World Payments Report 2019
Dive into the report that shows the trends and insights of cashless payments and open banking within 2019.
Key findings of the report include:
Growth of non-cash payments is set to skyrocket
- In 2017, these markets accounted for 35% of global growth, a share expected to rise to 50% in the coming years. Key contributors include Russia, where non-cash transactions grew by 40% in 2017, India (39%) and China (35%).
- By contrast, mature markets including APAC, Europe and North America saw a steadier growth rate of 7%. Globally, non-cash transaction volume rose by 12% in 2016-17 to 539 billion.
- Debit cards were the fastest-growing non-cash payment instrument, with transactions up by 17% in 2017, ahead of credit cards (11%) and credit transfers (10%).
Market incumbents are wary of Open Banking, and new competition
- Less than half (48%) of those surveyed in the report said they are planning to use open APIs beyond the level needed for regulatory compliance.
- While a clear majority (63%) identified BigTech competitors leveraging their global reach, brand equity, customer trust, great customer experience and finally payments infrastructure as a leading threat.
- Maria SøndergaardDirector, Market Segment East
Maria SøndergaardDirector, Market Segment East