The global digital payments market was valued at $3,4 billion in 2018, and is expected to reach $7,6 billion by 2024, recording a compound annual growth rate [CAGR] of 13.7%, during the forecast period of 2019-2024, according to Research and Markets (www.researchandmarkets.com).
Money and the idea of its exchange through payments have evolved drastically after their inception, notes the research group. From metal coins to paper, from bank accounts to e-wallets, money has taken various shapes, sizes, and forms. Over the last decade, the payment industry has recorded a robust growth, with new providers, new platforms, and new payment tools being launched almost every year. And the Apple Card is likely to expand the Apple Pay market this summer.
Research and Markets says the digital payments market is expected to flourish, owing to the robust proliferation of the internet. The internet penetration rate has been recording a healthy growth over the past few years, and is expected to continue traversing the same trajectory, owing to increasing investments by internet service providers.
Security is of paramount importance in digital payments, notes Research and Markets. With a multitude of digital transactions taking place via smartphones, the chances of a security breach exist, especially when most of the mobile wallets and banking applications do not deploy hardware-level security, to make online transactions more secure.
The global economy is moving toward digitalization to leverage the speed and convenience offered. However, it is prone to cyber-attacks. Recent attacks, such as WannaCry and Wquifax breach, have exploited the vulnerabilities of the system. Thus, governments of various countries are enforcing stringent regulations to deal with such attacks, notes Research and Markets.
For instance, two new regulations related to cybersecurity, the European Union’s General Data Protection and New York Department of Financial Services, are already in place. In the future, the number of such regulations from various central authorities is expected to increase, in order to curb cyber-attacks.