World Payments Report 2020

The World Payments Report 2020 from Capgemini is the leading source for data, trends and insights on global and regional non-cash payments, the key regulatory and industry initiatives (KRIIs), and today’s dynamic payments environment. This 16th edition highlights the need for payment firms to rapidly prioritize technology transformation in order to become digital masters and stay competitive.

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World Payments Report 2020 at SIBOS

Moderated by Brian Caplen, Editor, The Banker, this panel session brings together Mark Buitenhek, Head Transaction Services, Commercial Banking, ING, Etienne Goosse, Director General, European Payments Council, and Christophe Vergne, Cards & Payments Practice Leader, Capgemini Financial Services, in a live, industry-shaping online discussion around the state of the payments industry.

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Non-cash payments volume

Global non-cash transactions surged nearly 14% from 2018–2019 to reach 708.5 billion transactions, the highest growth rate recorded in the past decade. Asia-Pacific surpassed Europe and North America to become the 2019 non-cash transactions volume leader, at 243.6 billion. The growth was driven by increasing smartphone use, booming e-commerce, digital wallet adoption, and mobile/QR-code payments innovations. It was led by China, India, and other SE Asian markets (32% growth). COVID-19 aftershocks will tamp down global non-cash volumes, as 2019–2023 growth expectedly shrinks to 12%, compared with our previous 16% projection.

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Rise of e-commerce and mobile payments

According to our survey, e-commerce is likely to be the next growth engine for digital payments. The number of consumers who make 51–100% of monthly purchases via e-commerce nearly doubled during the pandemic, and the transition from retail to e-commerce will continue even after the virus has been contained.

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Key regulatory and industry initiatives (KRIIs)

COVID-19 has triggered security awareness and safety efforts: Anti-Money Laundering Directive V (AMLD V), data protection, and cybersecurity focus on payment ecosystem resilience. A unified industry framework to combat fraud, including digital identity and authentication, is needed, especially in open networks. Initiatives such as P27 (Nordics real-time payments system) and EPI (European Payments Initiative) are gaining industry acceptance or interest in response to a potential quasi-duopoly of consolidated global card schemes and tech giants.

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Transforming into Digital Masters in the Next Normal

In this edition, we examine factors affecting the industry and its leaders’ points of view. The report analyzes sector shifts and explores how banks’ client-visible innovation is important both in retail and B2B segments. The report examines the behavioral shifts and needs of 8,600 consumers surveyed across 21 countries and provides rich insights from 45 executive interviews conducted across 11 countries. The report highlights the need for infrastructure modernization and digital transformation. We also looked at banks’ navigational strategies in light of new risks spurred by encroaching digital players and global giants and unforeseen black swans such as COVID-19.

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“New technologies such as cloud and APIs enable payments firms to transform and become more agile with cost-effective operations. We have the experience supporting clients in this journey.”
Jeroen Holscher
Vice President Global Payments and Cards Practice
Capgemini │ Financial Services Strategic Business Unit
“68% of banks executives said they would lose existing clients if they don’t transform. We provide an end-to-end framework that accelerates and de-risks even the most complex payments IT transformation.”
Christophe Vergne
Cards & Payments Leader
Capgemini Financial Services
“A unified payments infrastructure providing frictionless real-time experience for clients across B2B, C2B, B2C, C2C / P2P flows is the way forward to emerge as a digital ecosystem leader.”
Natarajan Sriram
Global Head Technology & Innovation,
Cash Management, Standard Chartered
“59% of banks said “leveraging third-parties to speed up innovation” will fortify their ecosystems. As orchestrators, we can help them pick the right partners for innovative, scalable digital capabilities.”
Elias Ghanem
Global Head of Market Intelligence
Capgemini | Financial Services Strategic Business Unit
“Security is a key element of trust in payments and needs to be addressed collectively. The existing and potential threats are a call to action for market collaborative initiatives to fight crime and combat fraud.”
Etienne Goosse
Director General
European Payments Council

Points of View & Archive

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 2020

The World Payments Report 2020 from Capgemini is the leading source for data, trends and insights on global and regional non-cash payments, the key regulatory and industry initiatives (KRIIs), and today’s dynamic payments environment. This 16th edition highlights the need for payment firms to rapidly prioritize technology transformation in order to become digital masters and stay competitive.

Download now
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