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Digital Payments

In: Financial Management in the Digital Economy

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  • Wenting Liu

Abstract

The digital payments industry has sustained a remarkable growth in recent years. Global digital commerce accounts for 13% of total commerce volume — estimated to be more than $3 trillion in 2017 — and will double by 2022. Mobile commerce, which accounts for almost half of digital commerce, is estimated to reach 70% of digital commerce by 2022 (McKinsey, 2018). The increasing trend of electronic transactions, digital commerce growth, and cross-border transactions paves the way for the disproportionate growth of digital payments at an accelerated speed. The key components of digital payments growth also lead to the imperative for banks and other financial institutions to continually develop solutions and innovations enabled by technologies, driven by customer needs and competition (McKinsey, 2018)…

Suggested Citation

  • Wenting Liu, 2021. "Digital Payments," World Scientific Book Chapters, in: David Kuo Chuen Lee & Ding Ding & Chong Guan (ed.), Financial Management in the Digital Economy, chapter 6, pages 105-119, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811230011_0006
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    More about this item

    Keywords

    Digital Assets; Blockchain; Blockchain Applications; Financial Technology; Digital Payment; Cryptocurrency; Financial Inclusion; Financial Management; Digital Economy; Digital Transformation; Robo Advisory; Digital Branding; Financial Services;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G2 - Financial Economics - - Financial Institutions and Services

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