Digital Payments and Credit Card Industry

Digital payments offer numerous benefits for entrepreneurs, including convenience, affordability, and accessibility. They can increase profitability, improve access to credit, and facilitate compliance with regulatory and tax obligations. The credit card industry is experiencing increasing competition, rising credit card usage, and changing consumer behavior, with a focus on expanding cardholder rewards. The payments industry is projected to reach USD 4.78 trillion by 2029, driven by factors such as growing digitization, increasing E-commerce, and rapid adoption of mobile payments.