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The potential for the digital economy is virtually limitless

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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


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


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


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


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

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.

Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.

The payments revolution

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