The potential for the digital economy is virtually limitless


Back in 2010, the fastest way to get money on the same day from New York to London was to fly it there yourself. Now payments can be made securely in seconds, to anywhere in the world at virtually no cost. Innovation in payments happens fast. J.P Morgan's POWER+ framework captures five mega themes, that are driving the payment revolution. Platforms, online, wallets, embedded, real time plus value added services.

With payments becoming the new connective tissue of the world, the next decade for payments promises to be even more transformational than the last. It promises to connect the physical and digital economies. And more payments from being the last stop at checkout to a new growth driver for businesses, which is why we believe payments are eating the world. So what's next for your business?


Rapid digitization across the globe is transforming all aspects of our lives, and payments are the most crucial element. From online marketplaces and streaming videos to cross-border money transfers, almost every digital activity relies on a payment system.

J.P. Morgan’s proprietary POWER+ framework outlines five mega-themes that are shaping the future of payments. These mega-themes account for about $54 trillion in global payment flows—and it will only continue to grow.1

This is why we say that payments are eating the world.

Payments mega-themes amount to $54 trillion1

in global payment volumes


Digital platforms and e-commerce marketplaces are continuing to expand and coalesce. Also known as super apps, these large-scale ecosystems offer a huge array of products, services and financial solutions. Embedded payments are a central component of super apps, because they enable customers to transact without leaving the platform. Platforms currently account for $36 trillion in global payment volumes.1

in global payment volumes


The online economy is not just transforming how we shop but also how we work and even who we are. The combination of e-commerce, digital identity solutions as well as the growing gig and creator economies accounts for $6.8 trillion in global payment volumes.1

in global payment volumes


Cryptocurrencies, stablecoins and tokens are just some of the new forms of digital currency that have emerged over the past few years. This has necessitated the creation of digital wallets that sit outside of traditional banks and allow people to store value, transfer funds and make purchases using digital payment rails. Wallets account for $4.4 trillion in global payment volumes.1

in global payment volumes


Embedded payment solutions add a new layer of convenience to the shopping experience and demonstrate how financial services can seamlessly integrate into everyday activities. Connected devices, like wearables, cars and household appliances, can all be used to make instant, contextual and contactless payments. Embedded payments account for $1.1 trillion in global payment volumes.1

in global payment volumes

Real time

The demand for convenient, secure and instantaneous payments is increasing, whether it’s a customer making an e-commerce purchase, or a worker sending money to their home country. Real-time transactions account for $5.3 trillion in global payment volumes.1

It’s no surprise that payments is a business open to great disruption by fintech companies. Traditional payment systems were built long ago and customer expectations have evolved quickly and dramatically along with the technological advancements we’ve experienced in our personal lives.

The payments revolution

Download the POWER+ report


The next decade of payments promises to be even more transformational than the last, and the major trends outlined in the POWER+ framework will play an increasingly important role. Payments will fuel innovation, while innovation will push payments beyond a purchasing function into a role that connects our physical and digital societies.

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J.P. Morgan proprietary research and analysis, as of October 2021.

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