The Digital Money Market is expected to reach $7.9 trillion by 2024 worldwide with an average CAGR of 14.1 percent between 2020–2024.
Digital money is money which is exchanged electronically. Digital money is also referred to as e-money, electronic money, e-currency, electronic currency, digital cash or electronic cash. The exchange of electronic money is executed using a computer network. Some examples of electronic money are direct deposit, virtual currency, digital gold currency and EFT.
Major Players working currently in digital money market are IBM, Ripple, Rubix, Accenture, Oklink, Oracle and AWS.
Future of India’s Digital Payment
The payments industry has witnessed a monumental revolution in the last decade. There have been remarkable innovations and initiatives that have changed the way India transacts. For instance, Government’s push towards digital payments with initiatives like FASTags, the introduction of interoperability on wallets, cash recyclers, or innovations by FinTech players like RFID based fuelling apps, all-in-one QR code for merchants and UPI QR-based cash withdrawals on ATMs; digital India clearly holds an extremely promising future. Biometric authentication with the rise in the problems of identity theft and fraud, biometric authentication can become a reliable and secure option for all the digital payments that takes place in the year 2020. Even the stats suggest the same thing. According to the industry data, by the year 2021 there will be more than 18 billion biometric transactions taking place every year. The future of plastic cards is bound to be overshadowed by cutting-edge payment services that offer more convenient and seamless methods of money transfer and store.
Google & IBM plans making money from Quantum Computing. Quantum computers use the natural world to produce machines with staggeringly powerful processing potential. IBM India is looking at developing applications that would help banks leverage data. Currently, they are working with large banks to build platforms to cater to small and medium enterprises and corporate clients. “These platforms could be different for each bank depending on what they want to leverage and innovate on. So, we are engaging with banks in areas where there could be differentiation,” Subram Natarajan, Chief Technology Officer, IBM India/South Asia,
Digital Money segmentation by type it has IT Solution, FinTech, Bank and Consulting. By application it segmented into Government and Enterprise. Geographically, Digital Money markets such as U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Mexico, Brazil, Turkey, Saudi Arabia, U.A.E, etc. Sweden is expected to become the world’s first cashless society by 2023. Key regions covered in the report are North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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