The size of online payment market is set to rise as more customers get smartphones, according to new research from Valuates Reports.
The research suggests that the market is set to growt at a compound annual growth rate of 10.2% between 2021 and 2026. That would mean that that value of the online payment market would jump from $35.51bn in 2019 to $70.64bn in 2026.
Other factors that may push the growth of the market include the development of new and relaible payment gateways, the usage of artificial intelligence and increased digitalisation, including demand for point-of-sale terminals.
The researchers estimated that the Asia Pacific would become the fastest growing region for online payments.
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