What is Digital Payment:

Digital payments, also known as electronic payments, are a way to transfer money between accounts without using physical cash. It’s all done electronically, using digital devices and platforms.

The Digital Payment market is projected to grow from USD 97.15 Billion in 2023 to USD 343.91 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.1% during the forecast period (2023 – 2032).

Here’s a breakdown of digital payments:

How it works:  In a digital payment transaction, the payer (the person making the payment) and the payee (the person receiving the payment) use electronic methods to exchange money. This can happen online or in person at stores.

Key Companies in the Digital Payment market include.

• PayPal Holdings Inc.
• Mastercard Incorporated
• Visa Inc.
• First Data Corporation (Fiserv, Inc.)
• JP Morgan Chase & Co.
• Stripe, Square
• Global Payments Inc.,
• ACI Worldwide
• Elavon Inc
• Zelis Healthcare
• Aliant Payments
• Aurus Inc
• PayTrace
• FLEETCOR Technologies, Inc.
• Melio
• Mesh Payments
• Onbe
• io
• Papaya Payments

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Types of digital payments:

There are many ways to make digital payments, including:

Mobile wallets: These are apps on your phone that store your payment information and allow you to pay for things with a tap or scan. (e.g. Apple Pay, Google Pay)

Debit and credit cards: These are traditional cards that can be used for online and in-person payments. When you use a chip-enabled card, it’s actually a form of digital payment.

Bank transfers: This involves electronically transferring money from one bank account to another. This can be done through online banking or through a mobile banking app.

UPI (Unified Payments Interface): This is a popular method in India that allows for quick transfers between bank accounts using a virtual payment address.

QR code payments: These involve scanning a QR code with your phone to make a payment.

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Benefits of digital payments: 

There are many advantages to using digital payments over cash, such as:

Convenience: They’re quick and easy to use, no need to carry cash around.

Security: Many digital payment methods offer fraud protection features.

Tracking: It’s easier to track your spending with digital payments.

Rewards: Some digital payment methods offer rewards programs.

Digital payments are becoming increasingly popular around the world as people move towards a more cashless society.

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