The Rise of Online Payment Gateways

The cashless payment system is growing rapidly with emerging payment methods, increasing use of e-commerce, better broadband connectivity, and emergence of new technologies. Can increasing incidences of cybertax and spam halt the growth of the online payment market or will it continue to grow at a rapid pace?

The global digital payment industry is expected to reach USD6.6 trillion in 2021, growing nearly 40 percent in two years. Cashless payment methods are rapidly evolving with innovations such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies. In an increasingly digital age, many payment technology companies are collaborating with traditional financial institutions to meet the latest preferences of consumers and merchants. Due to the emergence of new technologies such as better broadband connectivity, increased mobile commerce, virtual reality, artificial intelligence, and rapid digitization, billions of…

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