SHORT TAKES
The global digital payment
market size is anticipated to
reach a transaction value of
USD 19.89 trillion by 2026, exhibiting
a CAGR of 24.4% during the forecast
period owing to the increasing usage
of smartphones worldwide.
Smartphones can be viewed as
one of the greatest, if not the greatest,
revolutions in the information and
telecommunication industry in
the last century. Today, any kind
of information is available at your
fingertips due to the omnipresence of
smartphone technology and its usage
is only growing.
For instance, a study conducted
Namami
Gange up in
Bengal
The Centre has set up two new Sewage
Treatment Plants (STPs) in Bhatpara of West
Bengal to ensure clean and interrupted Ganga
River.
Set up under Prime Minister (PM) Narendra
Modi's flagship Namami Gange Programme, the
31 MLD STP is the nation's first sustainable Green
Digital
payment
market
to rise
by the Pew Research Center in early
2019 found that close to 5 billion
people worldwide use mobile phones,
with South Korea accounting for the
highest percentage. The proliferation
of smartphones has given rise to the
concept of digital transactions wherein
payments can be made using novel
technologies such as Quick Response
(QR) codes and m-wallets.
The convenience of making
transactions using just your phone
has disrupted traditional modes of
exchange and has spurred companies,
banks, and governments to innovate,
thereby driving the digital payment
market trends.
APAC to lead
Asia-Pacific is likely to
dominate the digital
payment market in
the coming decade
on account of rapidly
rising smartphone
adoption in the
highly populated
countries such as
India and China.
Consumer preferences
are maturing and
shifting towards
digital and electronic
means of transacting
business. Furthermore,
governments in
the region are
aggressively
promoting digital
payment methods,
such as Indian
Government's Digital
India campaign.
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February 2020 | www.smartgovernance.in