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Future of Digital Payment Market After COVID 19: Ken Research

11-25-2021 03:08 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Ken Research

Future of Digital Payment Market After COVID 19: Ken Research

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. Payment market finds its applications in various industry-verticals such as hospitality, retail and utilities & telecommunications. Apart from this, digital payment characterized as cashless electronic money transfer that includes money transactions via internet and mobile payment at the Point-of-Sale (PoS) through mobile applications. Additionally, digital payment includes peer-to-peer transaction between consumers and private users.

Different people and organizations prefer digital payment mode over the traditional payment methods. Traditional payment modes generally include cash, demand draft, check, and money order. Digital payment provides a variety of benefits over the traditional payment’s mode 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 convince 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.

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Increase in ecommerce sales & growth in internet penetration, followed by growth in the adoption of real-time payments, High proliferation of Smartphone, 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 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 increase in proliferation of the internet & mobile phones, 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 increase in initiatives undertaken by governments of various countries to promote digital payments during the forecast period.
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Ken Research
Ankur Gupta, Head Marketing & Communications

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies.

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