The cash payment market size is experiencing a tremendous growth, and is expected to shift in trends from conventional physical cash payments to digital, card and other sources of payments. Cash payment is a formal transfer of money by a participant, such as individual or a corporation to another party in return for products or services to satisfy a legal obligation. In addition, cash payment can also involve a wire transfer of funds, which are instantly available and allows consumers to pay or transfer funds across geographic boundaries.
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COVID-19 scenario analysis:
Owing to the COVID-19 pandemic and to maintain social distance norms, several firms and enterprises have rendered transactions via digital channels and portals.
In addition, associated shutdowns have affected payments and purchases, owing to constraints on qualified goods to necessities and limits imposed on physical travel.
COVID-19 has created an urgent requirement to proceed with non-cash payments and maintain healthy digitalized payments in the market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Increase in need in daily payments for purchasing, transacting bills payment, provisions among individuals & businesses are some of the factors that drive the market growth. However, rise in competition among players offering cash payments and stringent government regulations are some of the factors that hamper the market growth.
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Conversely, rise in payments through mobiles, wearable, cards, and e-wallets, and growth in volume of online transactions globally are some of the factors expected to create lucrative opportunities for key players in the upcoming years.
The global Cash Payment Market trends are as follows:
Multi-channel payments and personalization:
Features such as faster, simpler, and secured payment options encourage key players to create and develop multiple payment channels in the market. Moreover, merchants are introducing a variety of new payment systems to attract customers and appeal existing ones. In addition, several options for payments allows customers to pay by their convenient methods. For instance, “Buy now pay later,” “Order online pick up at the stores”, and “Contactless checkouts” are some of the payment trends largely preferred by consumers.
Artificial Intelligence (AI) in B2B payment systems:
Data analytics and machine learning are accelerating payments market for tender approvals and cash flow management. Providers in the Cash Payment Market are implementing artificial intelligence & machine learning technologies to maintain time-consuming activities and sustain in the competitive market. However, the cash payment market have several challenges including the amount of invoices that are refused due to conflict with purchaser’s regulations, detecting erroneous prices, finding alternate suppliers, easily provide relevant input to partners, collect details for reports, and others.
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Key Benefits of the Report:
This study presents analytical depiction of the global Cash Payment Market size along with the 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 Cash Payment market share.
The current market is quantitatively analyzed to highlight the global Cash Payment Market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed Cash Payment market analysis based on the present and future competitive intensity of the market.
Key Market Players:
Capital One Financial Corporation, Mastercard Incorporated, The American Express Company, Visa Inc., Payoneer Inc., Apple Pay, The Bank of America Corporation, Stripe, PayPal Payments Private Limited, Due Inc.
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