US digital commerce platform gross payment volume to grow by a quarter this year

The forecast: As online shopping continues to increase, gross payment volume (GPV) across digital commerce platforms in the US is expected to grow by 26.4% to reach $275.2 billion this year, as platforms like Shopify and see their homegrown payments systems recording tremendous growth.

Go beyond the chart:

  • Shopify Payments’ GPV grew by 33.6% between 2019 and 2022.
  • Wix Payments’ GPV grew by over 550% in that same time frame.
  • Merchants on Shopify and are incentivized to use the platforms' own respective payment systems to reduce transaction fees. They also allow for better integration (payment review, refunds, chargebacks, etc.), optimization, reducing abandoned carts, and boosting sales with a streamlined checkout.