Juniper Research estimates that in 2024, 1.1 billion digital transactions will occur. This figure refers to both digital payment methods in physical stores and online purchases themselves.
%73 growth îs expected in the next 5 years
According to the company, last year there were approximately 641 million operations, and this data reflects an increase of 73% compared to 2019.
Emerging markets, specifically, Africa and the Middle East, will play a special role in this growth and reach a total of 1 trillion dollar in digital commerce. These two regions will experience a significant and rapid diversification in their digital transaction services. The mobile channel will be key in the development of both markets, so Juniper Research predicts an increase in partnerships between mobile network operators and e-commerce organizations.
QR code payments will rise
On the other hand, markets outside North America and Western Europe will account for 77% of total digital transactions in 2024. In this growth, QR code payments, which started dominating the Chinese market, will be especially relevant. It is expected that the QR payments will be 27% of all transactions.
Juniper also emphasized that in the next 5 years, QR code payments will expand and normalize beyond China. However, China will keep its leadership in the payments made with QR codes.
In this time period, the big fintech could collide with the traditional financial institutions. In fact, Juniper recommended big global companies to deepen their alliances with fintech startups in regional markets to ensure a prominent position.
