![]() ![]() ![]() Software companies are now partnering with banks and technology (or banking-as-a-service) providers to create similar seamless and convenient digital experiences. Brick-and-mortar versions have existed for decades in the form of auto loans at dealerships, sales financing at appliance retailers, and private-label credit cards at retail chains. ![]() The report’s later chapters offer perspectives on areas where payments leaders’ actions will help determine market share shifts and the role of payments in the broader financial ecosystem.įirst, we examine a rapidly growing payments service: embedded finance, which involves the integration of a financial product into a broader customer journey. The McKinsey 2022 Global Payments Report presents a detailed analysis of the 2021 results and the insights they reveal, including regional and country-level nuances. In short, the payments chessboard is being rearranged. The changes in the global landscape are creating new opportunities for incumbents and disruptors alike to win customers, develop new solutions, and claim market share. At the same time, capital market assessments of many fintech firms are undergoing recalibration-in some cases prompting companies to shift focus from pure growth to a profitability model. Inflation and interest rates are both reaching levels not seen for decades in many countries, altering consumer and business behavior and, consequently, payments dynamics. Our five-year revenue outlook now exceeds prepandemic expectations, topping $3 trillion by 2026.Īs they often do, the drivers of growth are shifting, distributing gains in new ways and potentially to new and nontraditional participants. As we describe in the lead chapter of this year’s report, actual results proved more robust: revenue growth in 2021 was 11 percent, the highest since 2017, leading to a record $2.1 trillion globally, and growth was healthy across all regions. 1 That decline, coming during the early stages of the pandemic, was less pronounced than anticipated.Īt that time, we foresaw a nominal but geographically uneven rebound on the near-term horizon. In the previous McKinsey Global Payments Report, we described an annual decline in revenues for 2020, the first since 2009. In a period of ongoing macroeconomic and geopolitical upheaval, the global payments ecosystem is once again demonstrating resilience. ![]()
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