DIGITAL PAYMENT MARKET
The Digital Payment market is booming because of the introduction of the latest technologies that continuously converge with others and encourage the emergence of innovative payment methods and consequently creating business opportunities like CIPD assignment help.
Currently, the foremost advanced solutions like Mobile Payment and Contactless Payment exceed € 46 billion in payments, a 21% of total digital payments by card, consistent with the Mobile Payment & Commerce Observatory of the varsity of Management of the Milan Polytechnic.
Until a couple of years ago, the digital payments market was one of the cornerstones of technological innovation driven by traditional financial institutions. Then the OTTs arrived, over the highest (PayPal, Amazon, Apple, Alibaba, WeChat, Google, and now also Facebook). Therefore FinTech entered a tense leg within the sector so on deforming it in no time, a real disruptive innovation that made lever on one very clear element: the customer experience.
PSD2 AND NEW OPPORTUNITIES IN THE DIGITAL PAYMENT FIELD
The arrival of the PSD2, the act that officially came into force in January this year, has undoubtedly contributed to the market transformation. According to the prolynxs, This legislation has introduced some significant changes, first of all, the concept (and model) of Open Banking, an ecosystem that sees the user in the middle, for the advantage of a replacement multi-channel customer experience. The buyer must be liberal to choose payment services in an offering that will not only be banking: a gap towards ‘third parties’ who can manage and offer digital payments services – they’re not financial institutions. As we all know, BigTech didn’t miss this huge opportunity.
The PSD2 has decided to place the user and his experience in the middle of the entire regulatory system by imposing a complete revision of the principles associated with digital payments: more freedom and more choice are the two pillars of this amazing change. People must be ready to use any digital tool like (CIPD assignment help, online sites, smartphones, ATMs and cards, apps, wearable devices, etc.) to form transactions and payments. An equivalent applies to companies.
DIGITAL PAYMENTS: A MARKET THAT SHOWS NO SIGNS OF STOPPING
Digital Payment is a revolution that reinforces the market. The digital payments market is predicted to grow at a mean annual rate of growth of 18% between 2018–23, with a turnover expected to succeed in $ 87 billion by 2023 constant with a ReportLinker report (in this 2018, close to the end, the estimation is to succeed in already $ 38 billion globally).
The factors that are pushing the accelerator on the expansion of the market, include, national and international initiatives taken to market digital payments. For example, an Irish financial institution opens its doors to Facebook to permit the transfer of cash in EU countries on its platform social without having to invite other authorizations from individual member states. With the high rate of smartphone adoption and therefore they got to provide better customer service even at POS terminals.