The number of digital wallet users globally will increase from 2.3bn in 2019 to 4bn in 2024 and global non-cash transactions will grow to nearly 1.1tn in 2023 from 708.5bn in 2019, according to the World Payments Report 2020.
Automated payment processes, such as self-checkout services, are forecast to reach a compound annual growth rate (CAGR) of 51% for the 2017-2022 period, while increased demand for NFC-based payment solutions, anti-counterfeit technology and wearables will see the NFC market reach almost US$50bn by 2024.
Global non-cash transactions grew by nearly 14% between 2018-19, an increase led by a 31.1% growth in China, India and SE Asia, and driven by “increasing smartphone usage, booming e-commerce, digital wallet adoption and mobile/QR-code payments innovations,” according to the report.
The migration of consumers away from cash and a growing affinity for digital payments are evident in changing payment preferences during the Covid-19 pandemic, the report continues.
“As of April 2020, more than 38% of consumers said they discovered a new payment provider during the lockdown.
“Internet banking and direct account transfers were, and still are, the preferred payment method throughout the global health crisis, according to 68% of consumer survey respondents.
“Contactless (tap-to-pay) cards came in second, with 64% saying they used them often.
“Digital wallets (including QR-based payments) were the preferred choice of 48% of respondents.”
The survey also found that 47% of consumers are interested in conversational commerce and using voice-based assistants to make e-commerce purchases.
The World Payments Report 2020 brings together research from 44 payments markets, Romania included, and is based on a survey of more than 8,500 consumers, 235 banks, fintechs, payments providers and corporate businesses as well as interviews with 45 executives across the banking, financial, tech and retail sectors.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”