A digital payment is the process of transferring funds through electronic devices such as smartphones, smartwatches, tabs, and others. In addition, it makes the traditional money transfer faster, easier, and more secure for the parties involved in the transaction.
The global digital payment market is estimated to advance at a CAGR of 10.9% over the next five years, hitting $15.55 trillion by 2027. The growing worldwide volume of cashless transactions is projected to be the key growth driver for the given industry. Besides, the current Fed's policy should be a solid tailwind for the overall financial industry.
