PayNXT360

  Digitalization, rising e-commerce activities , and a tech-savvy population are the key factors aiding the growth of the global prepaid card and digital wallet market in 2023. The trend is projected to further continue over the next five years, as PayNXT360 estimates that the market will grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2027, increasing from US$1.5 trillion in 2022 to reach US$2.5 trillion by 2027. The data clearly indicates that there is plenty of headroom for growth in the global prepaid card and digital wallet market. To tap into the growing demand for prepaid cards and digital wallets, fintech firms and financial service providers are launching new products, forging strategic alliances, and entering new markets in 2023. For instance, ·          Mastercard, in July 2023, announced a strategic partnership with Sombank to launch a debit card in Somalia. The goal of the strategic alliance is to promote...

The buy now pay later segment has been growing at a rapid rate across India. Consumers from Tier I, II, and III cities have flocked increasingly toward BNPL schemes to fund their purchases at a time when access to traditional credit is becoming expensive. This has resulted in high a high-growth environment for BNPL providers in India. According to PayNXT360, BNPL payments in the country are expected to grow by 22.9% on an annual basis to reach US$14,289.4 million in 2023. Medium to long-term growth story of the BNPL industry in India remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 12.2% during 2023-2028. The BNPL Gross Merchandise Value in the country will increase from US$11,628.8 million in 2022 to reach US$25,387.2 million by 2028. Amid the growing adoption of the flexible payment method, which is expected to further rise in H2 2023, non-BNPL-focused fintech firms are also mulling to create their presence in the segmen...