Top Trends in Payments: 2021
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Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition. Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
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Top Trends in Payments: 2021
- 1. Top Trends in Payments: 2021 November 2020
- 2. 2© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 Businessresilience Customer centricity Intelligent Bank Regulatorsbeefupscrutinyofnewplayers andofferingsastheecosystemevolves OpenBank Technology giants augment payments offerings to attract new customers Payments firms turn to DLT for efficiency and economy Super apps are emerging as the future operating model even for players outside APAC, thanks to one-stop functionality stores and end-to-end CX Evolving regional payment schemes are poised to challenge the powerhouse status-quo Retailers leverage Digital ID for enabling invisible payments Data-driven offerings are the latest winning propositions for payments firms COVID-19 is fast-tracking customer adoption of alternate payments adoption Top Trends in Payments for 2021 by Capgemini Technologyinvestmentsurgesaspayments firmsfortifytransactiondatasecurity Go-to-marketagility Payments-as-a-Servicegainstraction amongsmall-andmid-tierinstitutions
- 3. 3© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Trend 1: Payments-as-a-Service (PaaS) gains traction among small- and mid-tier firms Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience Flexibility to provide a reliable service quickly based on evolving customer needs Reliable on-demand service New out-of-the-box features can be quickly configured with a PaaS model Reduced time to RoI Financial firms will have the flexibility to pick a best-in-class PaaS provider for the services they need Best-in-class service providers are available Help fill the API banking gap by bringing complementing products to match customers to needs Fills the API banking gap 01 0402 03 Key benefits
- 4. 4© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2019 4© Capgemini 2020. All rights reserved | What are the benefits? Gateway for orchestrating an interoperable ecosystem Ability to scale up as the ‘utility-of-utilities’ Affordable implementation when compared with infrastructure upgrades Network effects and reachability Focus to simplify user interfaces and integrate value- added services offered through mobile wallets Increased post- pandemic adoption of mobile apps and wallets Strong market for mobile wallets, EUR6,400 billion by 2027 Key drivers Trend 2: Super-app operating models offer a path to one-stop functionality markets and end-to-end CX Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience
- 5. 5© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 5© Capgemini 2020. All rights reserved | COVID-19 pushed central banks to issue DLT-based digital currencies Federated digital identity is emerging as a DLT application Promise of higher efficiency in supply chain financing Key drivers Secure transactions Fraud reduction Payment transaction efficiency Speed in cross-border payments Low transaction cost Trend 3: Payments firms turn to DLT for efficiency and economy Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience
- 6. 6© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 Trend 4: Data-driven offerings are the latest winning propositions for payments firms Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience Cyber threat during pandemic Data analytics will play a crucial rate in detecting and eliminating potential threats as COVID-19 has accelerated the need to prevent cyber threats Changing customer preference Ever-changing customer preferences are spurring banks to provide data-driven offerings Need for real-time compliance Dynamic and real-time compliance is possible through big data and analytics Increased competition Intensifying competition from BigTechs and FIs to provide superior value-added offerings is encouraging data analytics use Reduction in operational cost Data-driven analysis can help to reduce operational cost while boosting efficiency Key drivers
- 7. 7© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 Higher customer conversion rate Scope for hyper- personalized offerings Integrated data sharing among multiple devices Key drivers 7© Capgemini 2020. All rights reserved | Trend 5: Digital ID is becoming an invisible payments enabler for retailers Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience Customer identity and access management solutions implemented by retailers Secure identities Unify identity data Manage customer preferences Scale up CX
- 8. 8© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 Trend 6: COVID-19 is fast-tracking alternative payments adoption Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience Customer adoption Market readiness Regulatory push Industry players have significant opportunity in the alternative payments space as consumers seek speed, convenience, and superior CX The disruption in the payment ecosystem due to COVID-19 is accelerating adoption of alternate payments and changing the payments game Cash is no longer king! Cash transactions and cash in circulation are declining and may plummet further
- 9. 9© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 Trend 7: With an eye on expansion, tech giants augment payments offerings to attract new customers Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience Leveraging banks and payments infrastructure through partnerships Platforms provide payments services to consumers Digital wallets offer multiple business propositions Phased market penetration approach such as targeting small- and medium businesses to foray into B2B payments
- 10. 10© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Proliferation of digital payments and the adoption of alternative payment methods Increasing magnitude of cyber attacks Open infrastructure and data network lead to vulnerabilities Key drivers Trend 8: Technology investments surge as payments firms bolster transaction data security Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience 85% 79% 67% 63% Investing in new AI and ML and modern identity methods to spot suspicious activity Strengthening internal fraud detection for mobile payment apps Enhancing third-party due diligence to reduce data-related fraud Improving cyber resilience through investment in cloud Source: Capgemini Financial Services Analysis, 2019
- 11. 11© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 Trend 9: Regulators keep a watchful eye on new players and offerings as the ecosystem evolves Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience Revise guidelines to recognize systemically important entities Formulate robust financial reporting and audit guidelines Establish a tribunal for contingency planning and disaster recovery for firms in distress Enhance initial onboarding/licensing guidelines Regulatory call to action: Scrutinize new players to maintain system stability Fragmented landscape demands vigilant inspection New players may eventually emerge as systemically important Balancing innovation, inclusion, and risk is the need of the hour Key drivers
- 12. 12© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Source: Capgemini Financial Services Analysis, 2020 12 How local and regional payment schemes are gaining global ground Trend 10: Evolving regional payment schemes are poised to challenge the powerhouse status quo Top Trends in Payments for 2021 by Capgemini Intelligent Bank Open Banking Customer centricity Go-to- market agility Business resilience Major drivers Regulatory support Efficiencies Data protection Customized Centralized support Support from regulators/Central banks to establish a single payments market and promote healthy competition within the payments network Data protection Customer information remains protected because transaction and customer data reside inside the country Cost effective Transaction processing handled domestically makes each transaction cheaper to clear and settle. Customized offerings Regional schemes can develop products customized for their regional market ‒ making them highly effective
- 13. 13© Capgemini 2020. All rights reserved |Payments Trends 2021 | November 2020 Capgemini is a global leader in consulting, digital transformation, technology and engineering services. The Group is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year+ heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. Today, it is a multicultural company of 270,000 team members in almost 50 countries. With Altran, the Group reported 2019 combined revenues of €17billion. About Capgemini Learn more about us at www.capgemini.com This message contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright© 2020 Capgemini. All rights reserved. People matter, results count.