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The following is the Global payments report 2020 From Capgemini recommended by recordtrend.com. And this article belongs to the classification: research report, financial technology.
Capgemini has released the global payments report 2020, and the payment industry is helping retail and B2B customers transform digitally.
With the expansion of payment, people transfer digital capabilities to the front end to improve interactive oriented services and ecosystems.
Business interruption opens the door of risk regression across business, regulation and operation. The novel coronavirus pneumonia (75%) and enterprises (67%) said that risk and compliance were the priority issues, because the digital revolution redefined data, and the super connectivity expanded the impact, while the new crown pneumonia brought uncertainty.
Forward looking banks are trying to put technological transformation first. 68% of respondents said the loss of existing and potential customers was their biggest threat.
In addition to developing internal capabilities, 60% of bank executives believe that working with partners / third parties across the value chain will help them expand their portfolio through ecosystem based propositions.
Global non cash transactions increased by 14% (2018-2019) to 708.5bn, the highest increase in the past decade.
Driven by the popularity of mobile payments and digital wallets, the Asia Pacific region (APAC) surpassed Europe and North America by nearly 25% (US $243.6 billion in 2019) and became the leader in non cash transactions.
Novel coronavirus pneumonia has affected global non cash trading volume, because the 2019-2023 year growth rate is expected to shrink to 11.5%, compared with the previous forecast of 16.4%.
Although novel coronavirus pneumonia will not last for a long time, the high rate of popularization of digital payment may be reduced, especially in the Asia Pacific region and the growth markets in the Middle East and Africa. However, until the mid-2020s, growth levels are unlikely to match pre pandemic estimates.
The growth of e-commerce, enthusiasm for the transparent payment experience and alternative payment methods are expected to drive the momentum of non cash transactions. By 2023, non cash transactions are expected to reach 1.1 trillion.
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