China and the US to generate 65 percent of all digital payments in 2020

Tuesday 28 July 2020 12:38 CET | News

BuyShare has revealed that digital payments are set to reach USD 4.4 trillion transaction value in 2020, while China and the US are expected to generate 65% of that value.

According to the data gathered by BuyShares, the digital payments segment includes payments for products and services made over the Internet and mobile (POS) payments via smartphone applications. 

As the world’s largest digital payments industry, China is expected to generate USD 1.9 trillion worth transactions, or nearly 45% of all digital payments in 2020, while the US will account USD 895.7 billion in transaction value and a 20% market share in 2020. Japan, the UK, and South Korea follow with USD 165.2 billion, USD 164.4 billion, and USD 113.5 billion worth transactions, respectively.

Moreover, the China-based digital payments market is expected to surge by 84%, with the combined value of transactions reaching USD 3.5 trillion by 2024, while the US is forecast to reach USD 1.5 trillion transaction value by 2024, a 67% jump in four years.

Regarding Europe, its digital payments industry is expected to surge in the next four years, growing by CARG of 18.7% and reaching nearly USD 1.6 trillion transaction value by 2024. Besides, statistics indicate the number of Europeans using digital payments is forecast to grow by 24% in the next four years, reaching 721.7 million by 2024.

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Keywords: China, US, digital payments, mobile payments, UK, South Korea, Europe, digital payments industry
Categories: Payments & Commerce
Countries: World
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