The global consumer class will expand by 109 million people in 2024. That’s according to “Beyond Borders 2024,” a report by Ebanx, the Brazil-based payments provider, addressing the digital economy in emerging markets.
The report highlights how digitization is transforming key industries and fostering economic growth, resulting in a more equitable landscape between emerging markets and developed economies.
Per the report, in 2024 India will contribute 34 million (31%) of the new consumers globally, surpassing the combined numbers from Europe, the Americas, and Africa, owing to the rise of ecommerce.
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For international corporations, rising markets present a significant avenue for digital growth. The data shows that while ecommerce is experiencing a 13% annual growth rate in developed nations (Europe and the U.S.), it’s advancing at 20% in rising markets (Southeast Asia, Africa, Latin America).
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A substantial portion of ecommerce in rising economies, particularly Latin America, is driven by international purchases. The data shows that cross-border transactions also play a significant role in the economies of Mexico, Chile, and South Africa.
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Moreover, according to the forecasts, by 2027 rising markets will account for roughly 40% of global B2B digital payments.
