The global digital payment market accounted for $35 billion in 2017 and is expected to reach $1689 billion by 2026 growing at a compound annual growth rate of 19.2% during the forecast period, according to Research and Markets (www.researchandmarkets.com).
The increasing adoption of smartphones and e-commerce applications and the changing consumer trend are propelling the market growth, notes the research group. However the chances of frauds in transactions are restraining the market.
A digital payment is considered safe and reliable as it doesn’t have chance of physical damage or theft and can be used from wherever possible easily with all the required updates. In recent days, governments are framing necessary rules and regulations to completely adopt digital payments due to its accountability.
By means of payment, the contactless payment systems are type of payments that doesn’t require the phone number of the personnel but is rather depended upon other sources like smartcards, debit and credit cards and other wallet cards that make use of near field communication or radio-frequency identification (RFID) to make safe and secure payments. The sources are basically equipped with embedded chip and antenna that help in carry the transactions.
Among geography, North America is expected to have a huge growth rate due to the maximum adoption of mobile commerce and Internet, according to Research and Markets. In addition the presence of various key digital payment vendors enhance the market by increasing the usability and interests among the “common people.”