The global digital transaction management market is projected to exhibit a significant growth, at a CAGR of around 16.3%, during the forecast period. Increasing government initiatives for digitalization is primarily contributing to the adoption of digital transactions. Several programs to promote digitalization have been reported across the countries. For instance, in July 2015, Digital India campaign was launched by the Indian government. The objective of the campaign is to digitally empower the country and its people, introduce a better quality of life, and improve infrastructure. The three-central area of the Digital India program includes Digital Infrastructure, Digital Literacy, and Digital Delivery of Services. This aims to make India becoming a digitally advanced country with the launch of several projects and initiatives, including BharatNet, MyGov.in, Digi Locker, e-education, e-hospital, Wi-Fi Hotspots, National Scholarship Portal (NSP), and e-Adhaar Card.
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Indian government encourages individuals to move towards cashless economy. This can be realized with the use of electronic payment gateway systems such as National electronic funds transfer (NEFT) and Real-time gross settlement (RTGS), debit, and credit cards. Additionally, rising internet and mobile penetration, adoption of new channels, such as mobile apps and online banking offers a new way for consumers to opt for financial transactions. Under the Digital India initiative, a National Payment Service platform, PayGov has been foreseen for a common e-Governance infrastructure. The platform offers an end-to-end transactional experience for citizens which allow accessing a range of services using internet with payment gateway interface to conduct online payments.
PayGov India is utilized for payments, including citizens debiting their bank/ card account for payment to Govt. Dept. and settlements (monies getting settled in relevant tax head - major/minor head into government treasury with challan, such as BSR+CIN of an Agency Bank or Bank Account of Department/ PSU/ Local Bodies - Municipals) in case of treasury payments, the monies as per RBI guidelines will be settled into treasury at T+1. The government focus on providing secure and reliable platforms and increasing focus on creating awareness for digital payments among consumers are expected to offer an opportunity for the growth of the digital transaction management market.
Further, in June 2018, the Singapore government launched the Digital Government Blueprint (DGB) that summarizes the vision and plans for a Digital Government. It is a five-year plan that aims to harness digital technologies regarding transforming the ways Singapore government provides service to the public. The government’s digital platforms can also be extended to assist businesses and the larger community. This creates an opportunity to open up more platforms for businesses to participate in, to enable new innovative B2B and B2C services. Such wide introduction of digitalization is surging to the growth of digital transaction management market, in terms of security of individual’s personal information.
Global Digital Transaction Management Market-Segmentation
By Solution
By Vertical
Global Digital Transaction Management Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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