Digital payments became more popular during the COVID-19 pandemic, putting pressure on merchants to provide frictionless and secure transaction options. The use of cash is rapidly declining, and the concept of a cashless society could become reality in the near future. Digital payments industry growth is exceeding expectations year after year. Frost & Sullivan’s current projection is for the global industry size to reach roughly $180 billion in 2026, more than double the 2021 industry size of about $89 billion.
• Customers’ expectations for their banks are changing too, with more emphasis on convenience.
• Demands include a seamless digital payment experience with accessibility from any device and cutting-edge data and fraud protection.
• Traditional banks are experiencing a new wave of competition in the payments industry in the form of nonbank digital players including technology giants and start-ups, which is compelling them to digitize and use new strategies and operating models in order to keep up with consumer demand.
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