By reiterating the importance of going cashless, the pandemic has boosted the adoption of digital payment methods. Our apprehensions about handling cash and coins, the need to maintain physical distance, and fear of touching foreign objects are vastly responsible for the sudden acceleration in the usage of digital modes like mobile wallets.

The digital payment market may witness a surge of 14.2%, going from $79,303 million this year to $154,082 by 2025, as per a report by Research and Markets. In the pre-COVID-19 era, some of the factors that increased the acceptance of digital payment options include the marketing of these payment options, higher e-commerce sales, and increased penetration of smartphones and the internet.