Digital Payment Trends: The New Wave Of Online Shopping

By Debamalya Mukherjee

November 20, 2023

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In the realm of online shopping, a seismic shift is underway. Digital payments, a once-niche corner of eCommerce. They are now at the forefront, offering a gateway to a more connected and efficient shopping experience

As the digital landscape evolves, one innovative possibility stands out: The ability to buy iTunes gift cards with Bitcoin, merging the convenience of digital currencies with the versatility of gift cards.

Digital payments are on the rise due to their advantage over cash payments. It is why people worldwide are taking the help of digital payments to carry out their transactions. However, we try to understand some of the top trends that are associated with it in this section.

Global Growth In Digital Payments

The digital payments sector is witnessing unprecedented growth globally – by 2027, the revenue generated from digital payments is projected to soar to an astonishing $14.79 trillion.

This surge represents a robust annual growth rate of 11.79% from 2023 onwards. In fact, in 2023 alone, the total global transactions in digital payments are expected to reach $9.47 trillion. Digital payments and the eCommerce sector share a compatible relationship. It is the reason people are buying online. Both of them benefitted from the collaboration. 

This promising growth signifies increasing reliance on and preference for digital payment methods in eCommerce. Ultimately, it paves the way for innovative payment solutions like using Bitcoin to buy iTunes gift cards​.

Widespread Adoption Of Digital Payments

Digital payments have become a staple in the global financial ecosystem, with two-thirds of adults engaging in digital transactions.

In the United States, this figure is even more impressive, with 89% of Americans utilizing digital payment methods.

The adoption rates vary significantly between developed and developing countries. A stark 95% of adults in developed nations use digital payments compared to 57% in developing countries.

This widespread adoption underscores the importance of accommodating diverse payment methods. It includes using cryptocurrencies for purchasing gift cards, in online shopping platforms​​​​. Online payments open a gateway toward better opportunities for easier collaboration. It has created new opportunities for business. 

Ecommerce’s Growing Share In Consumer Spend

Ecommerce is set to claim an ever-larger portion of global consumer spending by 2026. Moreover, eCommerce is projected to account for 24% of all consumer expenditure worldwide.

The total revenue from global digital commerce is expected to reach a staggering $8.1 trillion by 2026. In the year 2023,’ the figures are estimated to reach $6.3 trillion.

This growth in eCommerce underscores the vital role of digital payments in facilitating online shopping. It includes innovative practices like buying gift cards with crypto. It blends traditional eCommerce activities with the emerging digital currency landscape​​.

When the economy is rolling, it creates more opportunities for people to benefit from the ecosystem. Ultimately, it proves to be a benevolence of the stakeholders. Hence, you can say that online payments have enabled consumer spending, which helps bring fresh lease or air to the economy. 

The Rise Of Digital And Mobile Wallets

Digital and mobile wallets have dramatically transformed the online payment landscape; accounting for a significant portion of online transactions, their ease of use, coupled with enhanced security through biometric authentication, makes them a preferred choice for consumers globally.

This trend is further boosted by the growing acceptance of peer-to-peer digital wallets, particularly among younger demographics.

The Growing Popularity Of Buy Now, Pay Later (Bendl)

BNPL services have seen explosive growth, especially in the face of economic challenges like inflation.

This trend caters to a diverse demographic, offering a flexible, interest-free approach to online shopping. The BNPL market, which grew by a staggering 2400% from 2019 to 2022, reflects a broader shift towards more adaptable payment solutions.

The growing popularity of the buy now and pay later has been helpful as it helps provide better opportunities for businesses to grow continuously.

Mobile Payment Technologies: The New Normal

The surge in mobile payment technologies is undeniable; in the United States alone, a significant majority of consumers have embraced smartphone-based purchases, indicating a paradigm shift towards mobile and contactless payment technologies.

This trend, accelerated by the pandemic, underscores the growing reliance on and comfort with using mobile devices for everyday transactions.

Cryptocurrencies And Gift Cards: A Synergistic Duo

The intersection of cryptocurrencies and gift cards is an emerging trend in digital payments; as cryptocurrencies like Bitcoin gain mainstream acceptance, they open novel avenues for practical use.

Purchasing gift cards with crypto not only utilizes digital assets effectively but also adds a layer of flexibility and choice in the realm of gift cards.

Consumer Preferences: Sustainability And Customization

Today’s consumers demand more than just convenience – they seek sustainability and personalization in their purchases.

This is evident in the gift card industry, where a significant number of consumers prefer eco-friendly options and appreciate innovative designs, such as AI-created artwork or customizable images.

Gift Card Promotions And Loyalty Programs

In response to economic pressures, consumers are increasingly attracted to gift card promotions and loyalty programs.

These initiatives, offering additional value through bonuses, discounts, or loyalty points, are reshaping consumer engagement with brands and their gift card offerings.

Multivendor Gift Cards: Expanding Consumer Choice

The demand for gift cards with multivendor options is on the rise; consumers value the flexibility and variety that these cards offer, prompting merchants to broaden their gift card programs.

This trend reflects a growing preference for choices that span multiple vendors and services.

In Conclusion

To summarize, the digital payment landscape in eCommerce is rapidly evolving, marked by the rise of digital and mobile wallets, the increasing popularity of BNPL services, and the integration of mobile payment technologies into daily life.

Furthermore, the synergistic relationship between cryptocurrencies and gift cards, along with changing consumer preferences towards sustainability and personalization, is shaping new trends in digital payments.

These developments underscore the need for merchants to adapt and innovate, ensuring they meet the evolving demands of the modern consumer in this new wave of online shopping.

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