The report, by Juniper Research, on the global payments market reveals that digital payment transaction values are expected to reach US$5 trillion by 2021, up from US$3.6 trillion this year, of which US$3.4 trillion will come from sales outside mainland China.
The report, which identified a series of key strategic approaches for players across the digital payments market, argues that both Alibaba and Tencent are keen to capitalise on the growing spend by both Chinese tourists and immigrant workers, now worth more than US$200 billion per annum.
And according to Juniper, UnionPay is seeking to position itself as an alternative to Visa and Mastercard in a number of markets, notably Russia.
“Hence its focus is increasingly on building traffic from cross-border and international transactions.”
The research includes the latest Juniper Leaderboards, highlighting best-in-class players in key payments arenas, including PayPal (for eWallets), Worldpay (for payment service providers) and Vodafone for telco payments in emerging markets.
Meanwhile, the Juniper report pinpoints the blockchain B2B solution developed by Chain and Visa as a transformative deployment for cross-border settlement in terms of transaction speed, transparency and accountability.
To access Juniper’s complimentary whitepaper — "Who will own the Digital Payments Sector in 2021?" — click here.