The digital payments segment includes payments made over the Internet and mobile payments via apps
BuyShares have found that out of $4.4 trillion transaction value in digital payments this year, China and the US are expected to generate 65% of that value.
According to the report, China is estimated to generate $1.9 trillion worth transactions in 2020, which is nearly 45% of all digital payments.
As to the US, it is ranked as the second-largest market, with an $895.7 billion transaction value and a 20% market share this year.
What is more, China has the biggest number of digital payment users. Over the last 3 years, the number grew from 840 million to 1.3 billion, which nearly 30% of all users in the world.
Meanwhile, the US is set to reach 305.7 million users in the digital payments segment in 2020, four times less than China.
We’ve reported that the UK startup Dzing has announced the launch of its mobile payment app, offering its users an easier way of transferring funds across the UK and Europe. Besides, the app will provide its customers with multi-currency accounts, as well as card and partner card options for users.