The Payments Market has grown more suggestively on the surging trend in global scenario in the recent years. In the present era, the population of the respective region has become so much improved and active which require the things in a very short duration with fewer efforts and straightforwardly. Additionally, increasing acceptance of digital marketing by the young population and growing acceptance of cashless payment modes like debit and credit cards are some other aspects that influence the market growth of digital money transfer around the globe.
The digital payment market is projected to grow, due to the worldwide initiatives for the promotion of digital payments, high proliferation of smartphones allowing the commerce growth, increment in eCommerce sales, and growth in internet penetration.
The effective growth in digitalization is boosting the payment market. The effective growth in implementation of smartphones and the high penetration of internet connectivity are raising the requirement for the mobile payment transactions. Similarly, the government initiatives are also motivating consumer to implement the contactless payment platforms. Furthermore, the integration of technologies likewise machine learning and artificial intelligence are probable to enhance the security system, which will further improve the customer’s trust on the payment system.
The effective growth in opportunities for the E-commerce are probable to boost the online retail sales. In addition, with the assistance of mobile payments, retailers can have admittance to the consumer data likewise preference, consistent intervals of shopping, topmost selling products and many more. Retailers are utilizing the scenario to propose accurate customer services. For instance, the Starbucks developed its mobile payment app for the consumer to choose the menu by directly paying from their bank account. Along with this, it delivers several discount codes, loyalty points, and services to augment the customer engagement. Thus, the retail industry is generating immense choices for this market.
Not only has this, the effective growth in penetration of smartphones across the globe and augment in the m-commerce industry in emerging countries are the foremost factors propelling the growth of the market. In addition, upsurge in implementation of mobile payment services in emerging countries propels the growth of the market. Furthermore, the effective growth in data breaches and security issues in Mobile Payment limits the growth of the market. Furthermore, growth in utilization of NFC, RFID and host card emulation technology in Mobile Payment and growth in requirement for fast and hassle-free transaction services is projected to deliver lucrative opportunity for the market.
Although, banks in Europe are making efforts to launch a European payment initiative aimed at generating a unified payments solution for merchants and consumers around the region. Such initiatives are projected to generate new growth opportunities for the market over the forecast duration. Moreover, the digital campaign launched by the Italian government to augment Electronic Payments Market Report in the country is also influencing the regional market growth. Therefore, it is predicted that during the near period the market of payments will augment more proficiently over the assessed duration.