Capgemini Research Institute’s World Payments Report 2025 highlights the advent of a financial services industry ‘reimagined with account-to-account and instant payments’. It says non-cash transaction volumes globally rose to 1411 billion in 2023 and are expected to touch 1650 billion in 2024. And by 2028, the number could be a phenomenal 2838 billion. The report also predicts that instant payments will account for 22% of all non-cash transaction volumes by 2028 globally.
The report says Account-to-Account (A2A) instant payment solutions are becoming a faster and cost-effective way to pay and this is fast replacing expensive card networks. “The rise in their popularity may threaten to challenge the dominance of traditional payment cards, with estimates suggesting they could offset 15-25% of future card transaction volume growth,” the report states.
APAC SHINES
The report highlights that Asia-Pac region is one of the fastest growing regions for non-cash transactions with a 20% YoY increase in 2024 compared to Europe (16%) and North America (6%). “The region is leading the instant payments charge in terms of volume growth, with instant payments accounting for 26% of the payment mix in 2023. B2B payments are catching up with the digital trend, and APAC is leading the charge in global B2B non-cash payments with 14% YoY growth projected for 2024, compared to Europe (11.6%) and North America (7%), the report says.
Bu hikaye Banking Frontiers dergisinin October 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Banking Frontiers dergisinin October 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
EC tests the prowess of DLT through a sandbox
The European Blockchain Regulatory Sandbox is helping regulators to understand the benefits of blockchain in financial services domain:
GDPR vs DPDP & what it means to BFSI
The recently enacted Digital Personal Data Protection Act, 2023, of India, has cast itself as a game-changing framework for addressing the privacy and data protection needs of a rapidly digitizing nation.
Insurance, investments & financial planning for women to rise
What percentage of your customers are women? What percentage of your overall business comes from women customers? How have both these figures changed over the last few years?
AIMING WITH AI
An organization can have multiple goals with Al. We have selected 3 key goals Front Office, Back Office and Strategic Decisions. Six CIOs/CTOS/ CDOs from India, Sri Lanka, Uganda, Nigeria and Ecuador share their perspectives on these 3 goals and on skills, consultants and partners:
SBI launches Har Ghar Lakhpati & SBI Patrons deposit schemes
The State Bank of India (SBI), the two new deposit schemes-Har Ghar Lakhpati and SBI Patrons-designed to offer customers greater financial flexibility and value.
L&T Finance collaborates with Amazon Finance India for innovative credit solutions
L&T Finance (LTF) has entered into a multi-year strategic partnership with Amazon Finance India to co-develop cuttingedge credit solutions designed to enhance affordability for eligible Amazon customers and merchants.
Pay Later extended to stocks
Paytm Money has launched the 'Pay Later' margin Pay trading facility, allowing investors to buy and invest in stocks by paying just a fraction of the total value upfront.
30% for EV, 30% for Solar
ADB has invested US$25 million in Vivriti Capital's first climate bond for renewable energy and EV infrastructure. Smitha Jain Arora, Head Sustainability & Impact, lays the road ahead:
Professional competencies must complement AI
Anooshka Soham Bathwal, CEO & Founder of Dhanvesttor, navigates the challenges of costs and skills shortages along with the opportunities of AI and innovation:
RBI issues stringent guidelines to combat mobile number fraud in digital transactions
The widespread adoption of digital transactions, while providing unparalleled convenience and efficiency, has also led to an increase in fraudulent activities, raising serious concerns that require collective action.
