Global Payment Gateways Market Valued at 2569100 Million USD in 2017 and Expected to Reach 6291800 Million USD by the End of 2023, Growing CAGR of 16.1% 2017-2023
A Payment Gateway is an e-commerce application that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar businesses. It transmits Transaction information to Acquiring Banks and responses from Issuing Banks (such as whether a transaction is approved or declined). In other words, the transaction flows through the payment gateway, to the payments ecosystem, and should it be approved, will eventually make its way into the merchant account.
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