NewsBY RabIT software engineering · May 13, 2020
It’s undeniable that Covid-19 has caused a significant impact on the way we work, shop and make payments. People are quickly turning to safer ways of using and managing their money. The increase of digital transactions is already noticable, and experts predict that they continue to rise more rapidly over the coming years.
According to new research conducted by AksjeBloggen, global digital payments are expected to reach $6.7trn in value by 2023.
Earlier data gathered by Statista showed that in 2017, the global digital payments market was valued at $3.1trn. In the last three years, this value increased by more than 50%, reaching 4.7trn in 2020. Statistics indicate the entire digital payments industry is set to continue growing by CARG of 12% by 2023.
The research also indicates that digital commerce represents the leading revenue stream in the digital payments market with a $3.7trn transaction value in 2020, which is almost 80% of the entire market value this year. According to Statista, online buying and selling of goods and services will remain the largest revenue stream of the global digital payments industry in the following years, reaching a total of $4.5trn in 2023.
Statistics also show that throughout the following years we will witness a significant increase in mobile POS payments. In 2017, this segment of the digital payments market was valued at $368.6bn. Since then, mobile payments rose more than 175%, reaching $1trn value in 2020. This rapidly growth is expected to continue in the following years with mobile payments becoming $2.1trn worth industry by 2023.
The recent pandemic has visibly pushed the digital payments market to unexpected heights. This trend will most likely require even more traditional businesses to open online stores with digital payment options.
The rise of mobile POS payments mean that companies in the commerce industry will have to focus on optimizing the mobile user experience of their online more than ever. Based on this research, we can conclude that market players in the eCommerce industry will depend on mobile transactions more than ever over the coming years.
As the future of work, shopping, entertainment and life in general over the coming years remain uncertain, businesses will need to become more flexible and rapidly adapt to changes in the lifestyle of their customers and employees alike.
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