Cash & Liquidity ManagementPaymentsClearing & SettlementGlobal digital payment transactions set for 10% growth, report finds

Global digital payment transactions set for 10% growth, report finds

Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.

Global digital payment volumes continue to increase, with annual growth projected to top 10% for the first time to reach 426.3 billion transactions in 2015, up from the record-setting 8.9% growth in 2014 (387.3 billion transactions). This is according to the World Payments Report 2016 (WPR) jointly produced by Capgemini and BNP Paribas.

The growth in digital payment transactions is largely being driven by strong economic growth in key developing countries, improved security measures such as EMV and biometrics, and government initiatives designed to encourage electronic payments in developing markets, as the cost of cash continues to rise.

However, this growth comes as banks face increasing demand for seamless, secure digital transaction services, particularly from corporate customers, spurring transaction banks to accelerate investment and collaboration amongst banks and/or with fintechs to reduce time to market in delivering differentiating digital transaction experiences.

Growth in digital payments occurred across all regions, with developing markets experiencing the highest rates (16.7%) and mature markets growing at 6.0%, although mature markets still account for 70.9% of total global volumes. For the first time, China surpassed the UK and South Korea in digital transaction volumes, taking fourth position among the top ten markets globally, behind the US, Eurozone and Brazil.

Cards remain the fastest growing digital payments instrument since 2010, while cheque usage continues to decline. Immediate payments have the potential to drive growth in digital transactions as an alternative to cash and checks, but efforts are needed to educate stakeholders, provide more value-added services, and upgrade infrastructure at merchants and corporates.

Related Articles

The future of clearing and settlement

Blockchain The future of clearing and settlement

7m Aaran Fronda
Is accounts payable friction here to stay?

Clearing & Settlement Is accounts payable friction here to stay?

1y Rick Hurwitz
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

2y Alex Kwiatkowski
2017's most read: The future of cash management: the single multi-currency virtual account

Accounts Payable 2017's most read: The future of cash management: the single multi-currency virtual account

2y Matthew Fuellhart
Keeping track of treasury in a world of faster payments

Clearing & Settlement Keeping track of treasury in a world of faster payments

2y Jerald Seti
The future of banking: it’s all about sharing

Automation The future of banking: it’s all about sharing

2y Edward Berks
Europe’s retailers turn to omni-channel

Clearing & Settlement Europe’s retailers turn to omni-channel

2y Graham Buck
Overcoming late payments in Asia

Asia Pacific Overcoming late payments in Asia

2y Richard Hartung

Whitepapers & Resources

Are You Ready to Implement your GRC Solution?

Are You Ready to Implement your GRC Solution?

5m
TIS Sanction Screening Survey Report

Payments TIS Sanction Screening Survey Report

2m
The Challenges of Regulatory Reporting

Brexit The Challenges of Regulatory Reporting

8m
Mitigating Costs and Exposure - A Multilateral Netting White Paper

Mitigating Costs and Exposure - A Multilateral Netting White Paper

7m