The global payment market is projected to increase at a CAGR of almost 11% to 2020, with emerging economies projected to grow at nearly 20% during the forecast period, according to data compiled by BNB Paribus and Capgemini.
The study also indicated that, by 2020, approximately 726 billion digital payment transactions are expected to have been made by consumers across the globe.
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The report found that the growth is expected to be driven by the expanding payment solution ecosystem, which has seen new technology such as APIs, blockchain, data sharing, instant payments and wearable payment-enabled tech. New tech has been encouraging consumers to make cashless, digital payments instead of carrying cash or physical cards for transactions.
"Non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments," said Christophe Vergne, cards and payment practice leader at Capgemini. "Curiously, though the number of transactions continues to rise at a rapid rate, the average US$ value per transaction has decreased slightly, as digital establishes itself as a growing rival to cash for low cost purchases," Vergne added.