways is on the rise, fueled by factors such as the booming e-commerce sector, heightened security needs for online payments, the growing popularity of digital wallets, and the adoption of advanced financial technologies. Payment gateways act as crucial intermediaries, securely processing transactions between merchants and consumers. As businesses increasingly move online and consumers lean towards cashless transactions, the payment gateway market is witnessing swift growth, establishing North America as a leading contender in the global arena, marked by its maturity and competitiveness.
- Payment gateways also play a critical role in facilitating these alternative payment methods, integrating them seamlessly into online checkout processes. By offering support for digital wallets and other payment options, businesses can appeal to a broader range of consumers and provide a more flexible and personalized payment experience. This flexibility is particularly important as younger consumers, who are more likely to use digital wallets, become a larger part of the consumer base in North America.
- Further, payment gateways play a critical role in facilitating these alternative payment methods, integrating them seamlessly into online checkout processes. By offering support for digital wallets and other payment options, businesses can appeal to a broader range of consumers and provide a more flexible and personalized payment experience.
- For instance, in June 2024, Chase Payment Solutions expanded its "Tap to Pay on iPhone" feature for merchant clients in Canada. This feature enables merchants to accept contactless payments using just an iPhone. Sephora, the firm's inaugural client in Canada, is rolling out "Tap to Pay on iPhone" across over 130 freestanding stores nationwide.
- Hence, as businesses navigate this evolving digital landscape, the payment gateway market is poised for continued growth, presenting fresh opportunities for both established providers and emerging fintech players.
