The World FinTech Report 2020 from Capgemini and Efma explores how effective collaboration between inventive banks and mature FinTechs can help fill in the gaps from the front to the back office to deliver a … Commercial banks look to open APIs, FinTechs to enhance and expand client services, Incumbents, take note: New financial services marketplaces are now high-impact models, Open banking: the path to a robust, sustainable, and inclusive payments ecosystem, Harmonization needed among conflicting key regulatory and industry initiatives to enable new payments’ ecosystem functionality, Collaborative Payments Ecosystem Boosts Customer Centricity, Digital-world consumers expect banks to securely step up their technology game. Over the past year, industry incumbents have been responding to numerous trends and drivers by: A unified industry framework to combat fraud, including digital identity and authentication, is needed, especially in open networks. Expanding into new eCommerce markets starts with understanding how best to connect with your potential customers. Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively. Paying Taxes 2020 Regional overview 9. endobj 1.World health - trends. How can the fragmented payments market be harmonized? Digital Currencies: the Ultimate Hard Power Tool 2 ... is developing world-leading digital payments infrastructure. Differences between local and regional KRIIs is the prime reason behind fragmented payments market landscape. An entrepreneur in a low-income economy typ- International Payments Limited (NIPL), its wholly owned subsidiary firm with a primary focus to internationalize UPI and RuPay. The 2020 McKinsey Global Payments Report 2 The public health crisis triggered by COVID-19 has had an impact on nearly all aspects of daily life for people across the globe, and has put the world economy on an uncertain footing. World FinTech Report 2020 5 5 Act now, act together, act at scale: Structure is essential for bank/FinTech partnerships to work. Payments Cards & Mobile is the go-to market intelligence hub for global payments news, research and consulting. Discover how shoppers around the world engage with eCommerce merchants at the most critical intersection—the payment. Nation-states need to think about payment systems moving beyond the control of traditional monetary authorities, threatening their ability to oversee payments – and even impacting their levers of economic policy. By continuing to navigate on this website, you accept the use of cookies. I.World Health Organization. a new landscape for payments Paris, October 6, 2020 – Payment firms are being pushed rapidly into transformation, even as they handle larger transaction volumes, face increased competition and heightened risk factors amplified by COVID-19, according to the World Payments Report 2020 published today by Capgemini. Offering cybersecurity and compliance solutions for email, web, cloud, and social media. A sound and well functioning payment system facilitates economic activity and supports long-run economic growth. ISBN 978 92 4 156402 1 (NLM classification: W 84.6) ISBN 978 92 4 068480 5 (electronic version) <> Payments trends 2020 | InFocus: Strategies to prepare for the future of payments 2 Top takeaways In particular, we see five emerging trends driving change, presenting challenges, and creating opportunities in the 2020 payments ecosystem. It was led by China, India, and other SE Asian markets (32% growth). World Payments Report 2020. Foreword. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 21 0 R 22 0 R 30 0 R 31 0 R] /MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Now is a good time for commercial banks to proactively mitigate potential threats. COVID-19 aftershocks will tamp down global non-cash volumes, as 2019–2023 growth expectedly shrinks to 12%, compared with our previous 16% projection. The lack of coordination and integrated data management among regulatory authorities is stirring contradictory objectives and competing agendas that are hindering standardization and causing ambiguity within the new payments landscape. Corporate Bank Research January 2020. around global stablecoins, and to submit a consultative report to the G20 Finance Ministers and c entral bank Governors in April 2020, with a final report in July 2020. But banks can still thrive by transforming into inventive banks. 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