Digital Debit Market Size, Share & Trends Analysis Report By Solution, By Mode Of Payment (Point Of Sales, Digital Wallets, Net Banking), By Deployment, By Enterprise Size, By End-use, And Segment Forecasts, 2021 - 2027

Digital debit, a digital version of debit and credit card, is stored in an app on mobile device. By using digital debit, users can purchase easily and quickly with near-field technology. It also stores several other items of traditional wallet such as license, gift cards, and tickets.
Digital debit is protected with password and is used to make payments for groceries, online purchase, flight tickets, and many more. It has two main components, software and information. The software helps to store personal data as well as security and encryption of the data while the information is used to create a database of details provided by the user, including name, shipping address, payment method, and others.

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Digital debit has a large number of benefits over traditional wallet, such as convenience, better security, and additional bonus & rewards, which drive the growth of the digital debit market. In addition, increased usage of smartphones, supportive government initiatives, and changing customers’ preference toward digital payments further fuel the growth of the market. However, low security, lack of clear regulatory framework and heavy investment may hinder the growth of the market. Growth in penetration of digital debit in developing economies and increase in number of mobile banking users provide numerous opportunities for the digital debit market.
Growing adoption of digital debit cards due to enhanced security:
Digital debit offers better security than traditional wallet. It cannot be stolen or broken and when transactions are done in a store or online, the transaction is completed with the help of unique transactional ID or token. Therefore, the store or online is not expected to store one’s account information, which enhances the security of data.

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Heavy initial monetary investment is required for building a functional digital wallet application, which can restrain the growth of the digital debit market. The application requires the initial development of the software as well as continual maintenance, fixes, and updates attached with it. However, when the software is acquired, organizations have to install the corresponding hardware in their stores, further increasing their costs.
Growing adoption of digital debit in rural area:
A huge impact is created on the economic development of a country by rural area as organizations and governments are able to witness the lack of bank accounts in the rural area. With the help of digital debit, they can easily create bank accounts without actually going physically to a bank branch. Digital debit also helps to create transparency in a business transaction in the rural area. Moreover, the increase in demand for mobile and rise in the number of internet users in the rural area are estimated to provide opportunities for digital payment solutions over the forecast period.

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