In any customer-vendor interaction payment is a crucial step. This is because it completes transaction and defines a successful business conversion. Giant players in the market are trying to simplify the payment procedure. Digital payment is a mode of payment that is carried out with the help of an electronic payment instrument. It enable peer to peer transfer between the individual and consumer.
Digital payment market has witnessed a major boost in the recent years. This is mainly because of the growing awareness among people about the benefits of the digital payment market. Digital payment is safer and more reliable than traditional method as it eliminates the changes of theft and robbery.
Some of the commonly used payment gateway are payment wallet solutions, payment security and fraud management solutions, and POS solutions.
Surge in usage of the internet across the globe propels the digital payment market. Apart from this proliferation of smartphones is a major factor driving the growth of the global digital payment market.
The digital payment market is likely to witness a major boost owing to convince it offers to the customers. Customers need not to carry cash with them and they can carry their ATM wherever they want. In fact with the technology advancement customer don’t have to really present physically for the payment. They can pay anytime from any part of the world.
Significant initiative taken by the government bodies across the globe to promote digital payment is a major factor accounts for increasing the global digital payment market. This is driving the global digital payment market. Significant expansion in the e-commerce industry is also contributing to the growth of the global digital payment market.
Further, the rise in the demand for digital payment solutions is projected mainly due to the increase in the number of customer-centric payment applications, and increasing focus on Omni channel payment mode.
Digital payment refers to cashless electronic monetary transactions. It includes monetary transactions made through the Internet, and mobile payments at point of sale (PoS) through mobile applications (apps). Digital payment also includes peer-to-peer transfers between consumers and private users. Adoption of digital payment has been gaining momentum of late. Various individuals and organizations prefer the digital payment mode over traditional payment modes. Traditional payment modes include check, cash, demand draft, and money order. Digital payment offers various benefits over the traditional mode of payments. For instance, it provides ease of convenience and accessibility to users. Digital payment also enables a user to mitigate thefts and losses. Cash purchase tends to be final and irreversible unless the seller agrees upon a return policy. Return policies are more user friendly in the case of digital payment.
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Digital payment features real time, agile, and personalized payment services. It entails the usage of application program interface (API), mobile wallets, and blockchain technologies. These advanced payment technologies enhance customer experience. Digital payment supports safer, faster, and more convenient payment methods. Thus, the global digital payment market is anticipated to expand significantly during the forecast period.
Surge in usage of Internet offers lucrative opportunities for payment platform providers. Proliferation of smartphones is also fueling the global digital payment market. Rise in government initiatives to promote digital and cashless payment modes is driving the global digital payment market. Significant expansion in the e-commerce industry is also expected to boost the global digital payment market. Between 2021 and 2026, the e-commerce industry is anticipated to create highly lucrative opportunities for players active in the global digital payment market. However, increase in financial frauds and cybercrimes is estimated to adversely affect the market in the near future. Furthermore, application of additional charges for using the digital payment mode is projected to hamper the digital payment market during the forecast period. On the other hand, seamless technological integration across mobile banking and e-wallets is likely to create opportunities for the global digital payment market.
The global digital payment market can be segmented based on technology, payment mode, enterprise size, end-use industry, and region. In terms of technology, the global digital payment market can be bifurcated into contact payment and contactless payment. Contactless payment can be further categorized into near field communication (NFC); Europay; MasterCard; and Visa (EVM); e-wallets; mobile apps; and bitcoins. The payment mode segment can be subdivided into POS devices and Internet-based payment mode. Based on enterprise size, the market can be classified into small and medium enterprises (SMEs) and large enterprises. In terms of end-use industry, the global digital payment market can be segregated into retail, media and entertainment; banking & financial service; healthcare; telecom & information technology; government; automobiles and transportation and others.
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