The payments ecosystem is undergoing a period of digital transformation, which will spur tremendous growth in money moved around the globe in the next five years.
Consumers and businesses will make 841 billion noncash transactions worldwide in 2023, up from 577 billion in 2018.
The next five years will mark a pivotal transformation in how companies and consumers handle payments.
The impact of payments’ digital transformation is rippling around the world, in both advanced economies and developing countries.
Across major global regions, the total volume of e-commerce transactions is expected to rise 91% over the next five years to hit $5.7 trillion by 2023.
With such impending immense growth, it’s crucial for any business that even touches the payments industry to understand what’s ahead.
Take, for example, noncash transactions, which include debit card, credit card, direct debit, and credit transfer transactions that are conducted either online or offline. Consumers and businesses will make 841 billion noncash transactions globally in 2023, a 46% surge from 577 billion in 2018. The rise in global card and terminal penetration, coupled with increasing digital payments volume, will will be the key drivers in this growth.
To successfully navigate this changing landscape, individuals and organizations must understand the full extent …read more
Source:: Businessinsider – Finance