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Despite the geopolitical and economic turbulence being felt worldwide, global payments are still coming out on top. A recent Fintech News Switzerland article highlights findings from McKinsey’s 2022 Global Payments Report, which explores how global payments are continuing to increase.
The years ahead certainly look promising for the global payments market, with a projected 9% average revenue growth between 2021 and 2026, with total revenue expected to reach $3.3 trillion by 2026. Several trends, including embedded finance, instant payments, and open banking, are shifting the current payments landscape, and contributing to this increase.
In fact, embedded finance reached $20 billion in revenue in 2021 and this market could double in size in as little as three to five years. Instant payments are also growing considerably worldwide, with countries including Thailand, India, and Spain doubling their use of real-time payments.
In Europe, open banking continues to see a boost in adoption. Specifically, open banking payments are expected to increase over the next five years, from 71 million transactions within the UK in 2022 to as much as 1.6 billion by 2027.
We’ve previously covered the massive acceleration of changes within the global payments industry, along with its challenges. This rapid evolution is great news for players in the payments industry and those ready to enter as these numbers mean an abundance of opportunities to reach more customers as new solutions come to market.
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