Fintech innovation continues to disrupt the Global Networked Economy. The value of consumer spending on remote payments for digital and physical goods is estimated to have surpassed $3.3 trillion in 2018 — that’s up 10 percent on the 2017 total of $3 trillion.
The digital payments arena is undergoing rapid change, owing to a combination of factors. Transactions are growing rapidly year-on-year as convenience improves, and regulatory changes help to drive adoption. Meanwhile, the scope of different payment types is increasing.
According to the latest worldwide market study by Juniper Research, annual online payment fraud losses from eCommerce, airline ticketing, money transfer and banking services will reach $48 billion by 2023 — that’s up from the $22 billion in losses projected for 2018.
According to the latest market study by Juniper Research, the IoT payments market will grow at an average of 75 percent per year over the next 5 years, reaching $410 billion by 2023. This is up from an estimated $24.5 billion in 2018 — and the most growth will come from in-vehicle payments.
Global remittances totaled $613 billion in 2017, marking a 7% increase from $573 billion in 2016. Factors such as stricter immigration policies have possibly resulted in an increase in the number of remittance payments this year, and the 2018 figures are expected to rise accordingly.
According to the latest worldwide market study by Juniper Research, retail spending at new frictionless payment stores — such as Amazon Go — will increase from an estimated $253 million in 2018 to over $45 billion by 2023.
With password-based personal identity solutions becoming increasingly impractical, device vendors and mobile network service providers have begun implementing an alternative second factor — using a fingerprint, iris, facial feature or vein pattern to establish an individual’s identity.