What are Digital Payments? Benefits, Types and How They Work
From, the early years of electronic funds transfer and card payment to the recent rise of mobile wallets and contactless payments, digital payments have not only become a ubiquitous part of our daily lives but are the driving force behind global commerce today. In fact, the COVID-19 pandemic has inspired rapid digitisation across continents spurring the adoption of e-commerce and digital banking. In Nigeria particularly, the Digital Payments market is projected to grow by 13.70% (2023-2027) resulting in a market volume of US$27.89bn in 2027, according to Statista.

It has become crucial for businesses, government agencies, and institutions to invest in integrating digital payment solutions into their operations to keep up with the changing times. In this article, we uncover the basics of what digital payment technology is, how it works and the impressive benefits it presents.

What are Digital Payments?
Digital payments are financial transactions completed using a digital device or over the internet and do not require the physical exchange of cash between parties involved. There are several forms of digital payment technology and some of the most common include:

Electronic bank transfers and wire transfers
Debit and credit cards
Mobile payment apps: PayPal, Opay, Paga, etc.
Mobile wallets: Apple Pay, Google Pay, etc.
QR Code Payment
USSD payments

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