As merchants look to do more with fewer resources in a tough macroeconomic environment, they’re increasingly transitioning to all-in-one, in-house payment offerings from digital commerce platforms. Competition among these platforms is intensifying, and as the payment facilitator (payfac) model matures, they’ll need to innovate to win over merchants and their growing payments volume.

Key Question: How are leading digital commerce platforms’ payment initiatives contributing to their overall growth?

Key Stat: Digital commerce platform gross payment value (GPV) will total $419.22 billion in 2025, per our forecast. The 10.6% increase is lower than we previously expected due to tariff effects—but only slightly, thanks to strong merchant demand for these payment programs.