The pandemic has radically reconstructed the way we live, work, play, pay and get paid. With digital taking center stage across the board, businesses have been forced to adapt, reprioritize, and restructure their business models.
If we look at the digital payments sector, we have witnessed unprecedented growth in the last year, something that we typically see in three to five years.
According to a recent report, the global digital payments market is expected to grow from $29.66 billion in 2020 to $32.27 billion in 2021 at a compound annual growth rate (CAGR) of 8.77 percent. The market is expected to reach $46.94 billion in 2025 at a CAGR of 9.83 percent. India is also witnessing an increase in digital payment adoption as per a recent study by KPMG.
Along with advancements in technology, we are witnessing the concurrent emergence of more organized forms of fraud and cybercrime. Scammers and fraudsters are increasingly deploying leading-edge technologies and advanced algorithms to access financial and personal information. According to the Global Tech Support Scam research by Microsoft, three out of five consumers have encountered a tech support scam in the last 12 months globally…
