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A graphic of digital payment volumes around the world.
The Graphic Truth: The digital payment boom
Advanced economies have long been turning to digital payment systems to boost commercial opportunities and circumvent traditional banking sector fees. In more recent years, populations across emerging market economies – many grappling with financial implosions and hard currency shortages – have also been tapping into fintech solutions to send money to families abroad and conduct business internationally. Across Africa, Asia, and Central America, the adoption of digital payment systems is projected to surge over the next few years. We take a look at the value of digital payments by region since 2017 and projections through 2027.
Chinese workers load a van with parcels, most of which are from online shopping, at a distribution center in Shanghai.
Hard Numbers: Global packaging boom, livestreamed peaches, the art of 1s and 0s, e-commerce’s share of the pie
63.6: All those e-commerce goods have to be shipped in something, right? The global market for envelopes, tubes, mailers, and other protective packaging is projected to hit $63.6 billion this year, nearly double where it stood in 2019.
70: A peach farmer in Beijing’s farm-rich Pinggu district was able to sell 70kg (155 pounds) of the fruits every day during this year’s harvest season, thanks to livestreaming her work and selling online. Back in 2017, the local government launched a massive initiative to bring local farmers onto e-commerce platforms.
20: Online sales in 2021 accounted for 20% of the global $65 billion art market. That’s twice the share of 2019, before the pandemic gave a boost to e-commerce in art.
14.5: E-commerce accounted for 14.5% of all retail sales in the US in the second quarter of this year, according to the US Fed. That’s up 3 points since the eve of the pandemic and is a full 10 times higher than it was two decades ago.India's biggest online grocer alerted to breach, sale of 20m users' data
India's biggest online grocer BigBasket has suffered an alleged data breach that could have led to personal information of more than 20 million users being offered for sale on the Dark Web.
India's top online grocer faces potential breach of 20 million users' data
BANGALORE - India's biggest online grocer BigBasket has suffered a potential data breach that could allegedly have led to personal information of over 20 million users being offered for sale on the dark web.
Osaka Track on digital rules launched
OSAKA - World leaders on Friday (June 28) adopted the Osaka Track to formulate rules on digital governance under the concept of "Data Free Flow with Trust".
Japanese fashion retailer Zozo's founder says selling valuable paintings, has no money
TOKYO (REUTERS) - Japanese fashion tycoon Yusaku Maezawa said he plans to auction off artworks worth millions of dollars because he has no money.