Global eCommerce Payments for Digital Goods to Double between 2024 and 2029
Juniper Research, the foremost experts in
fintech and payment markets, has found that by 2029, the volume of eCommerce
payments for digital goods will reach 188 billion, up from 87 billion in 2024.
The study identified the growth in emerging markets, such as India and Brazil,
as the prime contributing factors to global growth as infrastructural
investments increase users’ access to eCommerce platforms.
Improvements in Digital
Infrastructure
The
research found that efforts to extend high-speed Internet to rural areas in
emerging markets will accelerate the addressable user base for services such as
video streaming. The revenue opportunity is significant here due to the size of
the population and increasing disposable income. Additionally, purchasing
digital goods will become more accessible through the growing popularity of
mobile money solutions like M-Pesa, a pan-African mobile wallet facilitating
digital payments through phones without requiring a bank account.
Research
author Lorien Carter commented: “To capitalise on this revenue growth,
eCommerce merchants must optimise their platforms to support local payment
methods, maximising accessibility for a growing user base.”
Increase in Digital
Subscriptions
Juniper
Research predicts that payments for digital subscription services will grow the
fastest in the Indian subcontinent over the next five years. This growth will
be caused by the wider range of pricing plans being offered to users in India
by popular music subscription services like Spotify, and an expansion of
available languages.
To
develop new service differentiation points in a rapidly evolving market,
vendors must aim to localise their offerings, provide flexible pricing models,
and invest in machine learning that enables hyper-personalised recommendations
to capture diverse audience preferences.
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