Capgemini-World-Payments

Bridge2pay – Capgemini World Payments

Capgemini World Payments – The payments landscape is changing dramatically in a time when technical advances are occurring at a breakneck pace. The release of the Capgemini World Payments Report, which forecasts that non-cash transactions will soon reach an astounding 1.3 trillion, has caused a stir in the financial community. This substantial estimate signals a change in how we interact with money as well as highlighting the increasing dominance of digital payments. In this thorough investigation, we go into the details of the Capgemini World Payments Report, analysing its key results, comprehending the factors that have contributed to this enormous upsurge, and evaluating the significant ramifications it has for the world economy

Unpacking the Capgemini World Payments Report

An authoritative overview of the global payment’s ecosystem is provided by the Capgemini World Payments Report. This research serves as an invaluable resource for financial institutions, fintech pioneers, regulators, and everyone interested in comprehending the changing payments landscape by illuminating the condition of payments today and exposing trends that will define the future.

Important Findings That Should Be Noted – Capgemini World Payments

  • Transactions Other Than Cash: A Meteoric Rise – The report’s astonishing prediction that non-cash transactions will surpass a whopping 1.3 trillion by 2023 is the most eye-catching finding. This exponential growth is a glaring sign that digital payments are moving up the global financial food chain.
  • Leading the Charge with Mobile Payments and Digital Wallets: The report highlights the astounding growth of mobile payment platforms and digital wallets. Digital wallets’ simplicity and security are luring customers from all over the world, and as a result, services like Apple Pay, Google Pay, and PayPal are expanding at an exponential rate.
  • The Epicentre is emerging markets: Although Western economies still have a significant impact on non-cash transactions, emerging markets are unquestionably the main forces behind this sharp increase. This sharp increase in digital payments is being driven by the quick spread of smartphones and the growth of internet infrastructure in places like Asia and Africa.
  • Regulatory Metamorphosis: The paper highlights how regulatory changes, including PSD2 in Europe, have had a revolutionary impact on the payment’s ecosystem. These rules have sparked innovation, competitiveness, and increased security in the banking industry.
  • The Fintech Industry’s Constant March: The fintech industry is still working tirelessly to upend established banking and payment infrastructures. Innovative solutions, crafted to meet changing customer demands, are being pioneered by fintech companies. For their continued competitiveness in this constantly changing environment, established financial institutions must accept change.

  • The Cryptocurrency Quandary: Although still in the early stages, the paper recognizes the growing demand for cryptocurrencies like Bitcoin and Ethereum as alternate means of payment and investment. This pattern represents a wider transition to decentralized and digital currency.

Factors Fuelling the Boom in Non-Cash Transactions

The exponential rise in non-cash transactions is supported by a number of strong factors, including:

  • Digital Transformation: Due to the widespread use of digital technology, businesses and financial institutions are now much more easily able to implement digital payment solutions. The digitisation of services, from e-commerce platforms to mobile banking apps, is driving consumer adoption of digital payments.
  • Convenience and Speed: Digital payments’ unmatched convenience and speed are a major factor in their widespread use. Digital payments ease the entire transaction process, whether it be for online shopping, paying for meals together with friends, or sending money to relatives who live abroad.
  • Contactless Payments: As consumers looked for touch-free alternatives to cash, the COVID-19 pandemic sped up the acceptance of contactless payments. In many places, contactless cards, smartphone wallets, and QR code payments have all but become standard.
  • Financial Inclusion: By providing financial services to billions of people who were previously shut out of the traditional banking system, digital payments have the potential to close the financial inclusion gap. The underbanked now have access to credit, savings, and investment options thanks to mobile banking and digital wallets.
  • Enhanced Security: Digital payments are now safer than ever thanks to developments in security technology like biometric authentication and tokenization. Consumer trust in the security of online transactions is growing.
  • Customer-Centric Design: Digital payment providers place a high priority on enhancing the consumer experience. The favourable payment experience is enhanced by user-friendly interfaces, loyalty schemes, and seamless connection with other services, which promotes continuing usage.

Global Economic Implications – Capgemini World Payments Reports

The surge in non-cash transactions carries profound implications for the global economy:

  • Economic Growth: By lowering transaction friction, the widespread use of digital payments can promote economic growth. Payments that are streamlined and effective can increase consumer spending and corporate activity.
  • Financial inclusion: The integration of billions of underbanked or unbanked people into the established financial system is a possible benefit of digital payments. Access to finance, savings, and investment opportunities is made possible by this empowerment, which stimulates economic growth.
  • Cost effectiveness: Businesses stand to gain from decreased costs related to processing cash and checks. Digital payments minimize transaction costs, fraud risk, and streamline accounting procedures.
  • Regulatory Challenges: Regulators must create clear criteria for digital payments in order to react to the changing payments landscape. A constant problem is striking a balance between consumer protection, security, and healthy competition.
  • Cybersecurity Issues: As the use of digital payments increases, so do the risks posed by cybersecurity threats. To protect against fraud and data breaches, financial institutions and payment processors must spend significantly in strong security measures.
  • Fierce Competition and Ongoing Innovation: Competition in the financial sector is fierce, and innovation is still going strong thanks to the growth of fintech companies and digital payment systems. In order to meet customer expectations and adjust to market circumstances, traditional banks are adapting.
Capgemini World Payments Reports

Reports:

This week, Capgemini has released its highly anticipated World Payments Report 2023 which expanded its traditional focus on retail payments to cover a broader spectrum of opportunities when it comes to cash management. The report predicts that the non-cash transaction volume across the globe will reach 1.3 trillion by 2023 and 2.3 trillion by 2027.

Highlighting this challenge, the report also found that a large number of respondents stated that 90% of their budget is spent on business-as-usual processes, preventing them to invest significantly into innovation for transformation.

Jeroen Hölscher, Capgemini’s global head of payment services, says: “This presents a foundational struggle for the industry which is trying to manage innovation, competition and back-end optimisation against the background of a highly-regulated environment.”

Regulatory changes were identified to have an additional impact on a firm’s bottom line, with those surveyed stating that managing risk, regulatory compliance, and scheme compliance comprises 36% of total payment business costs.

Capgemini finds that 56% of total global payments value is attributable to commercial payments, outpacing the spend on retail payments. In fact, over one in two respondents agreed that commercial payments offer better profit potential than retail payments. Cash management remains a constant and important challenge for corporations facing macroeconomic headwinds and uncertain growth, and it is becoming increasingly important for banks to tighten their oversight and better understand their overall banking revenue.

Capgemini World Payments Reports – Conclusion

The 1.3 trillion non-cash transactions predicted by the Capgemini World Payments Report highlight the revolutionary potential of digital payments. The global payments market is undergoing a significant transformation as businesses and consumers embrace digital transactions for their convenience, speed, and security. This change has the potential to accelerate financial inclusion, foster economic growth, and revolutionize how we interact with money.

Regulating, cybersecurity, and competitive issues all come along with this shift, though. To make sure that the development of digital payments continues to be a force for good, assisting people and economies around the world, stakeholders—including financial institutions, fintech pioneers, regulators, and consumers—must work together to negotiate this shifting terrain. One thing is certain as we move forward in our exploration of the digital payments landscape: the future of finance is digital, and constant innovation and adaptability are the keys to realizing its full potential.

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