The Payments segment is the epicenter of all the transformation orchestrated by digital technology. The transaction value of the digital payments market was $5.44 trillion in 2020 and is expected to reach $11.29 trillion by 2026, registering a CAGR of 11.21% during 2021–2026. Fueling this growth are numerous factors including rising adoption of smartphones, improved internet penetration, and increasing preference for digital solutions. Payments is witnessing massive innovations—new payment options now range from biometric authentication and QR codes to mobile point of sale (mPoS) and smart speakers. Soft PoS is a relatively new payments system gaining acceptance.
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