![]() This trend and scenario are anticipated to continue over the projected period due to changing lifestyles, daily commerce, and rapid growth in online retailing. Moreover, stores and services worldwide are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay, to accept digital payments.Furthermore, emerging economies and developing countries worldwide are witnessing prominent growth rates in the adoption of mobile payments, not only due to ease of performing transactions or penetration of smartphones but also because of the financial inclusion features offered by the technology. For instance, Indian Prime Minister Narendra Modi introduced e-RUPI, a customized and purpose-specific digital payment solution, in August 2021. Governments are introducing digital payment options to their initiative.The market's growth is anticipated to be positively impacted by the quick increase in smartphone penetration across emerging economies, particularly in the Asia-Pacific region. The expansion of the market is being fueled by the widespread launch of mobile wallets and the rise in various technological developments in smartphones, digital payment cards, and POS at retail terminals. The digital payments market is projected to register a CAGR of 12.38% during the forecasted period. ![]()
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