Global digital payment industry to hit $9.5 trillion in 2023: Report
Three years after the COVID-19 lockdown that tilted the world towards the wider acceptance and patronage of digital payment industry, the digital payment sector has continued to grow, and will hit $9.5 trillion in 2023.
A new report by Trading platform and made available to Peoples Gazette on Monday detailed that the entire digital payment market has continued to surge reaching a new record transaction value and more users than ever before.
“Even three years since COVID-19 triggered a boom in digital payments, the entire market continues surging, reaching a new record transaction value and more users than ever before,” the report read.
“The total transaction value in the digital payments sector is expected to grow by 15% year-over-year and hit almost $9.5trn in 2023,” it added.
The report further tied the success of digital payment platforms to the introduction of innovations like mobile wallets, P2P mobile payments, real-time payments and cryptocurrencies.
According to the report, the new payment technologies have drawn millions of users and pushed the total transaction value to new record highs.
In 2022, the global digital payments industry recorded an $8.38 trillion worth of transactions, 11 per cent more than the year before.
Projections has, however, revealed that the market In 2023 will witness even bigger growth of 13 per cent year-over-year, with digital payments reaching nearly $9.5 trillion in transaction value.
According to the report, digital commerce, the market’s largest segment, will make up 63 per cent of the growth worth $5.99 trillion, with mobile POS payments expected to grow by 17 per cent and hit $3.35 trillion in 2023.
By 2025, the entire digital payments market is forecast to reach an $11.95 trillion value. The transaction value in the mobile POS segment will grow by another 32 per cent to $4.43 trillion in this period.
The report further detailed that while China remains the world’s largest digital payments market, generating $3.85 trillion or one-third of total transaction value this year, the U.S. market will still grow faster.
The report comes even as the President Muhammadu Buhari’s regime intensifies efforts towards promoting digital transactions.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Anti-Corruption
Unremitted Pension: PenCom wants EFCC to prosecute corrupt employers, recover funds
PenCom has sought the Economic and Financial Crimes Commission’s intervention to tackle pension fraud, particularly employers’ failure to remit pension contributions.
Economy
Nigeria risks repeating oil sector mistakes as 90% of data is hosted abroad: Oyedele
Mr Oyedele warned that Nigeria risks repeating the economic mistakes of its oil sector, citing estimates that up to 90 per cent of the country’s data is hosted abroad.
States
Kidnapping: Several terrorists killed, 16 hostages rescued in Niger, says army
Troops of the Nigerian Army have rescued 16 hostages and recovered arms and ammunition in Mashegu and Tungan Kawo in Rijau council area of Niger.
Economy
CBN imposes N1 billion capital requirement on crypto operators, gives 180 days to obtain licence
The directive is contained in the bank’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on Thursday.
Anti-Corruption
Alleged fraudster poses as EFCC chairman’s PA to defraud NPA boss of $700,000
The former NPA boss was allegedly defrauded of $700,000 after claims that the EFCC was investigating him.
Economy
Kano govt warns mining firms against abandoning sites without reclamation
The Kano government has warned mining companies operating in the state not to abandon mining sites without carrying out mandatory environmental reclamation measures.
