"The Information Minister outlines his plan to sustain the country�s tech lead -- As its domestic IT markets grow increasingly saturated, and competition from neighboring countries stiffens, South Korea stands at a dangerous juncture: find a way to sustain its lead, or watch the work of two decades fall by the wayside. That�s why Daeje Chin, the South Korean Minister of Information and Communication, spent the week schlepping around the San Francisco Bay Area. He touted South Korea�s �ubiquitous information society� and met with Silicon Valley companies. More than anything, he looked for foreign capital that could jump-start his country�s flat-lining industries. South Korea has one of the most advanced IT industries in the world, boasts top cell phone adoption rates, and leads the globe with 75 percent broadband penetration."
The world of eCommerce payments has evolved. As we look toward the latter half of this decade, we're witnessing a transformation in how digital commerce operates, with a clear shift toward localized payment solutions within a global marketplace. The numbers tell a compelling story. According to Juniper Research's latest analysis, global eCommerce transactions are set to reach $11.4 trillion by 2029, marking a 63 percent increase from $7 trillion in 2024. This growth isn't just about volume – it's about fundamental changes in how people pay for goods and services online. Perhaps most striking is the projected dominance of Alternative Payment Methods (APMs), which are expected to account for 69 percent of global transactions by 2029, with 360 billion transactions processed through these channels. eCommerce Payments Market Development What makes this shift particularly interesting is how it reflects the democratization of digital commerce. Traditional card-based systems ar...