According to the latest worldwide market study by Juniper Research, the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022 — that’s up from a COVID-related low of 38 billion in 2020; representing 42 percent growth.
Total spend over direct carrier billing will reach $100 billion for the first time by 2025 — that’s rising from $37 billion in 2020. The increasing shift to subscription-based models for digital services, such as games, video streaming and music, will be key to realizing a growth rate of 172 percent over the next 5 years.
According to the latest worldwide market study by Juniper Research, the total value of B2B cross-border payments will reach $35 trillion in 2022. That’s up from a COVID-related low of $27 trillion in 2020, representing 30 percent growth.
RCS is a next-generation mobile messaging standard supported by mobile network operators that enable media-rich content and payment services. Juniper Research has forecast that total revenues from RCS traffic in North America will reach $712.8 million during 2020.
According to Juniper Research, the total number of Open Banking users — who share data via Open Banking APIs to access new services — will double between 2019 and 2021; reaching 40 million in 2021, that’s up from 18 million in 2019.
Within the United States and Canada, overall e-commerce orders have increased by 129% compared with last year. Similarly, the digital payments market is now expected to grow this year by 11% worldwide and as high 15.9% in places like China.
“Digital payments are limiting in-person transactions and ensuring consumers can buy essentials from the comfort of their homes. Ramped up e-commerce initiatives are also helping small businesses keep revenue flowing during an uncertain time.”
According to Juniper Research, total online retail transaction values will reach $4.8 trillion by 2024 — that’s up from $3.3 trillion anticipated in 2020. This growth will be driven by emerging markets, with China having 62 percent value growth over the next 4 years.
The digital payment era is here. Record numbers of online payments are being processed. And, nearly half the world will be using digital wallets by 2024, with transaction values to increase by almost 60 percent reaching over $9 trillion, according to Juniper Research.
Today’s banks are losing employees not only to other banks, but also to techfin firms. Amazon, Apple, Facebook, and Google are all making forays into banking, and they’re always on the lookout for people who can help their engineering teams understand the financial payments and risk disciplines.
via Everest Group