BCG Global Payments Report: urgent action required by payment leaders
Financial institutions must modernize their technologies promptly for long-term advantage. Key highlights:
- Total payments revenues: $1.6 trillion
- Expected annual revenue growth rate until 2027: 6.2%
- Projected growth rate for transaction revenue: 7.1%
- Projected growth rate for non-transaction revenue: 5.7%
- Factors causing slower revenue growth: changes in retail payments mix and macroeconomic factors
- Payments-focused fintechs contribute: $100 billion
- Over 90% of central banks actively experimenting with digital currencies; operational in 5-10 years
- Technological advancements and GenAI transforming payments industry
- Regulatory authorities increasing scrutiny on risk management and compliance practices
- M&A focus shifting towards capability-led moves, alternative payment methods, software vendors, value-added services, and loyalty
- 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: https://loquatinc.io/demo/