Capgemini-World-Payments
Capgemini world payments report: non-cash transactions to reach 1. 3 trillion

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
Capgemini world payments report: non-cash transactions to reach 1. 3 trillion

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.

126 thoughts on “Capgemini World Payments Report: Non-cash transactions to reach 1.3 trillion”

  1. Avatar Of Zoritoler Imol
    zoritoler imol

    I’ve been surfing on-line more than three hours these days, but I never discovered any fascinating article like yours. It is lovely value sufficient for me. Personally, if all web owners and bloggers made excellent content material as you did, the net can be a lot more useful than ever before. “I thank God for my handicaps, for through them, I have found myself, my work and my God.” by Hellen Keller.

    Reply
  2. Avatar Of Oriental Blue Tonic
    Oriental Blue Tonic

    whoah this blog is wonderful i love reading your articles. Keep up the good work! You know, a lot of people are searching around for this information, you could help them greatly.

    Reply
  3. Avatar Of Sight Care Review
    Sight Care Review

    Today, I went to the beach front with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!

    Reply
  4. Avatar Of Professional Hackers For Hire
    professional hackers for hire

    Admiring the dedication you put into your site and detailed information you offer. It’s great to come across a blog every once in a while that isn’t the same unwanted rehashed information. Fantastic read! I’ve saved your site and I’m including your RSS feeds to my Google account.

    Reply
  5. Avatar Of Cognicare Pro
    Cognicare Pro

    I used to be recommended this web site through my cousin. I’m now not sure whether or not this put up is written through him as no one else recognize such detailed approximately my problem. You’re amazing! Thanks!

    Reply
  7. Avatar Of Zencortex
    zencortex

    I intended to create you this little observation to thank you very much once again with the splendid things you have contributed in this case. It was certainly generous of people like you to present unhampered exactly what a few individuals might have distributed for an e book to help make some cash for themselves, particularly now that you could possibly have done it in case you wanted. Those pointers likewise acted to be the good way to understand that other people online have similar dreams the same as my own to find out somewhat more pertaining to this matter. I am certain there are lots of more pleasurable periods up front for folks who browse through your website.

    Reply
  10. Avatar Of Tonic Greens Review
    Tonic Greens review

    Together with every thing that appears to be building inside this area, many of your viewpoints happen to be somewhat exciting. Nonetheless, I appologize, because I do not subscribe to your entire plan, all be it stimulating none the less. It appears to me that your opinions are actually not entirely rationalized and in actuality you are yourself not fully confident of the argument. In any event I did enjoy reading it.

    Reply
  12. Avatar Of Neotonics
    Neotonics

    Hello there, just became alert to your blog thru Google, and located that it’s really informative. I’m going to watch out for brussels. I’ll appreciate if you proceed this in future. Lots of folks will be benefited from your writing. Cheers!

    Reply
  13. Avatar Of Fitspresso Review
    fitspresso review

    I am no longer positive where you are getting your info, however good topic. I needs to spend some time finding out more or figuring out more. Thanks for great information I was on the lookout for this info for my mission.

    Reply
  14. Avatar Of Provadent
    Provadent

    I have been absent for some time, but now I remember why I used to love this web site. Thank you, I¦ll try and check back more often. How frequently you update your web site?

    Reply
  16. Avatar Of Soulmate Sketch
    Soulmate Sketch

    I was just looking for this information for some time. After six hours of continuous Googleing, at last I got it in your web site. I wonder what is the lack of Google strategy that do not rank this type of informative sites in top of the list. Generally the top web sites are full of garbage.

    Reply
  17. Avatar Of Quietum Plus
    Quietum Plus

    When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several e-mails with the same comment. Is there any way you can remove people from that service? Appreciate it!

    Reply
  22. Avatar Of Pronerve 6
    Pronerve 6

    I have read a few excellent stuff here. Certainly worth bookmarking for revisiting. I surprise how so much effort you place to create the sort of great informative website.

    Reply
  26. Avatar Of Fitspresso Reviews
    Fitspresso reviews

    Fit spresso stands as a scientifically validated weight loss formula intricately crafted from potent ingredients, aimed at enhancing the body’s metabolic functions. Tailored to support the circadian rhythm and ignite the fat-burning process, this supplement is conveniently available in edible pill form for daily consumption.

    Reply
  31. Avatar Of Fitspresso
    Fitspresso

    Fitspresso is a brand-new natural weight loss aid designed to work on the root cause of excess and unexplained weight gain. The supplement uses an advanced blend of vitamins, minerals, and antioxidants to support healthy weight loss by targeting the fat cells’ circadian rhythm.

    Reply
  32. Avatar Of Fitspresso Reviews
    Fitspresso reviews

    Fitspresso is a brand-new natural weight loss aid designed to work on the root cause of excess and unexplained weight gain. The supplement uses an advanced blend of vitamins, minerals, and antioxidants to support healthy weight loss by targeting the fat cells’ circadian rhythm.

    Reply
  72. Avatar Of Tirge777
    tirge777

    F*ckin’ amazing things here. I am very satisfied to look your article. Thank you so much and i’m looking ahead to contact you. Will you please drop me a e-mail?

    Reply
  73. Avatar Of Tirge777
    tirge777

    With almost everything which seems to be building within this specific area, all your perspectives are quite stimulating. Even so, I appologize, because I do not give credence to your whole suggestion, all be it radical none the less. It looks to us that your commentary are actually not completely rationalized and in actuality you are generally your self not really wholly convinced of your point. In any case I did appreciate reading it.

    Reply
  76. Avatar Of Fitspresso Review
    Fitspresso review

    Fitspresso is a brand-new natural weight loss aid designed to work on the root cause of excess and unexplained weight gain. The supplement uses an advanced blend of vitamins, minerals, and antioxidants to support healthy weight loss by targeting the fat cells’ circadian rhythm

    Reply
  79. Avatar Of Fitspresso
    Fitspresso

    Fitspresso is a brand-new natural weight loss aid designed to work on the root cause of excess and unexplained weight gain. The supplement uses an advanced blend of vitamins, minerals, and antioxidants to support healthy weight loss by targeting the fat cells’ circadian rhythm

    Reply
  107. Avatar Of Sugar Defender Side Effects
    sugar defender side effects

    sugar defender drops is a potent and effective way to support healthy blood sugar levels throughout the day. As your body adjusts to the ingredients, you’ll notice reduced hunger, increased energy, and improved blood sugar readings.

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top