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 ...

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...

The rapid evolution of digital payment technologies is reshaping global financial apps, with instant payment platforms emerging as a transformative force. These innovative payment systems are streamlining transactions and also driving financial inclusion or economic growth across diverse markets. The recent worldwide market study by ABI Research provides compelling evidence of the explosive growth in instant payment transactions. Instant Payments Market Development According to ABI findings, the top eight global instant payment platforms are projected to see their transaction volumes skyrocket from 213 billion in 2023 to 681.1 billion by 2028. This remarkable growth trajectory underscores the increasing adoption and importance of instant payment solutions in our increasingly online world. One key driver is the global rise in Peer-to-Peer (P2P) payments. "Account-to-account wallets, which have seen widespread use in P2P transfers, are experiencing increased usage given their use in...

The eCommerce payments landscape is significantly transformed, driven by technological advancements, changing consumer preferences, and evolving regulatory frameworks. As global commerce increasingly shifts online, the methods and tech underlying eCommerce payments are evolving to meet growing demands for convenience, security, and efficiency. According to the latest worldwide market study by Juniper Research, the global eCommerce transaction value is forecast to reach $11.4 trillion by 2029 -- that's up from $7 trillion in 2024.  This 63 percent increase over five years underscores eCommerce's rapid expansion and adoption in key markets across the globe. eCommerce Payments Market Development "Alternative payment options have grown substantially, with APM transaction volumes leapfrogging cards in emerging markets. As merchants look to attract new users and geographies, they must consider offering APMs a key strategy to accomplish this," said Lorien Carter, research an...

The subscription business model has been one of the big success stories of the Internet era. From Netflix to Microsoft 365, more and more companies are moving towards recurring revenue streams by having customers pay for access rather than product ownership. The subscription economy cuts across many industries -- such as streaming services, software, media, consumer products, and even transportation with the rise of mobility-as-a-service. A new market study by Juniper Research highlights the central challenge facing subscription businesses -- reducing customer churn to build a loyal subscriber installed base. Subscription Model Market Development The Juniper market study provides an in-depth analysis of the subscription business model market landscape and associated customer retention strategies. A key finding is that impending government regulations will make it easier for customers to cancel subscriptions, likely leading to increased voluntary churn rates. The study report cites the...

The evolution of business payments has lagged when compared to the pace of new adoption methods in other segments, marked by a gradual transformation to electronic payments, such as bank wire transfers like ACH and EFT payments. Advancements in globalization and eCommerce, accompanied by the legislation to regulate transactions and protect transacting parties, and the improvement of domestic and cross-border payment rails, have contributed to the uptake of new methods. Business Payment Market Development According to the latest worldwide market study from Juniper Research, the value of business-to-business (B2B) payments will grow by 40 percent in 2028 -- that's up from $89 trillion in 2024, due to digital payment adoption in developing markets. Instant payments will revolutionize B2B payments by enabling cheaper and more secure international trade, with instant payments reaching 42 percent of all cross-border payments by 2028, at $16 trillion -- up from just 17 percent in 2024, at...

Societal shifts have affected how retail customers shop. The move toward a 'cashless' society was accelerated during the COVID-19 pandemic, leading to more eCommerce transactions and online spending. Meanwhile, in-store retail Point of Sale (POS) terminals transformed. Traditional hardware-based POS systems evolved into specialized solutions, which provide compact mobile terminals. However, the arrival of software-based 'Soft POS' solutions will disrupt this market. Soft POS Market Development All POS systems process payment transactions by forming a connection between a buyer’s and a seller’s respective bank accounts for the transaction to occur, and actioning the exchange of funds. According to the latest worldwide market study by Juniper Research, the global transaction value processed via Soft POS solutions will reach $11.8 billion by 2028, which is up from $1 billion in 2023. New growth will be driven by Apple’s launch of 'Tap to Pay', coupled with the Soft...

Virtual payment cards, also known as temporary cards, are randomly generated temporary card numbers linked to a payment account that is used to process payments in place of genuine payment details. A virtual card is an online payment tool that has similar attributes as a traditional Credit or Debit card, with key components including a 16-digit card number, an expiry date, and a CVV number. These cards are digitized versions of a physical card or a card that only exists in its virtual form and is stored in digital wallets. The distinctive feature of virtual cards is the enhanced layer of security. Virtual Card Market Development According to the latest worldwide market study by Juniper Research, by 2028 global virtual card spending will have increased by 355 percent -- that's from $3.1 trillion in 2023. The key growth driver will be the adoption of API-based virtual card issuing platforms. Juniper analysts explored the use cases where virtual cards use temporary card numbers linked...

Protecting payment data is integral to the security of the digital payments ecosystem. In an increasingly interconnected world, with a growing number of payment options, the need for strong security solutions is clear. With so many payment methods now in use, the need to ensure that consumer data is protected across all channels is growing. One of the core concerns for many forms of data protection is Payment Card Industry Data Security Standards compliance. Network Tokenization is a technology that replaces payment card data with a network-issued token and unique transaction cryptograms. The technology reduces the potential for fraud, improves the merchant and consumer experience, increases approval rates, and reduces overall transaction costs. Network Tokenization Market Development According to the latest worldwide market study by Juniper Research, they forecast substantial growth of 190 percent in network-tokenized transactions -- reaching 400 billion globally in 2028, that's u...

eCommerce is a major growth engine of the Global Networked Economy. It experienced an economic boost as a result of the COVID-19 pandemic. At the same time, the continued shift of commercial and consumer transactions has contributed to even greater upward momentum. There are several trends that are driving the growth of global eCommerce. These include the rise of social commerce, the increasing importance of mobile commerce, and the growing popularity of cross-border shopping. Global eCommerce Market Development Social commerce is enabled by the use of social media platforms to sell products and services. This trend is growing rapidly, as more people are using the channel to discover, learn about and consider new offerings. Mobile commerce is the use of mobile devices to shop for new products and services online. This trend is also growing rapidly, as more people are using their smartphones and tablets to shop for a variety of items and complete purchase transactions. Cross-border shop...

The financial payments sector has experienced rapid growth. New payment methods have been adopted and enhanced by financial service providers, as we increasingly move towards a global cashless society. Traditional financial IT vendors and payment solution providers are learning to adapt. This will include companies who operate in the prepaid cards marketplace. Prepaid cards are a well-established technology, and part of the evolving payments market. Even so, there have been many new developments and transitions that create opportunities for growth. Digital Prepaid Card Market Development According to the latest worldwide market study by Juniper Research, the value of digital prepaid card transactions will exceed $3.98 trillion globally by 2028 -- that's up from $528.7 billion in 2023.  By 2028, the value of digital prepaid card transactions will represent just under 60 percent of total prepaid cards spend, up from 15 percent in 2023, demonstrating the rapid growth of Fintech soluti...

Mobile Money is the most basic form of Mobile Financial Services (MFS) in emerging markets, which is comprised of a variety of offerings. It's a good model, due to the lack of infrastructure that supports access to services for the un-banked population of numerous nations. Where building and sustaining traditional financial institutions is very costly, landline telecom and mobile network operators offer a near-ubiquitous and reliable alternative to banking establishments. The concept is reliant on mobile handsets, taking the form of simple domestic money transfers, or micro-finance services that involve risk decision elements, such as lending and insurance. Mobile Money Market Development According to the latest market study by Juniper Research, the total value of mobile money transactions in emerging markets will reach $2 trillion by 2027 -- that's an increase of over $500 billion from 2023. Growing by 33 percent, the market is being driven by the transition to Payments-as-a-P...

The global financial services sector continues to grow as more progressive organizations seek to gain a meaningful competitive advantage from their digital transformation initiatives. Across the globe, many regions are seeing a significant rise in 'instant issuance' activity from a physical and digital perspective, from both traditional and emerging innovative banking institutions. Digital Payments Market Development Customers increasingly demand instant access to banking services, with physical instant issuance enabling them to leave their branch equipped with a ready-to-go payment card. According to the latest worldwide market study by ABI Research, the market for instantly issued physical payment cards will increase from 243.2 million shipments in 2022 to a forecast of 471.1 million in 2027. "Critically, instant issuance of payment cards is no longer limited to the physical," said Sam Gazeley, industry analyst at ABI Research . Indeed, the growing digitization of p...

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...

The global financial services market continues to evolve. With the rise of digital payment options, the ability to facilitate payments quickly became a vital element in the current convenience-driven Fintech landscape. Payment cards have previously been the end products of complex payment systems. They have also been instrumental in advancing the underlying payments technology infrastructure, constituting the cornerstone of a fully functioning payments ecosystem. Regardless of their evolution and popularity, plastic cards now stand at a crossroads and face new competition from purely digital payment platforms. The most prominent examples of such platforms are Digital Wallets and Superapps.  Fintech Payments Market Development According to the latest worldwide market study by Juniper Research, the number of payment cards issued via digital platforms will reach 1.3 billion annually by 2027 -- that's up from just 500 million in 2023. This growth of 170 percent reflects the growing int...

Online payment solution development continues to evolve. To date, blockchain has had a mixed impact across payments and banking, but the rise of Stablecoin and Central Bank Digital Currency (CBDC) will accelerate the impact. Fundamentally, Stablecoins and CBDCs are two ways of solving the same inherent problem -- how to offer a better and more trusted digital payments solution. To date, most existing payment types have been designed around traditional systems intended for in-person or telephone payments, such as credit cards, or even cash. Therefore, Stablecoins and CBDCs are providing a system that's a significant payment use case transformation. Digital Payment Market Development According to the latest worldwide market study by Juniper Research, the value of payments via CBDCs will reach $213 billion annually by 2030 -- that's up from just $100 million in 2023. However, this significant market growth opportunity of over 260,000 percent reflects the early stage of the sector,...

Digital identity combined with security, privacy, and data management are interrelated requirements, and in some cases, they are indistinct. In the U.S. market, digital identity is described as the online persona of a human subject. The term "persona" means an individual who can present themselves in a variety of ways online. However, the definition varies between countries. This description is further complicated by the current multi-use ecosystem of digital identity. Digital Identity Market Development According to the latest worldwide market study by Juniper Research, the number of digital identity applications in use will exceed 4.1 billion globally by 2027 -- that's rising from 2.3 billion in 2023. This represents a growth of 82 percent over the next four years. The increase will be driven by the use of government-backed digital identities to replace physical identity documents as a source of verification for third-party apps, such as banking and financial services. ...

In the Business-to-Business realm, credit cards provide access to working capital and offer rewards with enhanced controls over spending. Looking ahead, payment networks and card issuers will collaborate with Fintechs to capitalize on this growing opportunity. Virtual cards are financial tools that exist only in digital form and are utilized for online payments. Unlike physical cards, issuers can create a disposable, one-time card, whose unchangeable account numbers are randomly generated for a specific transaction. These digital cards can be linked to either debit or credit accounts, but account information is never shared with merchants. The underlying technology of these cards was first introduced to the consumer payments market almost two decades ago. Today, digital cards are used for corporate accounts. Digital Card Market Development According to the latest worldwide market study by Juniper Research, the number of credit cards issued via digital card issuance platforms will excee...

In 2021, it is estimated that 322 million mobile identities were in circulation globally. By 2027, it will have more than tripled to 1.02 billion, according to the latest worldwide market study by ABI Research. Two years of global market disruptions have fueled this trend. The COVID-19 pandemic set the acceleration of mobile identity technology's adoption in motion. By solving issues relating to physical contact in identity applications, the implementation of Mobile IDs aligned with other trends of digitalization from national and regional governments. Digital Identity Market Development Such policy strategies are exemplified through the European Commission's aim to improve identities within the electronic Identification, Authentication and Trust Services (eIDAS) revision in 2023. "This marks a significant leap in mobile identities, where potential programs like the coming 'European Digital Identity Wallet' may inspire and emerge, seeing substantial market growth,...