Boston Consulting Group, an international management consulting firm, has published its annual Global Payments 2021 report. The document provides data on the current state of the payments market, as well as published forecasts of the profitability of payment systems in the near future.
In accordance with the data of the international interbank system for transferring information and making payments SWIFT, in 2021. payments business revenues from transactions amounted to $ 425 billion, income from account maintenance - $ 336 billion, and proceeds from the accrual of interest on credit card transactions amounted to $ 248 billion. the entire revenue of the banking sector. Banks are expected to receive $ 2.1 trillion in 10 years. from the support of payment services.
Banks completed $ 410 trillion in online transactions last year. This amount is five times the volume of global GDP. Experts say that by 2023. the volume of non-cash payments will reach approximately $ 780 trillion. with an average annual growth rate of 7%.
The report indicates that European issuers of plastic cards will suffer losses due to the limitation of the interbank commission for the provision of services on the card of someone else's bank. Financial institutions will have to rethink their development strategy. In North America, the payments industry will recover.
“Today, the fragmentation of different regions of the world regarding the development of the payments market reaches a record level in the entire history of the industry. Over the next 10 years, everything will depend on the strategic decisions of the representatives of the financial sector. Now there are opportunities in the world to increase profits, as well as go broke, ”said co-author of the report, Stefan Deb.
In accordance with the data of the international interbank system for transferring information and making payments SWIFT, in 2021. payments business revenues from transactions amounted to $ 425 billion, income from account maintenance - $ 336 billion, and proceeds from the accrual of interest on credit card transactions amounted to $ 248 billion. the entire revenue of the banking sector. Banks are expected to receive $ 2.1 trillion in 10 years. from the support of payment services.
Banks completed $ 410 trillion in online transactions last year. This amount is five times the volume of global GDP. Experts say that by 2023. the volume of non-cash payments will reach approximately $ 780 trillion. with an average annual growth rate of 7%.
The report indicates that European issuers of plastic cards will suffer losses due to the limitation of the interbank commission for the provision of services on the card of someone else's bank. Financial institutions will have to rethink their development strategy. In North America, the payments industry will recover.
“Today, the fragmentation of different regions of the world regarding the development of the payments market reaches a record level in the entire history of the industry. Over the next 10 years, everything will depend on the strategic decisions of the representatives of the financial sector. Now there are opportunities in the world to increase profits, as well as go broke, ”said co-author of the report, Stefan Deb.
