Digital debit has a large number of benefits over traditional wallet, such as convenience, better security, and additional bonus & rewards, which drive the growth of the digital debit market. In addition, increased usage of smartphones, supportive government initiatives, and changing customers’ preference toward digital payments further fuel the growth of the market.
However, low security, lack of clear regulatory framework and heavy investment may hinder the growth of the market. Growth in penetration of digital debit in developing economies and increase in number of mobile banking users provide numerous opportunities for the digital debit market.
Digital debit offers better security than traditional wallet. It cannot be stolen or broken and when transactions are done in a store or online, the transaction is completed with the help of unique transactional ID or token. Therefore, the store or online is not expected to store one’s account information, which enhances the security of data.
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Heavy initial monetary investment is required for building a functional digital wallet application, which can restrain the growth of the digital debit market. The application requires the initial development of the software as well as continual maintenance, fixes, and updates attached with it. However, when the software is acquired, organizations have to install the corresponding hardware in their stores, further increasing their costs.
A huge impact is created on the economic development of a country by rural area as organizations and governments are able to witness the lack of bank accounts in the rural area. With the help of digital debit, they can easily create bank accounts without actually going physically to a bank branch.
Digital debit also helps to create transparency in a business transaction in the rural area. Moreover, the increase in demand for mobile and rise in the number of internet users in the rural area are estimated to provide opportunities for digital payment solutions over the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the global digital debit market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global digital debit market share.
- The current digital debit market is quantitatively analyzed from 2019 to 2027 to highlight the global digital debit market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the digital debit market.
- The report provides detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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