How and why the payments industry will experience massive growth over the next five years

  • The payments ecosystem is undergoing a period of digital transformation, which will spur tremendous growth in money moved around the globe in the next five years.
  • Consumers and businesses will make 841 billion noncash transactions worldwide in 2023, up from 577 billion in 2018.
  • The next five years will mark a pivotal transformation in how companies and consumers handle payments.

The impact of payments’ digital transformation is rippling around the world, in both advanced economies and developing countries.

Across major global regions, the total volume of e-commerce transactions is expected to rise 91% over the next five years to hit $5.7 trillion by 2023.

See the rest of the story at Business Insider

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