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The following is the Global payments report 2020 From Boston Consulting recommended by recordtrend.com. And this article belongs to the classification: Boston Consulting, research report, mobile payment .
BCG released the 2020 global payment report “fast forward to the future”. Payment operators are used to operating in an instant and real-time world, but few can anticipate the alarming speed of the epidemic and its devastating consequences. In the case of chaos, the payment industry has demonstrated its adaptability, becoming a crisis response partner for individuals and enterprises, assisting in the distribution of government stimulus payments, and helping customers, businessmen and enterprise customers to conduct transactions in a non-contact manner.
Nevertheless, due to the interruption of economic life caused by social distance and blockade, most payment businesses will see a decline in revenue growth in the short term. BCG’s model suggests that, depending on the rate of economic recovery, global payments revenue is likely to grow by about 1% to 4% from 2019 to 2024. In the case of a rapid rebound, the growth rate will be about half that of the previous five years. However, once the recovery starts, the medium-term and future prospects remain optimistic. By 2024, global payment revenue will surge from US $1.5 trillion in 2019 to US $1.8 trillion, mainly due to the continuous transition of cash, the sustained strong growth of e-commerce and e-transactions, and greater innovation capacity.
Existing companies need to work harder to capture this growth. More and more non-traditional participants compete with banks and payment service providers for market, customers and partners, and the payment space becomes more and more crowded. The changes that have taken place before the pandemic will force established institutions to speed up the pace of digitization, expand economies of scale, and manage risk in new ways, while still innovating. The growth winners in the post crisis era will be those who rebalance before recovery.
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