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The value of credit card and digital payment transactions will reach $7 trillion in 2023 From accenture

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Novel coronavirus pneumonia is the latest form of pneumonia, which has led to the rapid transformation of digital payments, which urgently requires banks to modernize the payment system, according to a recent report by Accenture.

In 2023, nearly 420 billion transactions, worth $7 trillion, are expected to shift from cash to credit cards and digital payments, increasing to $48 trillion by 2030. The rapid shift to digital payments has put additional pressure on banks, with three-quarters of bank executives (75%) saying the epidemic has increased the urgency of modernizing their payment systems.

The transition to digital payments varies from market to market

According to Accenture’s payments disruption index, which measures the degree of current and future disruption in the payment industry, the United States has the highest degree of disruption, followed by the United Kingdom. As consumers choose new payment methods, non banking institutions seize the opportunity to provide payment services. In China, mobile wallets are rapidly replacing cash payments, with 76% of transactions coming from mobile wallets in 2019, up from 12% in 2014.

Modernization projects did not generate revenue growth

Although many bank executives surveyed regard income growth as a key goal of their payment modernization plans, only 13% said that the growth of payment income of their banks in the past three years has exceeded the market average growth rate of 6%, and only 16% expected that the growth rate of payment income in the next three years will exceed the expected average growth rate of 5%.

While payment transformation is part of the broader digital transformation efforts of most banks, two-thirds of bank executives (65%) say the cost of maintaining traditional technologies in payment systems is preventing them from investing in new customer solutions. More reading: Accenture: Global Payment survey report in 2019 Accenture: 46% of customers are willing to communicate with banks through video calls after the popularity of cowid-19 Accenture: four fifths of Asian and European wealth management companies still follow the traditional business model Accenture: regulation and competition make traditional banks face 5% income risk Accenture: Global financial technology investment in 2019 totaled US $53.3 billion Accenture : only 11% of risk managers can fully assess the risk of AI adoption Accenture: Singapore’s financial technology investment amounted to US $735 million in the first three quarters of 2019 Accenture: London Interbank Offered Rate Survey Report in 2019 American Express: digital payment survey report in 2019 visa : 70% of Malaysians prefer to patronize stores that accept digital payment seven steps of data center modernization McKinsey: Chinese consumers’ Modernization Road (with download) advance with AI, Zhisheng future: smart finance joint report (with download) Accenture: fjord trend 2021 smart finance operation: CFO’s most powerful asset

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