This surge can be largely attributed to the booming e-commerce sector, as consumers increasingly opt for online shopping due to its convenience and accessibility.

The expansion of various digital platforms has led to a significant reliance on online transactions for a wide range of products and services.

This trend has not only heightened the demand for secure and efficient payment solutions but also intensified competition among businesses, which must provide seamless payment experiences to attract and retain customers.

Payment gateways are essential in this ecosystem, offering secure transaction processing, multiple payment options, and real-time monitoring to meet consumer expectations for speed and reliability.

Moreover, the rising number of internet users is fueling this growth, expanding access to online shopping across different demographics.

As connectivity improves, particularly in emerging markets, more individuals are becoming potential online shoppers.

The ubiquity of mobile devices further enhances this trend, allowing consumers to make purchases anytime and anywhere.

In response to these shifts, there is an increasing need for payment gateways that support various payment methods, such as credit cards, digital wallets, and mobile payments.

Businesses are adapting to evolving consumer behaviours, which drives demand for comprehensive payment gateway solutions and contributes to overall market growth.

The market can be categorized by type into hosted, non-hosted, and local bank integrated options.

In 2023, hosted payment gateways accounted for more than 60% of the market share and are projected to exceed USD 80 billion by 2032.

The growth of mobile commerce has prompted these gateways to enhance mobile checkout flows. Many now feature responsive designs that create smoother mobile experiences, minimizing payment friction.

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With the SONAR AML solution from ThetaRay, VigiPay will have access to a transaction monitoring and screening platform that can spot subtle signals of sophisticated money laundering activity.

The new technology will make it possible for VigiPay to expand transaction volumes and value services for both local and international payments while maintaining regulatory compliance and customer transaction transparency.

According to VigiPay, ThetaRay is an excellent partner in achieving this fit. Their efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing VigiPay to better serve its consumers.

VigiPay’s team is committed to helping clients easily access multiple countries and thereby, grow their business and excel in today’s competitive environment.

ThetaRay’s SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias to find anomalies outside of normal behavior, including completely new typologies.

It enables fintech and banks to implement a risk-based approach to effectively identify truly suspicious activity, including across complex, cross-border transaction paths.

Compared to the N216 trillion in transaction value that was registered over the same period in 2021, this represents a 42% increase.

This information was provided by NIBSS in the most recent data it had available, which Ripples Nigeria acquired on Friday.

According to the report’s other payment channels, mobile (inter-scheme) channel transactions surged by 153% to N12.9 trillion from N5.1 trillion in the same period last year.

According to NIBSS data, the amount of point-of-sale transactions made through PoS channels climbed by 31% to N6.1 trillion in the nine months ending September 30, 2022, from N4.6 trillion in the same period of 2021.

The e-bills pay channel, which is specifically used for regular bill payments, increased by 37% to N2.2 trillion from N1.6 trillion at the same time in 2021.

Additionally, the poll revealed a drop in the acceptance of checks as payment.

In the nine months that ended in September 2022, cheque payments were N2.4 trillion, an increase of 4.3% over the N2.3 trillion reported the year prior.