The total value of digital commerce transactions globally will exceed US$20 trillion (RM91 trillion) by 2027, from US$12.3 trillion in 2022, according to a new study from Juniper Research. — AFP pic
Wednesday, 21 Sep 2022 7:11 PM MYT
KUALA LUMPUR, Sept 21 — The total value of digital commerce transactions globally will exceed US$20 trillion (RM91 trillion) by 2027, from US$12.3 trillion in 2022, according to a new study from Juniper Research.
It predicts growth will be driven by increasing acceptance of digital payment methods and technologies that enable digital payments during the checkout procedure, such as Near-field Communication (NFC) payments.
According to a statement, the research anticipates mobile NFC payments will experience the strongest growth in the digital commerce market, with 176 per cent growth in transaction value forecast between 2022 and 2027 globally.
It predicts increasing consumer desire for frictionless payment methods will drive NFC transactions by eliminating the need for consumers to carry a payment card in addition to their mobile device.
The report urges NFC payment vendors to implement solutions that eliminate any unnecessary steps in the payment process.
It also recommends supporting devices that enable biometric identification for payment authentication to reduce the risk of payment fraud in the payment process.
Additionally, the research predicts online shopping will drive digital commerce growth, with the value of eCommerce transactions expected to grow by 82 per cent globally between 2022 and 2027.
Remote purchases of physical goods will experience the strongest growth: 106 per cent in the value of transactions globally during the five-year period.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary. — Bernama