DIGITAL PAYMENTS MARKET ANALYSIS

Key Developments

• In November 2023, Payment24, an international fuel payment solutions provider based in Cape Town, South Africa, announced the launch of Cloud Switch, a cloud-based financial product. This innovative payment platform is a fully integrated, hardware-less payment switch designed to support various payment methods and specifically address the needs of retailers, merchants, fuel retailers, and acquiring banks.
• In April 2023, Visa Inc., a global leader in digital payments, announced a partnership with PayPal and Venmo to pilot Visa+, an innovative service designed to facilitate secure money transfers between different person-to-person (P2P) digital payment applications. This initiative will enable Venmo and PayPal users in the U.S. to seamlessly transfer funds between the two platforms later this year.
• In April 2023, GrubMarket, a S.-based food tech and e-commerce company specializing in the food supply chain, announced the launch of GrubPay, an innovative payment processing platform designed to facilitate secure transactions for food wholesalers and distributors. With this launch, GrubMarket became the first e-commerce platform to offer a fully integrated payment processing solution tailored specifically for the fresh food industry.
• In February 2023, HDFC Bank, India's largest private sector bank, launched a pilot program in partnership with Crunchfish, a Sweden-based digital cash solutions provider, to test offline digital payments for merchants and customers under the Reserve Bank of India's (RBI) Regulatory Sandbox Program, known as OfflinePay. This innovative solution allows transactions to occur without an internet connection, aiming to enhance the adoption of digital payments in areas with poor network connectivity.
• In November 2022, Mastercard, a global technology leader in payment solutions, announced a long-term strategic partnership with the Arab African International Bank (AAIB) as part of its initiative to accelerate the digital transformation of Egypt's financial ecosystem. Through this collaboration, Mastercard and AAIB will focus on designing and implementing AAIB's digital transformation strategy, delivering advanced payment solutions that meet the increasing consumer demand for simple and secure digital payment methods.

*Definition: The global digital payments market consists of transactions made through digital platforms like online banking, e-wallets, credit and debit cards, direct carrier billing, digital currencies, and mobile payment applications. It provides contactless, convenient, and secure financial services to both businesses and consumers around the world for online shopping, money transfers, utility payments, ticketing, and other use cases through smartphone apps and websites. The market is growing rapidly due to an increase in internet and smartphone users globally.