Payment Market: – Payment refers to the transfer of funds & payments between numerous people or accounts take place by different means or facilities, mainly engaged in the payment processing. Payments are generally made by various methods including cash, e-wallet, debit card, pre-paid card and others. The payment market finds its applications in various industry verticals such as hospitality, retail and utilities & telecommunications. Apart from this, digital payment is characterized as cashless electronic money transfer that includes money transactions via the internet and mobile payment at the Point-of-Sale (PoS) through mobile applications. Additionally, digital payment includes a peer-to-peer transactions between consumers and private users.
Different people and organizations prefer digital payment modes over traditional payment methods. Traditional payment modes generally include cash, demand draft, check, and money order. Digital payment provides a variety of benefits over traditional payment modes for instance; it offers ease of convenience and accessibility to the users. It also enables the user to mitigate thefts & losses. Digital Payment Market Forecast is expected to observe a major boost due to the convincing it offers to the customers. Customers need not to carry the cash with them and they can carry their ATM cards wherever they want. In fact, with the advancement of technology, customers do not have to present physically for the payment. Customers can pay anytime from anywhere in the world. Digital payment features agile, real-time, and personalized payment services. It entails the usage of mobile wallets, application program interface (API), and Blockchain technologies. These advanced payment technologies improve customer experience. Digital payment supports faster, safer, and more convenient payment methods. The digital payments market has experienced strong growth in recent years. This is mainly due to rising awareness among people of the benefits of the digital payments market.
Increase in eCommerce sales & growth in internet penetration, followed by growth in the adoption of real-time payments, High proliferation of smartphones, increase in customer expectations, growth in adoption of contactless payments and increase in initiatives for promotion of digital payments are some major factors, which are responsible for the growth of the payments market. Apart from this, lack of digital literacy in emerging countries and lack of global standards for cross-border payments may impact the market. Moreover, gradual adoption of open-banking APIs, rapid decline in unbanked population across the globe and progressive changes in regulatory frameworks are leading opportunities for market.
We provide Research Report on Payments Market based on regional analysis, the regions such as Asia-Pacific is one of the leading regions in global payments market owing to growth in industrialization, rise in disposable income and increase in preference for online banking for its policy & security across the region. The North America and Europe regions are anticipated to witness higher growth rate due to an increase in the proliferation of the internet & mobile phones, the presence of the best financial institutions, increase in deployment of smart parking meters, over the forecast period. It is projected that future of the global payments market will be bright on account of rise in demand for improved consumer experience coupled with an increase in initiatives undertaken by governments of various countries to promote digital payments during the forecast period.
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Related Report: –
Global Cards and Payments Market Analysis 2013-2018 and Forecast 2019-2024
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