Digital Debit Market Trends, COVID-19 Impact, Growth Drivers, and Forecast 2030

Digital debit has a large number of benefits over the traditional wallet, such as convenience, better security, and additional bonus & rewards,  which drive the growth of the digital debit market. In addition, increased usage of smartphones, supportive government initiatives, and changing customers’ preferences toward digital payments further fuel the growth of the market.

However, low security, lack of clear regulatory framework and heavy investment may hinder the growth of the market. Growth in penetration of digital debit in developing economies and increase in number of mobile banking users provide numerous opportunities for the digital debit market. 

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Digital debit offers better security than traditional wallet. It cannot be stolen or broken and when transactions are done in a store or online, the transaction is completed with the help of unique transactional ID or token. Therefore, the store or online is not expected to store one’s account information, which enhances the security of data.

Heavy initial monetary investment is required for building a functional digital wallet application, which can restrain the growth of the digital debit market. The application requires the initial development of the software as well as continual maintenance, fixes, and updates attached with it. However, when the software is acquired, organizations have to install the corresponding hardware in their stores, further increasing their costs. 

A huge impact is created on the economic development of a country by rural area as organizations and governments are able to witness the lack of bank accounts in the rural area. With the help of digital debit, they can easily create bank accounts without actually going physically to a bank branch.

Digital debit also helps to create transparency in a business transaction in the rural area. Moreover, the increase in demand for mobile and rise in the number of internet users in the rural area are estimated to provide opportunities for digital payment solutions over the forecast period. 

COVID-19 scenario analysis:

1. The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries disrupted the supply chain.

2. The COVID-19 outbreak has become one of the biggest threats to the financial markets and global economy. To contain the impact of the coronavirus outbreak, countries, such as India, are implementing nationwide lockdown, shutting down public places & transport, limiting the movement of entire population, maintaining social distance, and working from home. The economic disruption is huge and the short-term decline in activity for businesses, both large and small, is considerable.

3. Digital payment through QR codes, Unified Payment Interface (UPI), mobile wallets, and cards have made V-shaped recovery in the past two to three months. The volume of digital payment transactions jumped almost 60?ter the ongoing lockdown scenarios in every country to minimize the spread of the virus. The sudden growth in digital payment is expected to impact positively on the growth of the digital debit market.

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Tags: Digital Debit Market, Public Transportations, Closed Wallets, Open E-wallets