The global online payments market size is expected to reach $6.6 trillion in 2021, a 40 percent uptick in two years, with projections of reaching more than $17 trillion in 2027. This surge is also being felt in the instant payments arena, which although a much smaller market share, is expected to grow at a compound annual growth rate of about 43 percent until 2025.
At the heart of all this growth is a highly discerning customer base that expects a secure, fast, and reliable digital experience with every interaction. Data surrounding each payment transaction is also rapidly expanding, as are new regulations and requirements (ISO 20022, GDPR, and PSD2, etc.), with vendors looking to monetize this wealth of information with surrounding recommendations and offers.