The total value of digital payments is on course to reach US$2.5 trillion this year, and the figure is expected to rise to US$4.7 trillion by 2019, according to a report by Juniper Research.
The biggest contributing factors to the rise are expected to be through remote physical goods purchases and a surge in activity in emerging markets (EMs).
A further contributory factor will be organic growth due to the increasing popularity of tablets and smartphones.
According to report author Dr Windsor Holden: “While we are now seeing contactless transactions scaling up in markets such as Australia, Poland and the UK, almost all current consumer usage is via the card.
“However, with banks increasingly attracted to a near field communication [NFC] model in which they have full control of the customer, then we may well see some high-profile deployments in the medium term.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.