NEW YORK—A new report from Finaria forecasts the global digital payments industry will reach a $6.6 trillion value in 2021, a 40% increase in two years.
In 2017, the entire digital payments sector was worth over $3 trillion. By the end of 2019, this figure jumped by 55% to more than $4.7 trillion and continued growing. Statistics show the global digital payments industry hit $5.4 trillion in 2020, almost a 16% increase year-on-year, Telemedia Online said in its analysis.
The entire sector is expected to continue its impressive growth in 2021, with transaction value jumping by 22% to over $6.6 trillion. In the next four years, the digital payments market is set to reach $10.5 trillion value, Telemedia Online said.