The worldwide digital payments market will jump to a record $4.7 trillion in transaction value this year, with a 15.3 percent year-over-year growth rate. This trend will continue as the entire market is predicted to reach $6.7 trillion by 2023. Mobile point-of-sale payments are set to see the most significant rise in the future, jumping from $745 billion in transaction value in 2019 to $2.1 trillion by 2023.
The data, gathered by LearnBonds.com, also finds China leads the pack in digital payments globally. China is predicted to have 49 percent of the global market share by 2023. The data report cites e-commerce giant Alibaba and gaming group Tencent as major drivers in the shift among Chinese consumers towards digital payments.
LearnBonds, citing Statista research, notes that together, China and the U.S. will account for nearly 70 percent of the global digital payment transaction value by 2023. The U.K. ranks as the third biggest digital payments market in the world, with $176 billion in transaction value in 2020. Japan and Germany follow with $173.1 billion and $127.4 billion, respectively.