![]() Globally, payments revenues proved remarkably resilient, overcoming a variety of regional headwinds to grow at rates well above the established long-term trend. Revenue results highlight resilience and future direction Evidence suggests the industry may be on the verge of a fourth era, which we interpret as an era of “decoupling.” This new era presents concrete opportunities for banks and other payments players. From its early days to the present, the payments sector has already been through three distinct eras. This report is a collaborative effort by Luca Bionducci, Alessio Botta, Philip Bruno, Olivier Denecker, Carolyne Gathinji, Reema Jain, Marie-Claude Nadeau, and Bharath Sattanathan, representing views from McKinsey’s Banking Practice.īesides noting the industry’s performance in 2022, we take a longer view and see the progress the industry has made since businesses first began creating systems to process their payments. Over the past five years, the growth rate for electronic transactions has been nearly triple the overall growth in payments revenue. Cash usage declined by nearly four percentage points globally in 2022. ![]() For the first time in several years, interest-based revenue contributed nearly half of revenue growth.Sustained growth in India, fueled by cash displacement, moved it into the top five countries for payments revenues.Global payments revenue grew by double digits for the second year in a row.Among this year’s findings are the following: This 2023 edition of McKinsey’s Global Payments Report shares key findings from our proprietary market intelligence recorded in the Global Payments Map, which spans more than 25 payments products in 47 countries that together account for 90 percent of global GDP. A close look at revenues uncovers structural changes, including new developments in instant payments and digital wallets. The payments industry’s 2022 performance shows ongoing change with opportunities for growth and margin improvement across geographies and products.
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