The competitive online payment gateway market is growing with the addition of the technology giant Oracle. The corporation is now providing in-store payment acceptance services, including tap-to-pay capabilities, with the Oracle Retail Payment Cloud Service — included with the rest of its hardware and cloud-based services. The new service will accept debit, major credit cards, and digital wallets from Apple, Google, and Samsung; it will also be sold at a fixed fee with no long-term contracts or monthly minimums.
Oracle is promoting the feature as a full-service platform with payment processing as well as staff and inventory management services, brought to retailers by one of the largest tech companies in the world. It also claims the platform will be cheaper than its competitors, with no changing fees for different payment methods or excessive service fees. With the Oracle Retail Payment Cloud Service, the company hopes to offer a more stable solution to the marketplace by providing a more consistent payment processing service for retailers.
The global online payment gateway market, which amounted to $26.8 billion in 2021, is expected to eclipse $100 billion by 2030.