By 2027, new digital payment methods will be roughly 30% of total volumeThe Capgemini Research Institute’s 2023 World Payments Report, published yesterday, reveals non-cash transaction volumes will reach 1.3 trillion by 2023 globally. As consumers and businesses adopt new digital payment schemes, the report suggests this growth will accelerate to 2.3 trillion by 2027 growing at a rate of 15% annually. At a regional level, digital payments will grow by 19.8% across the Asia Pacific, 10.
As corporations navigate economic headwinds, current CMS offerings largely underwhelm multinational corporates, despite having more than 27 banking relationships on average to meet treasury needs. "The current model of tackling cash management services needs an overhaul. Corporate executives are feeling the pressure from mounting inefficiencies across lengthy cash conversion cycles,” said Jeroen Hölscher
The payments sector has been at the forefront of digitization, however, it’s coming at a cost with compliance to local, regional and international regulations leaving limited room for investments in future innovation. Payment executives cite nearly 80% of traditional payment revenue sources are stressed and service providers must rebalance their focus between retail and commercial payments.