The Rise of Digital Payment Transactions And The Factors That Contributed To It
                     The Rise of Digital 
Payment Transactions 
And The Factors That 
Contributed To It
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.
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. 
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:
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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.
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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.
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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. 
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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.
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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.
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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.
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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.
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Final Word
Hence to sum up, with its many benefits 
digital payments have rightly replaced the 
need for cash transactions.
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