BCG Global Payments Report: urgent action required by payment leaders

October 03, 2023
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BCG Global Payments Report: urgent action required by payment leaders

Financial institutions must modernize their technologies promptly for long-term advantage. Key highlights:

  1. Total payments revenues: $1.6 trillion
  2. Expected annual revenue growth rate until 2027: 6.2%
  3. Projected growth rate for transaction revenue: 7.1%
  4. Projected growth rate for non-transaction revenue: 5.7%
  5. Factors causing slower revenue growth: changes in retail payments mix and macroeconomic factors
  6. Payments-focused fintechs contribute: $100 billion
  7. Over 90% of central banks actively experimenting with digital currencies; operational in 5-10 years
  8. Technological advancements and GenAI transforming payments industry
  9. Regulatory authorities increasing scrutiny on risk management and compliance practices
  10. M&A focus shifting towards capability-led moves, alternative payment methods, software vendors, value-added services, and loyalty
  11. Leaders must refresh strategy, revisit partnerships, and modernize tech infrastructure to navigate disruption and preserve shareholder value.

LOQUAT Inc., a banking-as-a-service (BaaS) platform, can with help the diverse needs of customers, allowing banks and financial institutions to offer a range of products and services with varying fees, features, and requirements.

Schedule a demo today and learn how LOQUAT Inc. can help:

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