Digital payment is a process of payment made by using digital modes and procuring a product or the service. During the payment, no hard cash activities are involved in the digital payments made, and transactions are processed online. The wide-scale use of mobile payments and other digital innovations have further transformed the digital payment methods by adopting key advanced technologies associated with blockchain, Artificial Intelligence (AI), and machine learning. Moreover, the use of such technologies has made transactions have made it convenient and secured to use digital payment use. Moreover, the modernization of the traditional payment infrastructure also plays an important role in determining the future of the digital payment market evolution. Further, the digital payment also refers to cashless electronic monetary transactions. The digital payments also include the monetary transactions made over the Internet and payments made at the point of sale (PoS) by using mobile applications (apps).
The digital payment consists of peer-to-peer transfers between consumers and private users. The adoption of digital payment is said to be gaining significant momentum over the years. Numerous individuals and organizations have started preferring the digital payment modes over the traditional payment methods. As the traditional payment modes include check, cash, demand draft, and money order. The digital payment offers benefits associated with traditional payment modes. The digital payment features further offers real-time, agile, and personalized payment services. The digital payment modes entail usage of application program interface (API), wallets, and blockchain techniques over different applications. The use of such advanced payment technologies has further enhanced and supported the customer experience. The digital payment methods support safer, faster, and much more convenient payment methods. Thereby leading the enhanced use over the future of digital payment market expanding significantly over the forecast period.
Some of the key players operating in the digital payment market include PayPal Holdings, Inc, Amazon.com, Inc., Google LLC., Mastercard Incorporated, Visa Inc., and Apple Inc.
The significant surge in usage of the Internet has further added lucrative opportunities for the payment platform providers. The proliferation of smartphones has further fuelled the overall global digital payment market. The significant rise in government initiatives has promoted the use of digital and cashless payment modes driving the digital payment market. The emergence of online purchases and e-commerce activities also propelled the use of digital wallets allowing the users to store account numbers and credit card details in a much secure way.
Based on the geography the digital payment market can be analyzed for North America, Europe, Asia Pacific, The Middle East & Africa, and Latin America. The digital payment market in the Asia Pacific and Middle East & Africa region is expanding at a much significant pace owing to the increase in transportation and automobile, healthcare, banking, and other service industries. Moreover, the digital payment market in North America and Europe is further anticipated to expand over the forecast period. Moreover, the future of the digital payment market is expected to assist the frictionless, responsive, and revolutionary shopping experiences for customers at an ease of some clicks.
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Ankur Gupta, Head Marketing & Communications