According to Coherent Market Insights, The global digital payments market was valued at US$ 7,360 Bn in 2021 and is forecast to reach a value of US$ 22326.5 Bn by 2030 at a CAGR of 12.8% between 2022 and 2030.
Digital payments play a crucial role in promoting financial inclusion, especially in developing economies where a significant portion of the population remains unbanked. By leveraging digital platforms, individuals can access a wide range of financial services, including payments, savings, loans, and insurance. This inclusion empowers people with greater control over their finances, promotes economic participation, and drives overall economic growth.
Furthermore, the availability of transactional data through Digital Payments systems enables financial institutions to assess creditworthiness and extend financial services to underserved populations. This data-driven approach allows individuals and businesses to build credit histories and access formal financial services, which were previously inaccessible to them.
Digital payments improve accessibility, especially for unbanked or underbanked people. Traditional banking services could be scarce in many areas, making it challenging for consumers to access financial services. By offering an inclusive and accessible method of completing transactions, digital payment platforms close this gap. People can increasingly engage in the digital economy without having a traditional bank account thanks to mobile wallets, peer-to-peer payment apps, and online banking services.
Read More- https://coherentmarketinsightsus.blogspot.com/2023/06/paying-through-digital-methods-is-known.html
