The cashless payment system is growing exponentially with evolving payment methods, rising e-commerce use, enhanced broadband connectivity, and emergence of new technologies. The global digital payment industry is expected to hit the USD6.6 trillion mark in 2023, registering around a 40% jump in two years. The cashless payment methods are rapidly 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 companies are collaborating with traditional financial institutions to cater to the latest consumer and merchant preferences. Due to enhanced broadband connectivity, increasing mobile commerce, emergence of new technologies such as Virtual Reality, Artificial Intelligence, and rapid digitization, billions of people have started embracing contactless payments in both developed and emerging countries. Besides, surging e-commerce businesses, digital remittances, digital business payments, and mobile B2B payments are boosting the non-cash transaction ecosystem. Cashless transaction method users across various generations are widely adopting the digital peer-to-peer (P2P) apps as they are more appealing and flexible to use. In-app payments or tap-and-go transactions take seconds at the checkout and allow users to make payments anytime and anywhere. Tokenization, encryption, Secure Sockets Layer (SSL), etc., offer multiple ways of securing payments while enabling digital transactions. Moreover, the users do not have to fill in information every time to complete the payment process. Thus, online payment gateways play a crucial role in the economic growth, enabling trade in the modern economy.

Benefits Of Digital Wallet

1. Convenience: Digital wallets make it easier and more convenient to store, use and track your money. With digital wallets, you can make payments quickly and securely, without having to worry about carrying cash or writing a check.

2. Security: Digital wallets are generally considered to be more secure than traditional methods of payment. With digital wallets, your sensitive financial information is encrypted and stored securely, reducing the risk of theft or fraud.

3. Accessibility: Digital wallets make it easy to access your funds from anywhere in the world. This means you can shop online, pay bills, pay for services, and more without the need for a physical card or bank account.

4. Lower Fees: Digital wallets often have lower transaction fees than traditional methods of payment such as credit and debit cards. This makes them a great option for online shoppers looking to save money.

5. Rewards: Many digital wallets offer rewards programs, allowing you to earn points or cash back for using their services. This can be an added bonus for regular users.