Digital payment is a form of transaction which takes place
with the help of digital or online modes, with no physical exchange of money
comprised. This means that both the parties, the payee and the payer, utilize
the electronic mediums to exchange the money.
In other words, the
payment services are an underpinning of every region. With digitization and
sustained technological development, they can progressively offer consumers and
businesses manners of paying that are tailored, convenient and flexible. Digital
payments can also assistance financial inclusion, facilitate budgeting, and
enable action to safeguard and tackle economic crime. The government recognizes
that the growth in the usage of digital payments has been swift, and it wants
to confirm that everyone has the option to be capable to pay for goods and
services digitally. That is why the government has undertaken a proficient
program of work that, by assisting the innovation and competition, has already supported
make digital payments simpler, faster, and cheaper.
According to the report analysis, ‘Global Digital Payment Market: Current Analysis and
Forecast (2020-2026)’ states that developed
economies have adopted a cashless payment infrastructure based commonly on
credit cards countless decades ago, but during recent years, the legacy
structures have suddenly become a burden. The "Western" markets are
now much sluggish to adopt fresh payment solutions than increasing economies such
as China, India, or Eastern Europe. A large share of the populace in the underdeveloped
economies of Asia, Africa, and Latin America has also been underbanked until
the augment of mobile payment and wallet innovations that completely rely on
reachable mobile technology.
Both solution and
services are indispensable to smoothly carry out digital payment. Countless
digital payment solutions are prevailing in the market such as POS, e-commerce,
e-wallets and net banking amongst others. Based on mode of payment, the market
is generally bifurcated into Mobile POS payments and digital commerce. The mode
of payment is generally divided into on-premises and cloud. Large enterprises
have majorly implemented these solutions. However, transforming the regulations
and behaviour of consumers has motivated SMEs to adopt them.
The market is predicted
to benefit from the high implementation rate of smartphones, rise in e-commerce
sales, and advanced internet penetration around the globe. Governments around
the globe are undertaking initiatives to digitize payments. This is encouraging
the economic growth and is benefitting end-users in several countries across
the globe. Moreover, the proficient growth in e-commerce sales around
the globe is also one of the foremost factors propelling the market growth during
recent days. Nowadays, people around the world are increasingly utilizing the
contactless cards and mobile payment solutions for making the online payments.
Furthermore, the
digital payments market is projected to grow, due to the worldwide initiatives
for the encouragement of digital payments, proliferation of smartphones
enabling mCommerce growth, augment in eCommerce sales, and growth in internet
penetration.
Although, the
outbreak of COVID-19 has proficiently impacted functions in a few key sectors,
such as manufacturing, logistics, hospitality, transportation, healthcare, and
retail, and temperately impacted a few segments that comprise IT and telecom,
energy and utilities, government, education, and BFSI. The pandemic has
augmented the adoption of contactless and wallet payments. eWallets are observing
augmented the traction for Peer to Peer (P2P) transfers, bill payments, and
Customer to Business (C2B) payments for essential services due to the lockdown
and aversion to the exchange of cash. However, some wallet providers have augmented
their fees for merchants and consumers, leading to wholesalers not accepting
their wallets for the transactions.
Whereas, the Digital
payment platforms are a foremost market growth imperative and can support boost
economy, productivity, transparency, and comfort of access to financial services.
Further, favourable government regulations such as those around India and Japan
continue to boost the digital payments market forward. The move towards
contactless payment services was already quite predominant across the globe but
has been all the more fostered by the COVID-19 pandemic.
For
More Information, refer to below link:-
Contact
Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
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