Digital payment to hit $14.25bn in 2023

Payment transactions through digital platforms have been projected to reach $14.25billion this year, with an annual growth rate of 13.69 per cent resulting in a projected total amount of US$23.81bn 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 US$12.36bn 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 USD 2727.89 million and it is projected that the market will grow at a CAGR of 7.8 per cent, reaching USD 4280.94 million by 2028.

The open banking market reached USD 15.21 billion in 2022 and is set to hit USD 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 per cent increase from 360 million in 2022.

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