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.