World Payments Report 2019

The World Payments Report 2019 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 15th edition analyzes the digital transformation across the global payments market as new market participants like BigTechs, emerging technologies, and changing customer expectation spur disruption.

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Non-Cash Payments Volume

Global non-cash transaction grew at 12% to reach 539 billion during 2016-17. In WPR 2019, we estimate that global non-cash transaction volumes will record a CAGR of 14% during 2017-2022F. Developing markets are expected to boost the global growth rate of non-cash transaction volumes with a sustained CAGR of 23.5% during this period, while mature markets are expected to grow by a modest 7.1%. Europe, including the Eurozone, is expected to witness a stable growth of 8.5% over the next five years.

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Cash Usage Analysis

In most countries, cash payments’ share of total payments volume is declining. However, cash in circulation (CIC) remains stable or up slightly over the past five years. Globally, CIC has increased from 4% to 7% annually over the last five years, despite lawmakers’ support of non-cash transactions. Interestingly, countries with the highest non-cash transactions volume also continue to be highly dependent on cash.

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Key Regulatory and Industry Initiatives (KRIIs)

Interoperability and standardization have become a regulatory mantra amid disparate payments’ standards, systems, and scope of regulators. Globally, a broad range of watchdogs have taken or are planning initiatives to ensure uniformity – critical moves to sustain success as the new payments’ ecosystem coalesces.

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Monetizing Quick-Win Solutions Will Help Banks Lead the New Payments Ecosystem

In this year’s report, we focused our analysis on business-model innovations and how incumbent firms need to revisit their existing business model and transform to win a leading position in the value chain. As banks are yet to wholeheartedly support Open Banking, we have provided recommendation on, how incumbents must unleash the potential of Open Banking and leverage suitable ecosystem-based business models . The report also covers strategies that will keep banks viable and focused on the future. The report also analyzes the state of Open Banking through our Payments Open Banking Assessment across 18 selected countries.

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“Monetizing quick-win solutions and re-visiting infrastructure strategies will be key. This approach can keep banks viable and allow them to maintain momentum on their ecosystem journey.”
Jeroen Holscher
Vice President Global Payments and Cards Practice
Capgemini │ Financial Services Strategic Business Unit
“Amid the complexities, dynamic consumer preferences are influencing banks’ strategic and operational decisions across all segments”
Ame Stuart
Vice President Digital Markets,
Capgemini │Financial Services Strategic Business Unit
“New entrants are leveraging their digital acumen and agile work styles to profitably evolve their business models, which may impact incumbents that do not keep up”
Elias Ghanem
Chief New Technologies Officer and VP FinTech
Capgemini | Financial Services Strategic Business Unit, Europe
“90% of banks surveyed said participation in ecosystem-based business models is the key to long-term success in the new payments’ ecosystem.”
Ame Stuart
Vice President Digital Markets,
Capgemini │Financial Services Strategic Business Unit
“As the industry transitions to a future state beyond Open Banking, incumbents must unleash Open Banking potential and leverage ecosystem-based business models to sustain market share.”
Elias Ghanem
Chief New Technologies Officer and VP FinTech
Capgemini | Financial Services Strategic Business Unit, Europe
“Among the top-10 markets for non-cash transactions, the US continued to dominate the list, followed by the Eurozone. Russia, India, and China also recorded stellar percentage growth in 2016–17, supported by various market-led and government initiatives.”
Christophe Vergne
Head Payments Solutions, France
Capgemini │ Financial Services Strategic Business Unit
“Payments interoperability and synchronization emerged as a regulatory mantra amid incongruent standards, systems, and scope of regulators in an effort to streamline the growth of non-cash transactions volumes.”
Jeroen Holscher
Vice President Global Payments and Cards Practice
Capgemini │ Financial Services Strategic Business Unit
“Emerging markets will soon dictate and shape the global payments landscape, According to our estimates, Emerging Asia and CEMEA are expected to witness strong YoY growth rates of nearly 30% and 21% respectively from 2017–2022F.”
Christophe Vergne
Head Payments Solutions, France
Capgemini │ Financial Services Strategic Business Unit

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 2019

The World Payments Report 2019 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 15th edition analyzes the digital transformation across the global payments market as new market participants like BigTechs, emerging technologies, and changing customer expectation spur disruption.

Download now
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