11/29/2022 0 Comments Digital trend reports![]() In January 2022, Rêv USA, Inc., a payment products innovations company, announced the nationwide availability of The X World Wallet, an app-based multi-currency debit account combining a loyalty program, a travel bookings portal & discounts with an integrated global sustainability initiative. Various vendors are working with the government to develop rules and norms to help embrace the technology. Further, North America is increasingly adopting mobile payment methods, with government regulations and other hurdles influencing growth.For instance, in December 2021, the Bank of Baroda (BOB) joined hands with the National Payments Corporations of India (NPCI) to launch bob World Wave, a wearable line of products for payments integrated with a complete health ecosystem. Also, banks are innovating their digital payment products to integrate with a complete health ecosystem. With Paymentus, the firm will equip businesses with a single, modern platform for customer engagement, bill presentation, and payments. Morgan announced the launch of Digital Bill Payment, powered by Paymentus, a cloud-based bill payment technology, and solutions provider. Vendors are also launching cloud-based digital payment solutions.Although card-based transactions account for a sizeable portion of non-cash transactions, growth has slowed due to local and regional payment methods like EuPay, EPI, and Verve Card, which are challenging the worldwide card market. This trend and scenario are anticipated to continue over the projected period due to changing lifestyles, daily commerce, and rapid growth in online retailing. Moreover, stores and services worldwide are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay, to accept digital payments.Furthermore, emerging economies and developing countries worldwide are witnessing prominent growth rates in the adoption of mobile payments, not only due to ease of performing transactions or penetration of smartphones but also because of the financial inclusion features offered by the technology. For instance, Indian Prime Minister Narendra Modi introduced e-RUPI, a customized and purpose-specific digital payment solution, in August 2021. Governments are introducing digital payment options to their initiative.The market's growth is anticipated to be positively impacted by the quick increase in smartphone penetration across emerging economies, particularly in the Asia-Pacific region. The expansion of the market is being fueled by the widespread launch of mobile wallets and the rise in various technological developments in smartphones, digital payment cards, and POS at retail terminals. The digital payments market is projected to register a CAGR of 12.38% during the forecasted period. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2022
Categories |