What are Digital Payments? Benefits, Types and How They Work
From, the early years of electronic funds transfer and card payment to the recent rise of mobile wallets and contactless payments, digital payments have not only become a ubiquitous part of our daily lives but are the driving force behind global commerce today. In fact, the COVID-19 pandemic has inspired rapid digitisation across continents spurring the adoption of e-commerce and digital banking. In Nigeria particularly, the Digital Payments market is projected to grow by 13.70% (2023-2027) resulting in a market volume of US$27.89bn in 2027, according to Statista.

It has become crucial for businesses, government agencies, and institutions to invest in integrating digital payment solutions into their operations to keep up with the changing times. In this article, we uncover the basics of what digital payment technology is, how it works and the impressive benefits it presents.

Benefits of Digital Payments

Digital payment solutions have made business transactions to be convenient, fast and more secure. Here are three advantages of digital payments over traditional cash, and check payments:

1. Secure Transactions
Unlike cash which poses a direct risk of theft, digital payments provide security features that protect customer details from a data breach while using layers of authentication to verify the payer’s identity and reduce possible risks for fraudulent transactions.

2. Fast & Convenient
Digital payments make the point-of-sale experience effortless and pleasant for customers. The need to carry cash around or fumble around in their purse during transactions is eliminated. In a matter of seconds, payment can be completed, while your business enjoys real-time cash flow.

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