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Top Trends in Payments: 2021

Capgemini
Capgemini

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
November 2020
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© 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© 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© 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© 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

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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.