Consumer spend on digital commerce will reach $14.7 trillion by 2022, up by 60% on last year’s figure of $9.2 trillion, according to Juniper Research.
The largest global contributor to payments is currently QR code-based offline purchases for physical goods, which now account for one-third of all Chinese in-store payments by value. However, although QR codes will have further growth in the Indian Subcontinent and Africa, their value will be eclipsed worldwide by online purchases by 2022.
With retailers increasingly offering localised payment mechanisms and friction at check-out reduced by stored credentials, migration from offline to online is likely to accelerate. Juniper Research also highlights moves by bricks and mortar retailers to develop omnichannel strategies as they seek to shore up revenues by using mobile apps both for online purchases and to drive in-store footfall.
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