The cashless payment system is rising exponentially with evolving payment methods, rising e-commerce use, enhanced broadband connectivity, and emergence of new technologies. Can rising incidences of cyberattacks and spams hamper the expansion of online payment market or will it proceed to develop at a rapid rate?

The global digital payment business is expected to hit the USD6.6 trillion mark in 2021, registering around a forty% soar in years. The cashless payment methods are quickly evolving with ground-breaking innovations such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies. In the growing digital age, many payment technology firms are collaborating with traditional monetary institutions to cater to the latest consumer and merchant preferences. Attributable to enhanced broadband connectivity, increasing mobile commerce, emergence of new applied sciences similar to Virtual Reality, Artificial Intelligence, and rapid digitization, billions of individuals have started embracing contactless payments in both developed and rising countries. Besides, surging e-commerce businesses, digital remittances, digital enterprise payments, and mobile B2B payments are boosting the non-money transaction ecosystem.

Moneyless transaction methodology customers throughout numerous generations are widely adopting the digital peer-to-peer (P2P) apps as they are more appealing and versatile to use. In-app payments or tap-and-go transactions take seconds at the checkout and allow customers to make payments anytime and anywhere. Tokenization, encryption, Safe Sockets Layer (SSL), etc., supply multiple ways of securing payments while enabling digital transactions. Moreover, the users should not have to fill in data each time to finish the payment process. Thus, online payment gateways play a crucial role within the economic growth, enabling trade within the trendy economy. With social distancing rules in place, digital payments have become an obligation for contactless transactions quite than just a transaction alternative to stop the spread of coronavirus.

Digital Commerce Empowering Businesses
Electronic payment systems have turn into an important a part of businesses as consumer inclination towards on-line shopping is expanding. With broadening internet penetration, rising use of smartphones, and numerous options for e-transactions, most consumers are preferring online channels over traditional brick-and-mortar stores for shopping. Therefore, businesses are shifting online with an digital payment solution to maximise their profit earnings. Automating the electronic payment system eliminates the scope of errors and saves a considerable amount of time and effort. High standards for detecting and stopping fraud in digital transaction systems and AI-based mostly fraud detections protect customers from security breaches. By providing the flexibility for making payments by way of credit/debit cards, mobile cash, e-Wallet, etc., the companies can develop their customer base. The digital payment process improves buyer satisfaction as prospects do not need to count money or deal with paperwork every time they want to make the transaction.

Biometric Authentication Enhancing Security
Biometric authentication includes recognizing biometric options and structural characteristics to confirm the identification of an individual. The verification method can contain fingerprint scanning, facial recognition, voice recognition, vein mapping, iris detection, and heartbeat analysis. With the rise in identity theft and fraud, biometric authentication has turn into a reliable and secure alternative for making digital transactions. According to a current research, biometrically verified mobile commerce transactions are anticipated to constitute a large fifty seven% of the total biometric transaction by 2023. Biometric payment cards are additionally turning into well-liked as they assist faucet-and-go payments, permitting users to make quicker digital transactions. The digital payment technology provider, Worldline is partnering up with the French FinTech, A3BC (Anything Wherever Anytime Biometric Connection), to protect mobile phones from intrusion with a -factor authentication process. The mixed solution eliminates identification by means of a single contact, reasonably it recognizes fingerprints through a picture of the hand. MasterCard is planning to deliver FinGo's vein-scanning payment solution that facilitates users to authenticate transactions.

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