BASINGSTOKE, England, April 11 (Bernama-BUSINESS WIRE) — A new study from Juniper Research, foremost experts in the payments market, found that the transaction value of recurring payments will exceed $15.4 trillion globally in 2027, from $13.2 trillion in 2023. This relatively slow growth of 17% reflects that recurring payments are a well-established market, but also disguises a rapid change of payment methods in the space, with Open Banking and digital wallet payments outstripping overall growth. As merchants struggle to keep their prices as low as possible, offering payment methods with lower processing costs is of critical importance and is driving change, as it is growing consumer enthusiasm for digital payment methods.
A recurring payment is any payment which is made on a repeating basis, regardless of payment method or billing cycle.