The pace of the shift to digital payment has significantly increased with the focus towards a cashless economy. Nowadays digital payment is becoming a key part of daily lives and impacting society, business and economy at large. Innovative use of technology has enabled digital payment infrastructure and the creation of innovative products such as mobile wallets, i.e. prepaid payment instruments. As rapid transactions to the digital payment ecosystem, threats are also moving from cash to cyber and the nascent ecosystem is already facing sophisticated cybersecurity. Digital payment features real-time, agile and personalized payment services. It entails the usage of the application program interface, blockchain technologies, and mobile wallets.This growth is primarily driven by High Proliferation of Smartphones and Worldwide Initiatives for the Promotion of Digital Payments.
Globally, a noticeable market trend is evident Advancement and Development in Technology to Offer Hassle-Free Transaction. Major Players, such as Visa (United States), Mastercard (United States), Chase Bank (United States), American Express Company (United States), Discover Financial Services (United States), Citibank (United States), Capital One (United States), Bank of America Corporation (United States), Wells Fargo (United States) and U.S. Bank (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On Sept 12, 2019 - Visa announced that it has completed the acquisition of Verifi, a leader in technology solutions that reduce chargebacks. and On Sept 11, 2019 - Mastercard and R3 partner to develop a new blockchain-powered cross-border payment solution.
On Oct 20, 2019 - Mastercard unveiled Payment on Delivery, a new solution allowing businesses to pay a supplier in real-time when receiving goods or services.
In the United States, the rights and liabilities of both consumers and financial institutions involved in consumer electronic payment transactions, including funds transfer through the ACH, ATM or POS networks, are governed by the Electronic Fund Transfer Act of 1978 and the Federal Reserve’s Regulation E. Regulation E also sets standards for financial disclosure, card issuance, access and error resolution procedures applicable to all financial institutions.
- High Proliferation of Smartphones
- Worldwide Initiatives for the Promotion of Digital Payments
- Advancement and Development in Technology to Offer Hassle-Free Transaction
- Lack of Global Standards for Cross-Border Payments
Growing Demand from Emerging Economies
Risk of Fraud and Cyber-Attacks Affecting Digital Payment
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