Rise of online payment gateways

The cashless payment system is growing exponentially with evolving payment methods, increasing use of e-commerce, improved broadband connectivity and the advent of new technologies. Can the increasing incidence of cyber-attacks and spam hamper the growth of the online payment market, or will it continue to grow at a rapid pace?

The global digital payments industry is expected to reach the $6.6 trillion mark in 2021, seeing a roughly 40% jump in two years. Cashless payment methods are evolving rapidly thanks to disruptive innovations such as mobile wallets, peer-to-peer (P2P) mobile payments,

real-time payments and Online payment gateways in Bangladesh cryptocurrencies. In the growing digital age, many payment technology companies are partnering with traditional financial institutions to meet the latest consumer and merchant preferences. Thanks to widespread broadband connectivity, growing mobile commerce,

the emergence of new technologies such as virtual reality, artificial intelligence and rapid digitization, billions of people have started using contactless payments in both developed and developing countries. In addition, growing e-commerce businesses, digital transfers, digital business payments and mobile B2B payments are strengthening the cashless transaction ecosystem.

Users of cashless transaction methods across different generations are widely adopting digital peer-to-peer (P2P) applications because they are more attractive and flexible. In-app payments or swipe transactions take seconds at checkout, allowing users to make payments anytime,

anywhere. Tokenization, encryption, Secure Sockets Layer (SSL), etc. offer several ways to secure payments while enabling digital transactions. Additionally, users do not need to fill in information each time to complete the payment process.