The latest edition of the World Payment Report 2022 is now live. Work, shopping, travel, entertainment, services, and commerce all look a bit different from how they looked 30 months ago. The impact of global events has also reshaped the payments industry, as individuals, governments and businesses re-examined priorities and success strategies.
After it rebounded from the after-effects of Covid-19 faster than most sectors, the long-term prospects of payments appear solid, even as rising signs of recession challenge other markets.
The year-on-year growth of non-cash transactions continued to encourage the adoption of new and alternative payment products (QR codes, digital wallets, and account-to-account payments) and accelerate demand for cross-border and instant payments.
The report examined the growing importance of the B2B payments value chain and small and medium businesses (SMBs), the growth engine for the global economy. Payment specialists have a chance to capture a burgeoning market. Yet many financial institutions have overlooked smaller enterprises to focus on retail and corporate accounts. SMBs currently struggle with poor cashflow and long conversion cycles, which may trigger a growth-prohibitive liquidity crisis.
Many SMBs feel under-served by their primary banks, and nearly 90% are considering services from challenger banks and alternative providers (PayTechs and BigTechs).
Links: https://www.paymentscardsandmobile.com/world-payment-report-2022/
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