Currently the global payments market is worth an estimated $2.2 trillion USD and is growing at 11 percent per year, with that growth showing no sign of slowing down. Crunchbase data has shown that global investment in payments startups reached $38.5 billion USD in 2022. This growth is leading to new opportunities, and investment in payment innovation, such as real-time payments, smart contracts and tokenisation. Today, payment innovation is playing an important role for global businesses and financial institutions (FIs) looking to transform their payments functions to maximise their value and significantly contribute to the organisation’s profits, whilst simultaneously reducing costs.
Given the large volume of changes, owners of payment portfolios are asking themselves where their organisation should invest their time, money and resources. It is important to understand where innovations are genuinely differentiating opportunities versus the ‘nice to haves’. These need to be balanced alongside meeting the non-discretionary demands from compliance, regulatory and schemes.
In the matrix and article below, we explore the payment innovation ecosystem and provide guidance for those in the industry, by outlining key innovations, that we believe will have the most significant impact on the payments market.
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