World Payments Report 2021

The World Payments Report 2021 explores Payments 4.X - an experience-driven environment that’s witnessing even more industry consolidation and attracting tech-expert ecosystem players. Discover how the customers' growing digital appetite is shaping the payments industry and what is the way forward to succeed in the new Payments 4.X era.

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World Payments Report 2021 Webcast

Hear insights from Renata Caine, SVP, International, Strategy & Planning at Marqeta, Philip Panaino, Global Head, Cash Management at Standard Chartered Bank, and Claus Richter, Deputy CEO & COO at P27 Nordic Payments as they discuss with Capgemini experts the future of the payments industry in the Payments 4.X era.

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Next-gen payments to drive the growth

After eight years of double-digit growth, global non-cash transactions volume growth decelerated to 7.8% in 2020, reaching 785 billion transactions. We estimate global non-cash transactions growth to rebound to 18.6% CAGR (2020–2025F) and volumes to reach 1.8 trillion by the end of the forecast period. Increasing use of next-gen payment methods − buy now, pay later (BNPL), invisible, biometric, and cryptocurrency − will play a pivotal role in driving the growth.

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Regulators support a collaborative ecosystem

In 2020–21, regulators took a balanced approach to key regulatory and industry initiatives (KRIIs) categories − paving the way for a collaborative open finance future. KRII trajectory is drifting towards effectiveness, fostering FIs to collaborate with FinTechs, PayTechs, and peers to share compliance burdens, launch pan-regional initiatives, and to industrialize investments. While it is too soon to count on nascent central bank digital currency (CBDC), it is moving towards reality – urging firms to be ready to act.

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Payments 4.X is here – buckle up for the new era in payments

The report explores Payments 4.X − an evolutionary, COVID-19-sparked era that’s witnessing even more industry consolidation and attracting tech-expert ecosystem players. As part of this phase, expect Payments to become an enabling function that is embedded and sustainable to provide an immersive, seamless, and frictionless customer eXperience. New-age players already exemplify Payments 4.X competencies, while traditional banks seek to maintain positioning by bolstering API maturity, data analytics strength, and processing efficiency.

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“About 55% of the executives we surveyed said their technology investment priorities were payments infrastructure modernization. We, at Capgemini can be the trusted partners of clients to help them in their technology transformation journey”
Jeroen Holscher
Vice President Global Payments and Cards Practice
Capgemini │ Financial Services Strategic Business Unit
“Payments continue to remain the backbone for enabling commerce and fostering financial activity and inclusion. The pandemic has been a catalyst in significantly boosting widespread adoption of Digital payments, driving ubiquity and real-time, frictionless and invisible payments processing. Industry initiatives like ISO20022 would contribute to information richness in the payments flow."
Natarajan Sriram
CIO, Transaction Banking
Standard Chartered Bank
“In the Payments 4.X era, payments become embedded and invisible to deliver the experience the customer is demanding. Collaborating at scale and leveraging regulatory support will define success.”
Elias Ghanem
Global Head of Market Intelligence
Capgemini | Financial Services Strategic Business Unit
“We are witnessing a seismic change in the payments industry fueled by evolving customer expectations, pandemic-related behavioral shifts, as well as increased competition driven by new entrants. Surpassing customer expectations by providing relevant features and benefits remains more crucial than ever, with value-added services an essential component.”
Fazlu Dawood
Head of Consulting and Analytics, Central Europe
Visa
“Almost 44% of executives said that they face profitability issues with their Payments business. We can help firms develop a sustainable and profitable business model .”
Christophe Vergne
Cards & Payments Leader for Continental Europe
Capgemini Financial Services

Blogs

How can the fragmented payments market be harmonized? Interoperability.

Differences between local and regional KRIIs is the prime reason behind fragmented payments market landscape.

Incumbents, take note: New financial services marketplaces are now high-impact models

Marketplace lending continues to evolve, with agile firms operating at lower costs and innovating with technology at their core.

Open banking: the path to a robust, sustainable, and inclusive payments ecosystem

Financial services transparency as well as competitive and innovative products for customers are being promoted by regulatory initiatives such as Europe’s Revised Payment Service Directive (PSD2), mandates imposed by the UK’s Competition and Markets Authority (CMA), and various global open-banking plans.

Harmonization needed among conflicting key regulatory and industry initiatives to enable new payments’ ecosystem functionality

The lack of coordination and integrated data management among regulatory authorities is stirring contradictory objectives and competing agendas that are hindering standardization and causing ambiguity within the new payments landscape.

New payments ecosystem key enablers

The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2

Collaborative Payments Ecosystem Boosts Customer Centricity

Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

Digital-world consumers expect banks to securely step up their technology game

Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

World Payments Report 2021

The World Payments Report 2021 explores Payments 4.X – an experience-driven environment that’s witnessing even more industry consolidation and attracting tech-expert ecosystem players. Discover how the customers’ growing digital appetite is shaping the payments industry and what is the way forward to succeed in the new Payments 4.X era.

Download now
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