World Payments Report 2020

World Payments Report 2020 at SIBOS

Join us on October 7 at 1000 am CET for an exclusive presentation on the World Payments Report 2020. Moderated by Brian Caplen, Editor, The Banker, it brings together Mark Buitenhek, Head Transaction Services, Commercial Banking, ING, Etienne Goosse, Director General, European Payments Council, and Christophe Vergne, Cards & Payments Leader, Capgemini Financial Services in a live, industry-shaping online discussion around the state of the payments industry.

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.

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.

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.

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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