Digital Commerce Transactions to Exceed 1 Trillion Mark Globally by 2024, as NFC Payments and Online Ticketing Surge Ahead

A new study by Juniper Research, the professional team focused on fintech & payments markets, has found by next year, digital commerce transaction volumes will “reach 1.08 trillion globally; rising from 966 billion this year – a very strong 12% growth in a single year.”

The study released by Juniper Research, which covers digital money transfer, digital and physical goods purchases, digital ticketing purchases, banking, NFC payments, QR code payments and bill payments, “found the strongest growth will be in three markets; driving overall digital commerce adoption.”

Highest-growth Sectors

  • NFC Payments: 30%
  • Digital Ticketing: 19%
  • Physical Goods: 12%

Shift to Open Loop in Transit Is Catalysing NFC Growth

The research found NFC payments “are surging; boosted by increasing contactless acceptance, particularly within transit.”

The move to open-loop payment systems within ticketing has “had an important network effect; boosting awareness of contactless payments among potential users and increasing usage within markets that previously lagged behind, such as the US and Germany.”

Research author Nick Maynard commented:

“The shift towards open-loop payments within ticketing has now begun to reach more remote areas, becoming the default payment method in many markets. We anticipate this momentum to boost contactless payments overall, and also increase open-loop adoption in other areas, such as for EV charging.”

The research identified with “the rising cost of living reducing disposable income, digital commerce vendors need to differentiate themselves to maintain growth.”

As such, the research recommends vendors “in highly competitive markets, such as money transfer, focus on reducing the cost of payments as the key differentiator in the current climate.”

In another update, it was noted that BaaP (Banking-as-a-Platform) is an operational business model that “puts banks at the forefront of consumers.” In their latest whitepaper, the researchers highlighted “how BaaP can help traditional banks regain their competitive edge against neobanks.” This, according to the Juniper Research team.

Through collaboration with innovative vendors, banking institutions can “offer new services from partners, including embedded insurance, lifestyle offers with leading brands, or access to HR services for small businesses,” the team Juniper Research explained.

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