The Digital payments are a payment mode that utilizes the digital medium such as the internet, cell phones and automated devices to send and accept money. It demands both payer and payee to utilize the digital means to send and receive money, it is not compulsory in some situations for the payee to utilize a digital medium to accept money. Individuals are utilizing the digital payment options to circumvent contact and spread of infection through direct cash management, and also to adhere to social distancing to curb the binge of Covid-19. Owing to closure of local market places and to circumvent public gathering, individuals prefer online buy of essential supplies, which in turn is growing the requirement for the digital payments market.
Additionally, rapid on boarding and affluence of use are projected to propel the digital payments market. Individuals demand flexibility, transparency, and friction permitted on boarding. They are more concerned about such approaches which are frictionless in nature and as result software visionaries such as square and PayPal are utilizing the automation for deducting the on-boarding time to a few minutes. Digital payments are very easy to usage compared to the conventional approaches as they only demand a bank account or phone number and a Smartphone with internet capability.
The effective increase in digitalization of payments has led to security breaches experiencing loss to the merchants and consumers as well. Moreover, Contactless payments technology is mounting up in the Payments Market Growth Rate. Several users are progressively choosing contactless payments technology such as mobile wallets, contactless cards, and several others as there more protected and convenient to utilize. Contactless payment technology utilizes Radio frequency identification (RFID) or Near Field Communication (NFC) for transmission of amount amongst the users.
Not only has this, the effective growth in the use of smartphones, attached with high internet penetration, is projected to propel the market over the projection period. Easy approachability of digital payment mobile applications is further estimated to fuel market growth. Moreover, several governments throughout the world are taking initiatives to encourage digital payments. For instance, the Indian government propelled the Digital India initiative, which emphases promoting digital payment approaches and cashless transactions across the country.
Although, the proliferation of worldwide digitalization has had a noteworthy impact on the digital payment services market. The internet allows merchants to bargain their services in the digital payment services market space. The growing need to deliver the enhanced customer support at the Point of Sales (POS) terminal is projected to propel the digital payment systems market over the next few years. Frequent developments in mobile payment technology, an accumulative number of e-commerce industries, and growing usage of mobile wallets for making transactions are further underwriting the market growth.
Nonetheless, the prominent enhancement of safe and protected payment gateways is expected to influence the market growth. The market will also be propelled by innovation in payment technology utilizing blockchain, the Internet of Things (IoT), Artificial Intelligence (AI), and real-time payments. Modernizations in security technologies such as tokenization of card details for disregarding fraud are expected to create growth opportunities over the coming years.
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Ankur Gupta, Head Marketing & Communications