Electronic payments set to double

More than 210 billion epayments processed a year, says survey

The number of electronic payments will double by the end of the decade, says research.

The study of 79 countries, by research firm Global Insight, found that more than 210 billion electronic transactions are processed worldwide each year, but will be nearer 420 billion by 2010.

Eastern Europe and Asia-Pacific are expected to lead the growth in electronic payments and worldwide the annual number of e-payments is growing at a rate of 12.9% - equal to four times the expected growth in real gross domestic product (GDP).

'Across the world, electronic payments represent a significant growth opportunity for banks, payments processors and retailers,' said Jeffrey Hale, chief marketing officer at ACI Worldwide, the financial services technology firm that commissioned the research.

'In many regions, system capacity will need to double every three to five years, or faster, to keep pace with the increases in payments volumes. At the same time, payments providers are under pressure to lower their cost of doing business and better manage risk,' he said.

What do you think? Email us at: [email protected]