In the aftermath of the COVID-19 crisis, thetempoofchangeinconsumer behaviors and expectations has hastened. Geopolitical shifts, accelerating digitalization andsignificanteconomicturbulenceare reshaping how people pay and move their money. At the same time, the friction-free experiences offered by social and e-commerce platforms are setting new benchmarks for consumer payments. With economic volatility growing,consumers are seeking more control over their payments choices.
As payments methods continue to evolve,consumerswanttopayanywhere, anytime,anyhow.However,the payments landscape is becoming increasingly complex and fragmented with innovative digital payment providers taking a much larger share of wallet at the expense of traditional providers. Our new report identifies ways leading banks and payments players can increase their relevance in the consumer transaction journey and capitalize on future innovations.
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