A new report from Grand View Research predicts that the international digital payments market will climb to $132.5 billion between 2019 and 2025. The number represents an astounding CAGR of 17.6 percent during the time period in question.

The research firm attributes much of that growth to rapid technology improvements and the increasing prevalence of smartphones. Banks and other financial organizations are offering support for an expanding array of digital services, which are more convenient for businesses and customers alike. According to Grand View, cloud payment processing is faster, safer, and more reliable than many on-premises payment methods, and enables better record keeping while helping small businesses to reach international consumers. 

Grand View also notes that non-banking institutions like Amazon and Alibaba will continue to offer their own payment services, which will only accelerate growth as consumers turn to online retailers instead of shopping at more traditional brick-and-mortar alternatives. The Asia Pacific market is expected to display the most growth leading up to 2025.

The rise of the digital payments market will coincide with the anticipated expansion of the anti-money laundering market, which Grand View expects to reach nearly $2 billion in the same time period. Better anti-money laundering tech – including biometric identity verification tech – will allow payment providers to safeguard a greater number of digital transactions and meet the rising demand for digital payment options.