As digital payments become more and more embedded in everyday life, payment networks and enablers — such as transaction processors and fintech developers — are working together to build new solutions to meet the needs of issuers, merchants and consumers. The use of digital wallets, click-to-pay and contactless cards are just some of the recent technologies surging worldwide, while demand for connected payment technology is rising fast.
In fact, 49% of consumers say they are now more comfortable making digital payments than they were before the pandemic, and digital wallets are projected to account for $10 trillion in global transaction volume by 2025, according to research commissioned by Discover® Global Network.1 Connected cars, smart-home devices, wearables and other parts of the Internet of Things are expanding the payments network further.
“Over the next five to 10 years, I expect digital payment capabilities will be embedded in all kinds of systems: from smart ticketing for entertainment and travel to systems that replenish food and other supplies in our homes,” said Andrew Hopkins, Senior Vice President of Global Products and Pricing at Discover Global Network.
See how today’s innovative technology is fueling new business opportunities for payment networks.
1 451 Research, part of S&P Global Market Intelligence, Key Findings: Global Fintech Vendor and Consumer Study commissioned by Discover Global Network, completed January 2021