A study conducted by Juniper Research has shown that the total value of digital commerce transactions globally is likely to exceed USD20tr by 2027, from USD12.3tr in 2022. The study anticipates mobile near-field communication (NFC) payments, which allow transfer of data between devices within about a four-centimetre range, to experience the strongest growth in the digital commerce market, with 176% growth in transaction value forecast between 2022 and 2027 globally. Juniper also predicts that increasing consumer desire for frictionless payment methods will drive NFC transactions by eliminating the need for consumers to carry a payment card in addition to their mobile device. The report has urged NFC payment vendors to implement solutions that eliminate any unnecessary steps in the payment process.
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