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.
This story is from the October 2024 edition of Banking Frontiers.
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This story is from the October 2024 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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