A new study from Juniper Research, the foremost experts in fintech and payment markets, has found global digital commerce spend will grow by 65% between 2024 and 2029, from $23 trillion in 2024. This growth will be driven by Latin America and Asia Pacific; two regions which are seeing increasing access to eCommerce as infrastructure develops, supported by the growing availability of local payment methods.
The new study includes data splits for digital commerce spend within digital money transfer, digital and physical goods purchases, digital ticketing purchases, banking, NFC payments and QR code payments.
Capitalising on Emerging Markets Critical to Success
The research argued that success in emerging markets is vital to global growth for international digital commerce platforms, as eCommerce in developed countries is increasingly saturated. In particular, it identified that the rate of growth in value will be 241% higher in Latin America than in North America between 2024 and 2029, representing a major opportunity.
To capitalise on this, the study urges digital commerce platforms to support more local payment methods, such as local digital wallets and account-to-account (A2A) payments, rather than solely relying on card payments. This will enable platforms to tap into emerging markets’ growth specifically, as this is heavily tied to enabling access to large populations who lack access to cards.
Research author Nick Maynard explained: “Cards have powered the emergence and establishment of the digital commerce sector in key developed markets, but international merchants must look beyond cards to capitalise on this next phase of growth. As even developed markets look to implement A2A payments within eCommerce, embracing local payment methods must be a clear priority in all markets”. Juniper Research