Digital Payments Snapshot, 2017
The payments arena is increasingly digital and increasingly mobile. Retail spend continues to migrate from the physical storefront to online checkout; money transfers, for so long the preserve of MTOs (Money Transfer Operators) such as Western Union and MoneyGram, has been galvanised by the emergence of pureplay digital operators; in emerging markets, mobile has become a key enabler of financial inclusivity.
This infographic shows a snapshot of the digital payments market in 2017.
- The total value of digital payments is expected to reach $3.85 trillion this year, up by 14% on 2016.
- On a regional basis, Far East & China will account for the largest share of transaction values over the next 5 years, due primarily to the recent surge in eRetail engendered by the success of Alibaba in mainland China.
- While the bulk of transaction value in 2017 (55%) will be accounted for by online retail purchases for physical goods, P2P money transfers will have the largest year-on-year net increase in value ($200 million). The US will see particularly strong growth, with the bank-backed Zelle Network expected to build on its successful debut in 2016 as additional banks come on board.