The Future of Alternative Payments in 2021 and Beyond
Payment Methods Report 2021, The Paypers
As digital payments change worldwide, traditional banks now compete with fintechs, telcos, and smartphone manufacturers, while merchant service and payment platforms start offering their own savings accounts. How will that shape the alternative payments landscape in the coming years? DOCOMO Digital’s COO Jonathan Bennett talks to the Paypers about this in their latest Payment Methods Report 2021.
The world’s shifting away from cash – and there’s no going back
And it’s not news, especially since the pandemic hit in early 2020.And with that, what we thought of as “alternative” became mainstream, while traditional payment methods like credit or debit cards lose popularity.
So, what’s next down the road?
Juniper Research predicts that the number of people using digital wallets exceeded 2.5 billion in 2020, having grown from under one billion in 2015.
But as transaction volumes grow, super apps start taking a portion of the pie with mobile payments like WeChat Pay and AliPay. And then there comes direct carrier billing as an excellent method to reach the unbanked and underbanked population. In fact, researchers predict that the total transaction revenue enabled by carrier billing will expand at a compound annual growth rate (CAGR) of 6.8% to be worth over USD 77 billion by 2025, up from USD 47 billion in 2020.
To learn more about that evolution and read more about DOCOMO Digital, download the extract from the latest Payment Methods Report 2021 by the Paypers. It includes:
- The predictions for the future of alternative payment methods
- Jonathan Bennett’s expert commentary
- Detailed information about DOCOMO Digital, a global alternative methods provider and leading provider of direct carrier billing worldwide.
Go to The Paypers to get the full version.