Digital Lifescapes

The global financial services marketplace is transforming, driven by the meteoric adoption of digital wallets. What began as a convenient way to store payment cards on smartphones has evolved into an ecosystem reshaping how billions of people manage money. According to Juniper Research's latest worldwide market study, digital wallet adoption is about to rise again, with user numbers projected to surge from 4.3 billion in 2024 to 5.8 billion by 2029. This growth trajectory is about fundamental changes in how we access financial services. The most compelling Fintech transformation is happening in developing markets, where 'Mobile Money' solutions are bypassing traditional banking infrastructure entirely. Digital Wallet Market Development In regions with large unbanked populations, digital wallets have become the first point of entry into the formal financial system, allowing people to store, spend, and transfer money without needing a traditional bank account. The market has ...

Credit scoring is a method that lenders use to predict the probability a borrower or counter-party will default on loans, or incur additional charges for repayment -- also known as measuring credit worthiness. The method is a key tool in making credit affordable for individuals and businesses. It links credit products to risk potential, connecting borrowers to secondary capital markets and increasing the amount of funds available. This securing process establishes risk predictability dependent on a number of factors, determined by financial indicators and other publicly available information reported by the credit bureaus. Credit Score Market Development According to the latest worldwide market study by Juniper Research, they now forecast credit scoring services will grow by 67 percent to $44 billion by 2028. Juniper anticipates that emerging markets will experience the greatest growth -- projecting the African & Middle Eastern region to grow by 117 percent over the forecast period...

The Open Banking business model has been advantageous for Third-Party Providers (TPPs), helping them to extend their offerings into other areas of financial services with new capabilities. Open Banking is also advantageous for traditional banking institutions, despite the perceived loss of custodianship over their data, by providing greater accessibility to more bank services. Furthermore, Open Banking can help serve Mobile Internet providers that are able to leverage it to create tailored services according to customers’ preferences and/or economic limitations. Open Banking Market Development Since traditional banking services are made more convenient by TPPs via greater data access, customers can proactively manage their finances and shape the development of new financial offerings. This is particularly noticeable in the realm of Digital Payments, where retail merchants and customers transact through eCommerce, which has the greatest number of use cases for Open Banking. These includ...

The recurring subscription payments market is undergoing significant growth, primarily driven by the acceleration of consumer adoption. The market deals with periodic subscriptions to a variety of goods and services offered as an alternative payment model. While subscriptions have existed for a long time, their use in the consumer products marketplace is still evolving. Despite the usage being relatively new, the proliferation has been rapid and has spanned many different vertical markets. Recurring Payments Market Development According to the latest worldwide market study by Juniper Research, the transaction value of recurring payments will exceed $15.4 trillion globally in 2027 -- that's up from $13.2 trillion in 2023. This relatively slow growth of 17 percent reflects that recurring payments are a well-established market, but also disguises a rapid change of payment methods in the space, with Open Banking and Digital Wallet payments outstripping overall growth. As more retail me...

Online commerce transactions are the essential fuel that drives the Global Networked Economy.  Digital business growth experienced an economic uplift as a consequence of the economic challenges that accompanied the global health crisis brought on by the COVID-19 pandemic. At the same time, the digital transformation of consumer transactions contributed to even greater upward momentum. Even as more legacy retailers shifted to eCommerce, the last 24 months have been the most difficult time for mid-market retailers as they recover from the pandemic disruption. Global eCommerce Market Development   According to the latest market study by Juniper Research , the value of global eCommerce payment transactions will exceed $7.5 trillion by 2026 -- that's up from $4.9 trillion in 2021. This growth rate of 55 percent over the next five years will be driven by retailers offering compelling omnichannel retail experiences that increase user eCommerce spending. Omnichannel retail is a model ...

Open Banking initiatives are driving market disruptors in financial services, with Banking-as-a-Service (BaaS) and Embedded Finance. They're an enabler for the delivery of these fintech digital services transformation concepts.  While the basic concepts are not totally new, their rise to prominence was fuelled by the European Union's Second Payment Services Directive (PSD2) and other key initiatives in recent years. This transition has helped shape interaction patterns between traditional and emerging actors in the payments marketplace. As such, Open Banking will be a game-changer for business model innovation in the face of customer demands for improved financial products and services. Open Banking Market Development According to the latest worldwide market study by Juniper Research, the value of global payment transactions facilitated by Open Banking will exceed $116 billion in 2026 -- that's up from just under $4 billion in 2021. This extraordinary growth rate of over 2,...