Digital payment is the procedure of paying digitally for acquiring a product or service. No hard cash is convoluted in digital payments, and transactions are accompanied online. The propagation of mobile payments and digital innovation has transfigured digital payments with the implementation of advanced technologies, such as blockchain, machine learning, and Artificial Intelligence (AI). Such technologies will make transactions more expedient and safeguard and are predictable to deliver significant opportunities for the Payment Processing Market Analysis. The transformation of domestic traditional payments infrastructure would play a significant role during the future digital payment market evolution. Increasing customer needs would mandate infrastructure modernization from technology players outfitting to the market. In addition, a nonexistence of effectiveness in cross-border payments technology would offer further growth opportunities for the market players.
Furthermore, the speedy increment in smartphone penetration around emerging economies, principally in the Asia-Pacific region, is projected to have a positive impact on market growth. Additionally, the establishment of mobile wallets around the world, wherein a customer is asked to add money to the application and utilize it later within, or outside of, the merchant (if applicable), is speedily influencing the implementation of digital payment services.
Not only has this, the cumulative government initiatives, in order to encourage the digital economy and curb the utilization of cash, have resulted in augmented transactions through e-wallets and point of sale machines. For instance, during July 2019, the Finance Ministry of India proclaimed that no merchant discount rate (MDR) shall be obligatory on merchants that enable their customers to make payments through the ‘low-cost digital payment modes’. Although, the COVID-19 pandemic has led to the administration of social distancing, lockdowns, and numerous other measures around the regions. This has further led customers to progressively depend on internet utilization, online streaming of videos and films, and the most noteworthy transformation in online shopping.
The worldwide nature of COVID-19 and its impression on e-commerce, therefore, is probable to embolden strengthened international cooperation and the further advancement of policies for the online purchases and supply. The pandemic has made it clear that e-commerce can be an imperative tool/solution, particularly considering the fact that e-commerce sales can sustenance small and medium businesses, that create the mainstay for certain economies.
Moreover, the augmented utilization of smartphones, attached with great internet penetration, is projected to influence the market over the review period. The easy approachability of digital payment mobile applications is further projected to propel market growth. In addition, numerous governments around the world are taking initiatives to encourage digital payments. For instance, the Indian government established the Digital India initiative, which aims on encouraging digital payment methods and cashless transactions across the country.
The Electronic Payments Market solutions are measured as a harmless and more reliable mode of payment than the traditional methods as they eradicate the perils of theft and mitigate losses. The digital payment solutions market is projected to observe the significant growth over the review duration as digital payment solutions offer several benefits over traditional payment methods, such as the comfort of convenience, and opportuneness to users. Therefore, it is anticipated that the market of payment will increase around the globe more actively over the forthcoming years.
Key Topics Covered in the Report: -
Payments Market share,
Payment Processing Market Analysis,
Mobile Payments Market Size,
Payments Market Future Outlook,
Future of Digital Payment Market,
Payments Market Size
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Ankur Gupta, Head Marketing & Communications