Digital Payment To Hit $14.25bn In 2023

Payment transactions through digital platforms have been projected to reach $14.25 billion this year, with an annual growth rate of 13.69 per cent resulting in a projected total amount of $23.81 billion by 2027.

According to Statista, a marketing insight and research platform, the market’s largest segment is digital commerce with a projected total transaction value of $12.36 billion in 2023.

Duplo, a B2B payment platform, revealed that, the market for B2B payments was estimated to be worth approximately $903.50 billion in 2021 and is anticipated to reach $1,618.15 trillion by 2028 with a CAGR of 10.20 per cent. It added that B2B Cross-Border Payment transactions are also projected to exceed $42 trillion In 2026.

In 2022, the cloud-based accounts payable software market was valued at $2727.89 million and it is projected that the market will grow at a CAGR of 7.8 per cent, reaching $4280.94 million by 2028.

The open banking market reached $15.21 billion in 2022 and is set to hit $131.3 billion by 2028, growing at a CAGR of 24.6 per cent during the forecast period (2022 to 2028).

It is estimated that by 2027, the number of users of BNPL (Buy Now Pay Later) is expected to reach 900 million – a 157 increase from 360 million in 2022.

As of 2021, the digital payment market was valued at $89,045.67 million; by 2028, it is expected to grow to

$243,426.71 million. In the same vein, Real-Time Payments Market is to Rise at an Impressive CAGR of 32 per cent to Reach $86.89 billion by 2028.

The payment company added that Fintech is expected to invest $22.60 billion in AI globally by 2025, growing 23.37 per cent annually.

Meanwhile, a new study from Juniper Research, a market intelligence company in the UK, has found that the global transaction value of the B2B payments market will exceed $111 trillion in 2027, from just over $88 trillion in 2022.