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Digital payments to reach $3.9tn in 2017

The value of global digital payments will increase by 14 per cent in 2017 compared to last year, reaching $3.9 trillion, according to research by Juniper Research.

More than half (55 per cent) of the transaction value is accounted for by online retail purchases for physical goods, but person-to-person (P2P) transfers will see a significant year-on-year net increase in value ($200 million).

The research, summarised in a free white paper – Maximising the digital payments opportunity 2017 – (registration required) found that:

  • the US will see particularly strong growth;
  • the Zelle payments network is expected to build on its successful debut in 2016 as additional banks come on board;
  • demonetization policies in India have encouraged a surge in mobile wallet adoption and, with it, sharp increases in both P2P and mobile retail transactions;
  • the US will see further strong growth in e-retail, partly due to an increased emphasis by traditional bricks-and-mortar retailers in developing a converged online/offline approach; and
  • the Far East & China will account for the largest share of transaction values over the next five years, due primarily to the recent surge in e-retail engendered by the success of Alibaba in mainland China.

CTMfile take: Online sales will be increasingly important to retail and consumer-facing companies. The research gives the example of Wal-Mart, which currently does less than 5 per cent of sales through online channels but is seeking to boost its market share through the development of an ‘innovation hub’ to drive retail opportunities.


This item appears in the following sections:
Payments - Collecting at POS
Collecting Payments on the Internet
Collecting Payments via Mobile

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