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.
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