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Monday, 13 July 2020

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29 September 2011

* * * World Payments Report 2011 released

Cards remain the preferred non-cash payment instrument, with global transaction volumes up almost 10 per cent and a market share of more than 40 per cent in most markets. But mobile payments are growing even faster than many predicted.

That's one of the findings from the World Payments Report 2011, released this week by Capgemini, The Royal Bank of Scotland (RBS) and Efma.

Growth in global payments volumes during 2009 and 2010 was sustained by strong performance of the emerging and more mature markets in the Asia-Pacific region. Overall non-cash payments volumes grew by five per cent in 2009 to 260 billion, continuing the growth trend from 2008 of nine per cent, albeit at a slower pace. The growth rate was lowest but still positive in North America and Europe (less than two and five per cent respectively), compared to over 10 per cent in emerging markets and the Asia-Pacific region.

In terms of mobile payments, these will represent 15 per cent of all cards transactions by 2013, and will overcome cards volumes within 10 years if growth continues at the same rate. The report found the use of e-payments and m-payments is expanding, accounting for an estimated 22.5 billion transactions worldwide in 2010. E-payments are expected to grow globally from 17.9 to 30.3 billion transactions between 2010 and 2013 and m-payments from 4.6 to 15.3 billion transactions. At present, the proportion of these transactions handled outside bank payments systems remains relatively small, but is growing rapidly. The use of cheques continues to lessen, accounting for just 16 per cent of all non-cash global transactions in 2009, down from 22 per cent in 2005, and remains in demand in key markets.

“Payments volumes showed resilience during the global financial crisis with volumes growing in all regions," says Scott Barton, CEO, Global Transaction Services, RBS. “Banks face challenges from the rapidly changing payments landscape including the need to respond to new regulatory initiatives and we can expect to see changes to business strategies and models as a result. However, these changes will also present new opportunities.”

Meanwhile, through analysis of a wide range of global and regional regulatory and industry initiatives, ranging from Basel III to the Digital Agenda for Europe, from the Dodd-Frank Act to the work of the National Payments Corporation of India, the report identifies five key industry transformation trends which together are reshaping, or soon will, aspects of the payments market and the positioning of the players who operate within it:

Systemic-risk reduction and control: In the wake of the financial crisis, regulators are seeking to reduce systemic risk by asking for stricter requirements on capital and liquidity

Standardisation initiatives aimed at improving efficiency, streamlining processes and reducing costs continue: Some payments instruments and aspects of the value chain are commoditised in the process, making it more difficult for banks to differentiate themselves

A drive for higher levels of transparency: Several initiatives are concentrating on making service fees to clients more transparent, with potential implications for current business models, such as cards.

Convergence: Developments in technology and evolving user and regulatory requirements are contributing to a gradual blurring of the lines between traditional payments activities supplied by infrastructure providers, potentially increasing competition between Real-Time Gross Settlement (RTGS) and Automated Clearing Houses (ACHs) for certain types of low-value payments.

Innovation: This remains a critical success factor within the payments industry, allowing players to harness emerging technologies and trends, such as mobile devices and contactless payments, to deliver state-of-the-art solutions to meet evolving user needs.

“Regulatory pressure has increased since the economic crisis and, together with the drive toward standardisation and commoditisation, is fuelling a fundamental transformation in the payments landscape,” says Jean Lassignardie, global head of sales and marketing, Capgemini Financial Services. “Banks and financial institutions faced with this combination of challenges may wish to look at the examples of the energy and telecoms industries which have responded to similar external pressures by enhancing the level of specialisation amongst key players to differentiate their propositions.”