The digital payments market consists of all the transactions that take place across the digital media along with the product and services associated. Digital payments is a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.
The global digital payments market is expected to grow from $3,885.6 billion in 2019 to about $5,439.8 billion in 2020. People are using digital payment options to avoid contact and spread of infection through direct cash handling, and also to adhere to social distancing to curb the spread of Covid-19. Due to closure of local market places and to avoid public gathering, people are preferring online purchase of essential supplies, which in turn is increasing the demand for the digital payments market. The market is expected to stabilize and reach $8,059.3 billion at a CAGR of 20% through 2023.
