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The payments industry is in full transition due to multiple disruptions, including the COVID-19 pandemic.Impact on digital payments volume is just one aspect of it, while the crisis has had a cataclysmic effect on industry dynamics. Welcome to the sixteenth edition of the World Payments Report. Customer experience continues to be the focal point for both regulatory and industry stakeholders, with a growing emphasis on systemic stability and customer risk mitigation. Fraud levels tend to increase whenever payment networks are open, data is shareable, and new-age players foray with novel payment methods. While regulators remain focused on fraud and risk mitigation measures, a unified industry framework to combat fraud, including digital identity and authentication, is needed, especially in open networks.
The payments horizon is continually expanding, as traditional and new players strive to monetize new business models within a dynamically operating environment. Acquiring digital capabilities is necessary for firms – not just to ensure and maintain customer stickiness – but to build end-to-end customer engagement expertise. This is especially true in the wholesale/B2B payments space, where corporate treasurers increasingly embrace digital and innovative ways to tackle deep-rooted inefficiencies.
Ineffective internal architecture and pressure from external modernization initiatives are driving the need to align the legacy core with the leaner front end to help seamless engagement. Visionary banks are diligently prioritizing technology transformation and early-adopter firms are adopting a curate-andcollaborate approach to emerge as ecosystem players.
On behalf of Capgemini’s subject matter experts across the globe and the payments’ industry leaders who contributed to the report, we hope you find the World Payments Report 2020 to be insightful.
