According to the latest worldwide market study by Juniper Research, the total transaction value of the MFS market will exceed $1 trillion by 2024 — that’s rising from $580 billion of current transaction value in 2019.
“The past few days should be a wake-up call for everyone in financial services. For any firm, the time to power up digital and CX transformation work is here — the disruptors are at the gate, but it is not too late.”
“Over the past several years, fintech firms have disrupted traditional banking paradigms. By combining modern technology with a laser focus on improving consumer experiences, large and small fintech firms have brought unprecedented changes to the banking industry.”
via Financial Brand
Spending via digital wallets across Europe and North America will increase by 40 percent this year to nearly $790 billion, according to Juniper Research. The largest growth in 2019 will come from in-store payments, with mobile contactless payments more than doubling across these regions.
“The race to quantum-safe security is on, but businesses cannot afford to watch from the sidelines. Those that rely on the secure transmission of data, particularly those in the financial sector, should monitor the situation closely and start developing a plan.”
A new global market study found that more than 14 billion B2B cross-border transactions will be processed by 2023; rising from 13.5 billion in 2019 — that’s a 7% increase. This will be driven by blockchain-based payment networks.
via Juniper Research