Digital Debit Market Statistics: 2027
Digital debit, a digital version of debit and credit card, is stored in an app on mobile device. By using digital debit, users can purchase easily and quickly with near-field technology. It also stores several other items of traditional wallet such as license, gift cards, and tickets.
Digital debit is protected with password and is used to make payments for groceries, online purchase, flight tickets, and many more. It has two main components, software and information. The software helps to store personal data as well as security and encryption of the data while the information is used to create a database of details provided by the user, including name, shipping address, payment method, and others.
Market scope and structure analysis:
COVID-19 scenario analysis:
- The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries disrupted the supply chain.
- The COVID-19 outbreak has become one of the biggest threats to the financial markets and global economy. To contain the impact of the coronavirus outbreak, countries, such as India, are implementing nationwide lockdown, shutting down public places & transport, limiting the movement of entire population, maintaining social distance, and working from home. The economic disruption is huge and the short-term decline in activity for businesses, both large and small, is considerable.
- Digital payment through QR codes, Unified Payment Interface (UPI), mobile wallets, and cards have made V-shaped recovery in the past two to three months. The volume of digital payment transactions jumped almost 60% after the ongoing lockdown scenarios in every country to minimize the spread of the virus. The sudden growth in digital payment is expected to impact positively on the growth of the digital debit market.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
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.
Growing adoption of digital debit cards due to enhanced security:
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.
High investment:
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.
Growing adoption of digital debit in rural area:
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 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.
Digital Debit Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Mode Type |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | American Express, Visa, Samsung Pay, Google Pay, JPMorgan Chase, PayPal, Apple Pay, Mastercard, Alipay, Wells Fargo |
Loading Table Of Content...
