The state of payments
As margins continue to squeeze, businesses must turn to digital to improve operational efficiencies, and that includes their payment system.
New technologies are disrupting the global payments market, according to research by Capgemini and BNP Paribas. These technologies aren’t without challenges, with regulatory and technical complexities to grapple with.
According to a McKinsey study, alternative payment solutions to cash – and digital transactions in general – continue to push the electronic trend. Digital commerce volume around the world surpassed $3 trillion U.S. in 2017 and will more than double by 2022.
The question is how to take advantage of digital innovations in a way that can be sustained – it’s a delicate balance between a dearth of capital and development resources and what McKinsey calls a proliferation of technologies and initiatives.