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Emerging trends in digital payments
October 31, 2022
With commerce going digital, both sellers and consumers started looking for seamless online payment options that did not require one to jump through hoops to make online payments. Ergo the entry of digital payment gateways that bridge the gap between consumers, sellers and bankers.
Moreover, the pandemic and health and safety concerns worked as catalysts for the adoption of digital transactions across businesses. According to the RBI, the digital payment ecosystem increased by 216 per cent for March 2022 compared to March 2019. The increasing use of digital technology in everyday transactions indicates to all the players that the future lies in this direction.
The digital payments market in India is expected to grow to USD one trillion by 2023, according to NITI Ayog. This growth, driven by greater access to mobile technology and the adoption of mobile payments, is slated to rise from USD 10 billion in 2017-18 to USD 190 billion by 2023.
The increasing use of digital technology in everyday transactions indicates to all players that the future lies in this direction. Marketers need to ensure a strong customer strategy to build a powerful digital presence. Customer experience is a big driver in this sector, with organisations required to focus on creating seamless payment processes for their consumers.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/