New data from Juniper Research has shown that revenue from payment platforms that enables merchants to process payments will grow from $106 billion in 2019 to $158 billion by 2024.
The research group forecasts over half of global revenue will be generated in China by 2024, primarily owing to its increasing affluence and vast usage of social payments such as WeChat Pay. Juniper predicts that losses from payment fraud will grow by 70% over the next five years and urges payment platform providers to leverage the efficiency of emerging technologies to fight this increasingly sophisticated threat.
“The market will move beyond solely offering payments in the near future by expanding to new services,” says report author Dr. Morgane Kimmich. “These value-added services will enable payment platforms to differentiate themselves in a saturated market and build out new business models to allow vendors to generate additional revenue.”