Mobile access is the best way for e-retail and payment providers to reach potential users
According to Juniper Research, the total e-retail transaction values will reach $4.8 trillion by 2024, compared to $3.3 trillion in 2020. The emerging markets, with China having 62% value growth over the next 4 years are expected to drive the development.
The Chinese, Latin American, African & Middle Eastern e-retail markets are considered as major factors since improvements in connectivity will enable the growth of e-retail in new markets.
The research found that payment providers need to look for new income streams in emerging markets to mitigate slow growth in developed markets. This way, accelerating financial inclusion via mobile financial services, QR code payments and carrier billing will be essential.
Besides, the study revealed that mobile payments not requiring a linked bank account provide major opportunities for e-commerce payments in developing markets.
The Open Banking rollout is driving digital innovation, according to Juniper Research. Along with that, the popularity of mobile wallets is having a significant effect since physical cards becoming less important to the payments market.