The Rise of Online Payment Gateways

The cashless system of payment is growing exponentially thanks to evolving payment methods, increasing use of e-commerce, increased connectivity to broadband and rise of new technology. Are increasing instances of cyberattacks and spam hinder the development of the market for online payments and will the market continue to expand at a an exponential rate? The digital payments market is predicted to cross that USD6.6 trillion mark by 2021. That's 40% growth over two years. Cashless payment options are rapidly evolving , with revolutionary developments like mobile wallets, peer-to -peer (P2P) transactions on smartphones, live transactions and cryptocurrency. In the era of digitalization numerous payment technology companies are cooperating with traditional banks to meet the latest trends in consumer and business preferences.

Digital Commerce Empowering Businesses

Electronic payment systems have emerged as an integral part of the business because the trend of consumers turning to online shopping is growing. With the growing popularity of internet and the increasing usage of smartphones, as well as numerous options for electronic transactions the majority of consumers prefer the internet over brick and mortar stores to shop. Thus, businesses are moving to the internet using an electronic payment system to boost their profits. Automating the payment system with an electronic device removes the possibility of error and helps save a lot in time as well as effort.

Biometric Authentication Enhancing Security

Biometric authentication is the process of recognizing biometric traits and structural characteristics to confirm the identity for an individual. The method for verification could involve fingerprint scanning and vocal recognition vein mapping, detection of iris and analysis of heartbeats. In light of the increasing incidence of identity fraud and theft biometric authentication has evolved into an effective and secure method for digital transactions. According to research conducted recently the biometrically-verified mobile commerce transactions will account for an astounding 57% of all biometric transactions in 2023. Biometric credit cards are growing in popularity because they can support the tap-and-go payment method, which allows customers to perform faster transactions.

The dominant position of Mobile Wallets

In the year 2019 mobile wallets have surpassed credit cards and became the most popular payment method across the globe. Digital wallets allow customers to store various payment methods within one place and transform cash into electronic currency that is needed to make online or in-store purchases. The financial institutions already have begun to adopt the digital wallet concept by providing virtual cards for business clients. The virtual cards that are stored in digital wallets contain specific information such as the 16-digit card number CVV code, date of expiration and functions exactly like a physical card. At present just 37% of merchants accept transactions via smartphones at points of sale however, due to the growing acceptance that merchants are eager to invest in the technology that will enable digital wallets

E-Commerce Boom Accelerating Digital Payment Market Growth

E-commerce's rapid growth rate is causing shock waves. And the sound waves are reverberating throughout in the FinTech sector. The rapid growth of a lot of businesses that sell online is driven by the financial services they offer. Digital transactions allow for both the seller and buyer to transact and stay committed to the market. The COVID-19 virus added an additional dimension to online commerce, with the introduction of new methods of payment, such as payments at the checkout (not using digital wallets) QR codes, virtual cards and other types of touchless transactions.

 

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E-Payment Systems are the future

With the increasing use of smartphones and internet use, consumers are becoming more tech-savvy, which opens up endless opportunities for market of digital payments. After the pandemic, digital payment systems are expected to expand in the coming years. While credit cards are still the primary option for making payments across the globe mobile wallets are rapidly growing in popularity. Cash flow in traditional banks is diminishing in banks' branches as well as ATMs, signalling a powerful shift towards a cashless world. At present, China dominates the global mobile wallet market and is then followed by South Korea.

Cybersecurity and Privacy Beware of Online Payment Solutions

Privacy and security threats to cyberspace have become a major problem due to the growing incidents of online fraud. Based on the Mastercard survey one-in-four customers were victims of fraud in 2020, bringing the number of cyber-crimes to 49 percent. In the first quarter of 2020, scams online have increased by 73.8 percent from the year. But, implementing new technologies like multifactor authentication, biometrics 3D security Artificial Intelligence as well as Machine Learning can help control frauds like malware attacks, phishing and more. Based on Tech Sci research report "Global Payment Gateway Market By Type (Hosted, Self-hosted & Bank Integrated), By Enterprise Size (SME and Large Enterprise), By End-User (Retail, Travel & Hospitality, Healthcare, Education, Government, Utilities & Others), By Region, Competition, Forecast & Opportunities, 2026" The global market for payment gateways is predicted to surpass the USD15 billion by the year 2019 and grow at the market at a CAGR of 22% in 2026. Choose Payment Guru one of the best high risk payment gateway providers for all type and size of businesses. We provide the best online payment gateway services for all type and size of businesses. Visit the site now - https://payment-guru.com/

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