The Rise of Digital Payment Transactions And The Factors That Contributed To It

1. The Rise of Digital Payment Transactions And The Factors That Contributed To It

2. A recent report released by ACI Worldwide indicated that more than only in 2020, an astonishing amount of 70.3 billion real-time payment transactions were made. This marks a surge of about 41 percent if compared to the total amount of payments made in the previous year.

3. The report also added that this change can be attributed to the fact that the Covid 19 pandemic situation created a dramatic acceleration in the digital payment industry, taking away from cash and cheques to much more reliance on digital and real–time payments.

4. In this article, we will share with you a few reasons why digital payment transactions, especially for online stores like Amazon, ebay, Ubuy, etc have become the trend of the time: www.ubuy.za.com

5. You Can Make Instant Payments Digital payments are a much faster way to make payments if compared to the conventional methods of payments such as cheques or cash. Since in the case of digital payments you are not constrained by location or time, you can simply make a payment no matter where you are on the globe. www.ubuy.za.com

6. This technology of digital payments has removed the need to go to a bank to make a payment or waste your time standing in a long queue. www.ubuy.za.com

7. You Get A Higher Security Of Payment Digital payment methods offer their users numerous ways to secure your payment. For instance, you get the benefits of SSL, encryption, tokenization, and so on. As a merchant, when the customers make a payment, they do not have to put in their details of the card every single time that they try to make a payment. www.ubuy.za.com

8. The customers can simply save the card details on their phone, and complete the transaction just by using an OTP or a one-time password. www.ubuy.za.com

9. Saves You The Costs Of Processing In case a merchant wants to provide payment services to his or her customers, then they first need to connect with a card processor. Then the processor will give him a getaway for making payments where the customers can process their payments, and in exchange for that, the card processor will deduct a fixed cost from the merchant. www.ubuy.za.com

10. And the cost is pretty high. However, if the merchant uses a digital system of making payments, then the business does not have to incur these high costs. All the merchant has to do is pay a fixed subscription charge to the service provider. www.ubuy.za.com

11. It Is Transparent When it comes to the field of payments, one of the most essential factors is transparency. And in the case of making digital payments, you do not have to maintain a record of the details of payment. You can simply provide the customer with the payment details beforehand. There will be much fewer chances of confusion or theft. www.ubuy.za.com

12. Final Word Hence to sum up, with its many benefits digital payments have rightly replaced the need for cash transactions. www.ubuy.za.com

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