For the past 12 years Capgemini, a global leader in consulting, technology and outsourcing services, has been delivering insights into the state of the payments sector in their annual “World Payments Report”. The 2016 edition is now available.
The findings of the 2016 World Payments Report are presented in a series of different formats: the report itself, a web presentation, videos and an infographic.
The variety and accuracy of resources demonstrates the depth and quality of the research that Capgemini conducted in coordination with BNP Paribas, their partner for this project. The selection of formats also means that all stakeholders in the payments industry can approach the findings of the report in the way that suits them best.
Payments in the future
The 2016 report is filled with information, statistics and insights into industry developments that can help us all to envision the payment future we are approaching.
In a sentence, the findings of the report outline a payments landscape experiencing “unprecedented growth in payments, regulation and disruption, created by digital and Fintechs”.
The strongest statistic to support this fact is the following: annual global growth for payment transactions has continued, with 2016 projected to experience a 10.1% growth rate, surpassing the 426 billion transactions of 2015.
This rapid growth is being facilitated by adoption of effective security measures, government programmes and economic expansion in developing markets. In fact, China’s annual growth rate overtaken that of both the UK and South Korea for the first time.
In spite of this growth, some older challenges still remain for the payments industry to tackle. Key among those challenges is insufficient digital support services for corporate clients, in particular in the areas of account management centralisation, process automation, data analytics and fraud detection and prevention.
The report goes on to outline the impact that Fintechs are having on the payments industry, and how these innovations and services are creating expectations of smooth service and great features that banks will have to emulate and adopt as payments continue to increase in the future. The report also explores scenarios for the future of the payments industry.
Would you like to discuss the 2016 World Payment Report with a Paydoo expert? Feel free to contact us.
You can access the detailed infographic via this link.