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Payments are entering a new experience-driven era (Payments 4.X1), ushered in by an accelerated transformation timeline due to COVID-19 and the growing digital appetite of customers, according to the World Payments Report 2021 published by Capgemini.
Capgemini provided the following report highlights:
With the Asia Pacific region leading the global pack, the demand for digital payment options is greater than ever before, along with the expectations for fast transaction settlements, instant payments, e-money, failsafe security, and wow-factor customer experience.
The report found that nearly 45 percent of consumers frequently use mobile wallets to make payments (>20 transactions a year) up from 23 percent in the 2020 poll. Furthering this trend, global B2B non-cash transactions will increase to reach nearly 200 billion transactions by 2025, from 121.5 billion in 2020, according to Capgemini estimates.
"As digital payments and mobile wallets become more the norm than the exception, payment providers must find ways to meet consumer hopes for speed and ease of use," said Anirban Bose, CEO of Capgemini's Financial Services and Group Executive Board Member. "To embrace the next generation of payments, banks must build a complimentary partnership ecosystem to keep up with the rate of change."
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