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This report charts a course towards winning its future in three key areas: the customer experience, the mobile wallet, and innovation. Along the way, it illuminates the critical decisions that banks will face over the next few years that will determine whether they drive the innovation that has fuelled payments or see their consumer-facing brands decline.
The pace of change in payments right now might seem overwhelming. The pandemic has supercharged the trend towards contactless, online and instant payments. Contactless payments, for instance, grew 150% from March 2019. This is just the start. In the next 10 years, almost 2.7 trillion transactions, worth $48 trillion, are projected to shift from cash to cards and digital payments. Fintechs and bigtechs are rushing to stake their claims in this growing market. This is forcing incumbent payments players to accelerate their digital transition plans—and to make consequential decisions about their futures. Read more on how banks are driving payments innovation.