Summary
This report outlines the significant transformation occurring in the financial-services industry, particularly in the payments sector, accelerated by the COVID-19 pandemic. It highlights the shift towards cashless transactions, which are projected to increase dramatically, with global cashless payment volumes expected to rise by over 80% from 2020 to 2025. The report discusses the dual trends of evolution and revolution within the payments ecosystem, detailing how traditional payment methods are being reshaped and new business models are emerging. It emphasizes the importance of digital currencies, mobile wallets, and the role of central banks in maintaining trust and stability. Additionally, the report identifies six macro trends that will influence the future of payments, including the rise of digital wallets, cross-border payment innovations, and the growing concerns surrounding financial crime and data privacy. The insights provided aim to guide organizations in navigating the complex payments landscape.
