Global payments growth will increase on average by 10.9% with emerging economies growing at 19.6% through to 2020. Emerging economies are expected to grow at three times the rate of mature economies with Emerging Asia (led by China and India) projected to grow at 30.9%.
Key Regulations and Industry Initiatives (KRIIs) aimed at competition and risk reduction are making the regulatory landscape even more complex. KRIIs are stimulating competition among service providers and disrupting payments’ value chain inertia.
Banks are being called upon by corporations for help in providing value-added client services. And that means opportunity for banks to retain and grow business with existing corporate clients while also acquiring new clients within a competitive market.
New payments ecosystem enablers include open APIs, instant payments, blockchain and regulatory standards that encourage collaboration and data sharing.
The price of increasing collaboration could be an increase in cybersecurity vulnerabilities. Surveyed bank executives ranked distributed denial of service (DDOS) attacks (50.0%) and customer payments fraud (31.3%) as their top-two security challenges.
The World Payments Report 2017 is available for download at www.worldpaymentsreport.com.
Explore the payments’ landscape via the World Payments Report website. There you can find:
- Interactive graphs to explore non-cash payment volumes or mix by region and transactions by inhabitant for over 25 countries
- More about PSD2 and trends such as Open Banking, Payment Analytics, APIs, Clearing Connect, Mobile Payments, Cash and Liquidity Management, and Payments Hub.
To learn more about our payments services, contact us at email@example.com.