A new report from the Boston Consulting Group (BCG) and Swift projects that global digital payments revenue will increase over $1 trillion over the next decade.

The Global Payments 2018 report examines the challenges and opportunities they that will come up over the next ten years. It looks at the state of the market, both globally and in different geographic regions, and explores the pain points that providers must address to turn payments into a long-term avenue for growth.

global payments

Read the full report here.

The report noted that in developing and mature markets, the proliferation of contactless payment solutions like contactless cards and mobile payments largely drives the consumer shift away from cash usage.

The report predicts that global ecommerce revenue will increase to 20 percent by 2022 (currently 12%) as the number of digital channels and buying platforms increase.

The report also suggests making improvements such as “injecting new value” into the buying journey by adopting mobile payments acceptance.