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, gnomeitsolutions 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 to which digital transformation will affect the payments industry, the key drivers of this growth, and how it all relates to the work they do every day.
Business Insider Intelligence, Business Insider’s premium research service, has forecasted the future of the payments ecosystem in The Payments Forecast Book 2018 — and the next five years will be critical for the following four areas:
Global Payments: Asia, North America, and Europe will be the three main growth regions in the next five years, and will make up 70% of all noncash transaction growth by 2023.
US Payments: In the US, P2P and retail payments combined will still be less than a quarter of the size of the B2B payments market by 2023 ($6.3 trillion vs. $27.3 trillion).
US E-Commerce: Total e-commerce spending in the U.S. will surpass $1 trillion by 2023, and the average consumer will spend $2,959 online.
US Emerging Payments: By 2023, 67% of US adults will have used BOPIS (Buy Online Pickup In Store) at least once in the last 12 months.
Want to Learn More?
People, companies, and organizations all over the world are racing to adopt the latest payments solutions and prevent growing pains amidst a technological transformation. The Payments Forecast Book 2018 from Business Insider Intelligence is a detailed four-part slide deck outlining the most important trends impacting the payments ecosystem around the world — and the key drivers propelling each segment forward.
Representing thousands of hours of exhaustive research, our multipart forecast books are considered must-reads by thousands of highly successful business professionals. These informative slide decks are packed with charts and statistics outlining the most influential trends on the leading edge of your industry. Keep them for reference or drop the most valuable data into your own presentations to share with your teams.
Whether you’re newly interested in a topic or you already consider yourself a subject matter expert, The Payments Forecast Book 2018 can provide you with the actionable insights you need to make better decisions.
Get The Payments Forecast Book