區(qū)域支付趨勢報告：全球支付創(chuàng)新與采用的地區(qū)性動態(tài)分析 Trends in Regional Payments Inside the Evolving Global Payments Landscape

ripple

EBOOK

Trendsin

RegionalPayments

InsidetheEvolvingGlobalPaymentsLandscape

2024

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

Contents

Introduction3

OpenBankingontheRiseinNorthAmerica

4

GoingCashless:Spotlighton

StablecoinsforPayments

10

AsiaPacific:LeadingtheWayin

InstantPayments

12

Africa:CryptoandMobilePaymentsFuelFinancialInclusion

17

LatinAmerica:DitchingCashandFindingCrypto

21

Europe:NoTimeLikethePresentforInstantPayments

26

Conclusion

30

AboutRipple

Rippleistheleaderinenterpriseblockchainand

cryptosolutions,transforminghowtheworldmoves,

manages,tokenizesandstoresvalue.Ripple’s

businesssolutionsarefaster,moretransparent,andmorecosteffective—solvinginefficienciesthathavelongdefinedthestatusquo.Andtogetherwith

partnersandthelargerdevelopercommunity,we

identifyusecaseswherecryptotechnologywill

inspirenewbusinessmodelsandcreateopportu-

nityformorepeople.Witheverysolution,we’re

realizingamoresustainableglobaleconomyand

planet-increasingaccesstoinclusiveandscalablefinancialsystemswhileleveragingcarbonneutral

blockchaintechnologyandagreendigitalasset,XRP.Thisishowwedeliveronourmissiontobuildcryptosolutionsforaworldwithouteconomic

borders.

LearnmoreaboutRippleat

.

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

Introduction

Majorshiftsdrivenby

consumerpreferences,

regulatorymovements,

andnewtechnologies

haveupendedpaymentsexperiences.

Acrossthemodernarcofpayments,McKinseydescribes

distincteras

markedbypaper,plastic,andaccounts.Now,aneweraisemergingmarkedbyadecouplingwhereamixofbanks,paymentserviceproviders,andfintechsinstitutenewproductsandtechnologiestotryandkeepupwith

theever-growingdemandforcross-borderpayments.

Whilepaymentstrendsvarybyregion,somethemesare

morepronouncedglobally.Withineachregion,modernizedpaymentssolutions,includingblockchain-enabledpay-

ments,arebringingfaster,moreinclusive,andtransparent

experiences.Theaccelerationofinstantpaymentsis

pavingthewayforfaster,moreefficientpaymentrails.Andtheadoptionofopenbankingispavingthewayforgreatertransparency.Stakeholdersfromcentralbanksandsuperappproviderstoruralconsumersstandtogain.

ThisreportexploresprincipalpaymenttrendsthroughoutNorthAmerica,LatinAmerica,Europe,Asia,andAfrica.

Weexaminethegenesisofthese,andspotlightsuccessbarriers,opportunities,andpotentialimpacts.

Introduction3

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

01

OpenBankingontheRise

inNorthAmerica

Modernizedpaymentsystemsandfinancialservicesaregainingtraction

acrossNorthAmericaasstandardizedmessaging,securedataexchange,andinteroperabilitytakeshape.Here,weexaminehowopenbanking,

FedNow,andISO20022havecontributedtostreamliningthefinanciallandscapeinthisregion.

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

Banksandfintechsacrosstheregionareleveraging

alternativestotraditionalpaymentexperiencesand

adoptingtechnologiesforreal-timepaymentsusecasesextendingthroughB2B,B2C,A2A,P2P,G2C,andbeyond.

Today,thedynamicofconnectingvariousbankingand

paymentcardaccountsisleadingtomorecustomized

paymentsproducts,fasteraccesstocreditandfinancing,andgreaterfinancialcontrolforindividuals.1

Researchsuggeststhattheglobalopenbankingmarket

willeclipse$130billionby2028,drivenbyrisingconsumerandinstitutionalpreferencesfordigitalpayments.In2022,themarketreached$15.21billion,butissettoexpandataremarkable24.6%estimatedCAGRduetothegrowinguseofdigitalpaymentsandmobilewallets.

Additionally,openbankingsolutionshaveskyrocketed

acrossmyriadindustrieslikefinancialservices,healthcare,retail,andinsurance.2

130

$B

Theglobalopenbankingmarketwilleclipse$130billionby2028,drivenbyrisingconsumerandinstitutional

preferencesfordigitalpayments.

OpenBanking101

Openbanking

takesplacewhenbanksandfinancialinstitutionsgivecustomersandcustomer-approvedthirdparties

digitalaccesstofinancialdata.

Thesethirdpartiesareoftenabletoinitiatepaymentsaswellasdownloadandeasilyshareinformationonaccountbalances,payments,transactions,investmentsandmore.

Therearea

numberofbenefitstoopenbanking

,suchas:

?BroadenedrevenuestreamsthroughnewAPI-enabledproducts

?Improvedcustomerpersonalizationandsatisfactionviaincreasedtouchpoints

?Strengthenedrelevanceforfinancialinstitutionsthroughdiversificationofclientofferings

?Expandeddatatransfercapabilitiesinwhichcompeti-tivethird-partyproviderscanaccessbankaccountandtransactiondatathroughAPIs

?Supportforfinancialinclusionasabroaderrangeofdatapointscanbeusedtoassessacustomer’s

creditworthiness

Customerswhoconsenttoshareinformationwithinan

openbankingsystemgiveprovidersabetterunderstand-ingoftheirneeds,enablingstreamlinedpayments

solutions,personalizedproductsandofferings,andbetteruserexperiences.

OpenBankingontheRiseinNorthAmerica5

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

Early,butEager:OpenBankingTrendsinNorthAmerica

EuropeandtheUnitedKingdomhavehistoricallybeenthefirst-moversacrossopenbankingadoption,however,rising

US-basedsupportisunderway.Accounttoaccount

paymentswhichrepresent45%ofallelectronicpaymentsaregrowing280%yearoveryearintheUK.Inparallel,71%ofUSconsumersnowsaythey’dliketomakepurchasesorpaybillsdirectlyfromtheirbankaccount.3

Thepastyearhasseenanuptickinnewsworthyopen

bankinginitiatives.Coinbase

announcedapartnership

withanaccount-to-accountinfrastructurecompanytoimprovedepositandwithdrawalexperiencesinCanada,theworld’sthird-mostcrypto-awarenation.4

Welcomingopenbankingopportunitiescanresultina

riseincompetitionandadownwardpressureon

margins,whichdrivetraditionalfinancialinstitutionstoeitherfindnewrevenuestreamsornewcost-saving

measures.Companiesharnessingthebenefitsofopen

banking—particularlythoseincorporatingblockchain

innovations—havetheopportunitytoaddressbothissues.

Whiletheimpactopenbankinghasonbanks,credit

unions,paymentserviceproviders,andlegacyinstitutionsmustbeconsidered,thereisampleeconomicopportunityforconsumersandthemarketstowhichtheseinstitutionscontribute.

Leadersatthe

FinancialDataExchange

(FDX)—anon-profitindustrystandardsbodydedicatedtounifyingthefinancialservicesecosystem—reportthatopenbankinginitiativesarethrivingintheUS.Lastyear,theyestimatedthatover30millionconsumershadconvertedfrom

credential-basedaccess(IDandpassword)tothemoresecure,tokenizedAPIaccess.5Likewise,FDXleaders

suggestnetworkeffect-ledgrowthfromopenbankinguseisimminentintheUS.

TwoadditionalforceshavesupportedthegrowthofopenbankinginNorthAmerica:USconsumerdemandand

increasedregulatoryclarity.Intermsofconsumeruse,Visanotesthat87%ofUSconsumersareusingopenbankingtolinktheirfinancialaccountstothirdparties,howeveronly34%areawarethattheyareusingthetechnology.6

280

%

Accounttoaccountpaymentswhichrepresent45%

ofallelectronicpaymentsaregrowing280%yearoveryearintheUK.

OpenBankingontheRiseinNorthAmerica6

Sowhileopenbankingadvancesarebroadlyconsidered

market-driven,patchworkregulatoryframeworksand

educationalinitiativesmaybeslowingadoption.InCanada,

theexpectedestablishmentofacountry-wideopenbankingregime

remainsdelayed

.Shouldtheseforcesreverse,moreinnovationcouldquicklyemerge.

Still,activitiesfromindustryvanguardspointtoopen

bankingmomentum.Mastercard

recentlyintroduced

smallbusinessestoitsopenbankingplatformwhichprovides

advancedanalytics.Whenbusinessownersgivepermis-

siontoaccesstheirfinancialdataviaopenbanking,

lenderscanuseMastercardAPIstoapplycashflow,

balance,andpaymenthistoryanalyticstotransactions.

Withimprovedinsightsonliquidity,revenue,cashflow,anddefaultrisk,lenderscantailorofferingsandSMBswith

morecompetitivegrowthfinancing.

Importantly,thissignifiessupplyanddemandmomentumbehindanexpandingrangeofspending,financing,and

paymenttools.

Inconjunction,banking-widesystemimprovementslike

FedNow?,theFederalReserve’sinstantpaymentservice,

haveallowedfinancialinstitutions

ofvaryingsizesto

developinnovativesolutionsthatcanbepersonalizedanddata-driventoultimatelydeepencustomerrelationships

andstrengthenbrandloyalty.

FedNow?LaunchandImpact

Towardsthemiddleof2023,theUnitedStatesFederal

Reservelaunchedthe

FedNow?Service

tomodernizethenationalpaymentsystemandenablefaster,moreefficient,andmoresecuredomestictransactions.

Theinstantpaymentinfrastructureisavailableto

US-baseddepositoryinstitutionsandallowsindividuals

andbusinessestosendinstantpaymentsthroughinstitu-tionalaccounts.

Whilethe

RTPnetwork

wasmadeavailableacrosstheUSpriortoFedNow,thelattersupportsawarenesseffortsandhelpsgrowadoptionofreal-timepaymentsystems.As

adoptionandimplementationexpands,weanticipateameaningfulreshapingoftheUSfinanciallandscape.

Withthisprogress,financialinstitutions,fintechcompa-nies,andotherstakeholderswillhavetheopportunitytocreatenewproductsandservicesthatmaximizethe

real-timecapabilitiesofferedthroughFedNow.

“Inthenextyear,wearelikelytoseethenetworkingeffect—

‘everyone’sonit

becauseeveryone’sonit’—beginto

manifestitselfinNorthAmerica.”

DonCardinal,ManagingDirector,FDX

OpenBankingontheRiseinNorthAmerica7

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

ExaminingtheBenefitsofReal-TimePaymentswithFedNow7

Whatarethecorebenefits?

Howwillfinancialinstitutionsbeimpacted?

Whatarethepotentialmacroeffects?

Enhancedaccessibility:

Smallbusinesses,corporatesand

consumerswillbeabletoaccessinstantpaymentsacrossdomesticinstitutions

thatareparticipantsofFedNow.

Smallbanksandcreditunionswillbeabletoprovidereal-timepaymentservicestotheircustomers.

Enhancedaccessibilityimproves

financialserviceofferingsforeveryone

involvedwhichcanhavealastingimpactonfinancialinclusion.

Enhancedglobalcompetitiveness:

Real-timedomesticpaymentsenable

US-basedbusinessestooperateonparwithothersintheglobalmarketplace.

Customerswillbecomeaccustomedtoreal-timedomesticpaymentsandlikelyexpectthesamefrominternational

transactions,puttingpressureonfinancialinstitutionstooffermoreefficientcross-

borderpaymentservices.

GDPisexpectedtoincreaseby

$173billionwith$184billioninsavingsforconsumersandbusinessesasreal-timepaymentstakeshape.

Improvedefficiency:

Paymentspeedandsettlementtimeswillimprovedramatically.

Institutionswillneedtoinvestinimproved

techstackstosupportthedemandgeneratedbyreal-timepayments.

Financialagilitywillincreaseforbusinessesandconsumersalikeasbarrierstostream-linedcashflowarereduced.

Supportforinnovation:

Real-timepaymentswillincreaseend-user

expectationsandpushthefinancialservicesindustrytoprogress.

Financialserviceproviderswillneedto

developoradoptsolutionsthatleveragethereal-timecapabilitiesofFedNow.

Newdevelopmentscouldinclude

innovativepaymentapps,integratedpaymentsolutions,expandeddata

anddirectoryofferings—alltoserveasuperiorpaymentexperience.

Ascustomerexpectationscontinuetorisealongside

technologicaladvances,depositoryinstitutionsandtheirserviceproviderscanbuildonthiscapabilityandintro-ducevalue-addedservicestotheircustomers.8

Some25%offinancialinstitutionssaidtheywerewaitingforFedNowtodeploybeforefinalizingareal-timepay-

mentsstrategy,butmajorplayersinthepaymentsspacestillhaven’tmovedonadoption.9Takingapassive

approachtoinnovationcouldbedetrimentaltoaninstitu-tion’scompetitivestanceasfintechsfillthegapswithmoreadvancedofferingsandglobalmarketsleverageprogres-sivesolutions.

FedNowwillalsoleveragetheISO20022messaging

standard,whichisdesignedtobecompatiblewithfutureiterationsoftheinstantpaymentsinfrastructure.

“TheFederalReservebuilttheFedNowServicetohelpmake

everydaypaymentsoverthecomingyearsfasterandmoreconvenient.”

JeromePowell,Chair,BoardofGovernors,FederalReserve

OpenBankingontheRiseinNorthAmerica8

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

ISO20022GoesLive

ISO20022servesasauniversallanguagetomore

efficientlysharefinancialdataacrosstheglobe.The

messagingstandardrepresentstheneedformodernizationandplaysacriticalroleinsupportinginstantpayment

capabilitiesandexpandingpaymentprocessinnovations.ISO20022isexpectedtobringsignificantchangestohowfinancialservicesareconducted,improvingdataquality

andreducingerrorsacrosscross-borderpaymentflows,whilemakingtransactionsmoreefficientandsecure.10

Specifically,

ISO20022

offersastructured,data-rich

commonlanguageforcorporatesandbankingsystems.

Thisisnecessarytomoveawayfromend-of-daybatchfilepaymentsprocessingtoreal-timeprocessing.Thestan-

dardmayalsoprovidebetteranalyticsusingmorerobustdataelements,whichcouldbolsterfinancialinstitutionsingeneratingnewservicesandproductofferings.

Forcorporatesandfinancialinstitutions,ISO20022

adoptionwillboostoperationalefficiencies,includingtheabilitytoexchangedetailedremittanceinformationwithacustomerpayment.Inaddition,itaddssupportfor

straight-throughprocessingandareductioninerrorsandmanualprocessing.11

GrowingadoptionoftheISO20022messagingstandard

andtheopportunityforhighlystructureddatahasledtheFederalReservetoincorporatetheframeworkintoits

FedNow?service.AccordingtotheFederalReserve’sbankservicesgroup,thisstandardwillbeabletosupport

FedNowasitevolvesandaddscapabilities.12

FastFacts:ISO20022

?Aninternationalstandardforexchangingelectronicmessages

?Offersstructured,richdatausingXMLsyntax

?Thisformatisalreadyinpracticeforreal-time,low-valueandhigh-valueclearingsystems

aroundtheworld.

?Offersricherreferencesandimprovedremit-tanceinformation

?Requiresplanningahead:multi-yearprojectforfinancialinstitutionstoimplementvalue-addedservicestoenhanceexperience

Source:

JPMorgan

ISO20022offersa

structured,data-richcommonlanguage

forcorporatesandbankingsystems.

OpenBankingontheRiseinNorthAmerica9

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

GoingCashless:SpotlightonStablecoinsforPayments

Astablecoinisatypeofdigitalcurrencydesignedtomaketransactingwithcryptomorepractical.

MoststablecoinsarepeggedtoafiatcurrencylikeUSDorEUR.Becauseofthis,stablecoinshaveactedasa

gatewayintousingblockchainanddigitalassetsfor

paymentsamongstusersconcernedwithcryptocurrencypricevolatility.

Likemanydigitalassets,stablecoinscanprovidebroad,

inclusiveaccesstothefinancialsystem,andenablethe

fastandefficientmovementofvalue.In2022,fiat-backedstablecoinstransacted$6.87T,eclipsingbothMastercardandPayPalintermsofmovingvalueacrossnetworks.13

Usingstablecoinsforpaymentscombinesthebenefitsofblockchaintechnology—namelygreatersecurity,trans-parency,costefficiency,andspeed—withthetrustandfamiliarityoftraditionalfiat.14

Asdemandforstablecoinsgrows,particularlyas

cashuse

isatahistoriclow,

moreindividualsandbusinessesare

consideringtheseassetsaspaymentalternatives.The

numberofAmericanswhosaytheydidnotusecashto

makeapurchaseinatypicalweekisnow41%,upfrom29%in2018.15Businessownersareincreasinglyfindingthe

switchtostablecoinsadvantageous,notingrisingcon-sumerdemand,fastercheckouts,lowerlaborcostsandincreasedsecurity.16

Thetrendtowardsstablecoinuseisdrivenbythebenefitsofblockchaintechnologythataddimprovementover

credit-cardandothertraditionalpaymenttypes.

GoingCashless:SpotlightonStablecoinsforPayments10

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

Stablecoinsreducetheroleofmiddlemeninthecurrentfinancialsystemandsupportdirecttransactionsbetweenmerchantsandconsumers,reducingintermediarycosts.

Sincestablecoinsare

cryptographicallysecure

,userscan

settletransactionsalmostinstantaneouslywithoutdouble-spendingorotherproblematicsettlementfacilitation.

Becausestablecoinsarebuiltondistributedledger

technology,theyofferprogrammabilitytopaymentsvia

smartcontracts

whichcaninspireusefulproductor

serviceinnovationandlinkthetraditionalWeb2economywiththefutureoffinance—Web3.

Adoptionofnewdigitalpaymentmethodsoffersignificantbenefitstocustomersandsociety:improvedefficiency,

greatercompetition,expandedfinancialinclusion,andinnovation.

In2023,PayPaljumpedonthestablecointrendand

launched

PayPalUSD(PYUSD)

astablecoinbackedbyUSdollardeposits,short-termUStreasuries,andsimilarcashequivalents.PYUSDcanberedeemedone-to-oneforUSdollars.

PayPalUSDwasdesignedtoreducepaymentsfrictioninvirtualenvironments,facilitatethefasttransferofvalue,

sendremittancesorconductinternationalpayments,

enabledirectflowstodevelopersandcreators,andfosterthecontinuedexpansionofdigitalassetsbytheworld’s

largestbrands.

On-trendwiththerestoftheglobalcryptoindustry,

regulationofthisnewassetclasshasalreadybegunto

takeshape.AccordingtoBernsteinresearch,stablecoinregulationisquicklyprogressingacrosstheUS,EU,UK,andAsia,andtendstomeritmorepoliticalsupportthancryptoregulation.

TheUSiswitnessingregulatoryprogresswithrecent

bipartisansupportforthe'ClarityofPaymentsStablecoinAct'.Ifpassed,thelegislationcouldunlockstablecoin

innovationledbyprivateplayersintheblockchain

industry,allowinganyonewithconsumerdistribution(social,commerce,finance)topartnerwitharegulatedstablecoinissuer.17

6.87

$T

In2022,fiat-backedstablecoinstransacted$6.87T,

eclipsingbothMastercardandPayPalintermsofmovingvalueacrossnetworks.

GoingCashless:SpotlightonStablecoinsforPayments11

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

02

AsiaPacific:

Leadingthe

WayinInstantPayments

Thecombinationofinnovativetechnology,ubiquitoussmartphone

access,andfriendlyregulationcementstheAsiaPacificregionasthegloballeaderininstantpaymentsandenableswide-spreadaccesstoreal-timesettlement.Withthevastmajorityofprofitabledigitalbanksbasedintheregion,it’slikelythatthissuccesswillflourishasadoptionofnewfintechmodelsincreases.

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

CountriesacrosstheAsiaPacificregioncontinueto

pioneerinstantpaymentdeliveryanddigitalbanking

innovations.Intermsofestablishedglobalfinancial

systems,theregionisrelativelynewtothebanking

industrybuthasgrownadeptatnavigatingdigital-only

financialservices.AsiaPacificishometo10outof13ofthemostprofitabledigital-onlybanksworldwide.18

Theregion’sappetiteforexperimentationwithalternativepaymentrailshasledtobettercross-borderanddomesticpaymentcapabilities,accesstoreal-timesettlement,

opportunitiesforfinancialinclusion,andgloballeadershipinfinancialinnovation.Bymanymeasures,AsiaPacific

operatesastheepicenterofdigitalfinance:Theregionishometo20%oftheworld’sdigitalbanks,anditscitizensarethemostenthusiasticadoptersofdigitalpayments.19

Theregion’sdigitalbankingsectoroutperformsother

marketsinpartbecauseitscultureandprocessesare

rootedinacustomer-firstethos.Companiestendtoonlyleveragebankingtechnologies,platforms,andarchitec-

turesconducivetoomni-channelcustomerexperiences

anddifferentiateofferingswithproactivecustomerservice.20

Sectorparticipantsalsotendtoaggressivelyevaluateandembracerobustusecasesforblockchain,Web3,decen-

tralizedfinance,andartificialintelligence,particularly

aroundmobilewalletsandsocialappstofacilitatebetterdomesticandcross-borderpayments.

DigitalwalletsinAsiaPacific(excludingChina)morethandoubledtheirshareofe-commercetransactionvaluein

thelastfiveyears,andthisshareisprojectedtogrowoverthenextthreeyears.Similarly,digitalwallets’shareof

paymenttransactionvalueatpoint-of-salegrew6xinthelastfiveyears.21

SoutheastAsiainparticularhasexemplifiedexpansive

regionalpaymentsprogress.Withinthemarket,real-time

paymentsnetworkvolumeisexpectedtoreach$2.4trillionby2025—a230%increasefrom2020.Intermsoftechnol-ogyadoption,considerthatover400millionpeoplein

SoutheastAsiaalonewillusemobilewalletsby2026.22

APAC’s‘PaymentsFirst’Playbook

Overthelastyear,APAC’sdigitalbankingparticipants

madespiritedattemptstocapitalizeonconsumerinterestintransactingabroadbysupportingmoreaffordable,

real-timemoneytransfers.

Forexample,Thunes’

partnership

withTencentFinancialTechnologyintroducedwalletandaccountinfrastructureforoveronebillionChineseusersacrossWeixin(interna-

tionallyknownasWeChat).Thepartnershipaimstomakesendingmoneyacrossbordersandsendingremittancesaseasyassendingamessage.23

AsiaPacificishometo10outof13ofthemostprofitable

digital-onlybanksworldwide.

AsiaPacific:LeadingtheWayinInstantPayments13

TrendsinRegionalPayments:InsidetheEvolvingGlobalPaymentsLandscape

Elsewhere,Asia’sbanksandfintechsarerecastinghow

billionsofconsumersengagewithdigitalfinance,includingsurroundingreal-timepaymentofferings.

SingaporeandThailand,forexample,bothlaunchedQR

code-basedreal-timeretailpaymentsystems,PayNowandPromptPay.Malaysia,Indonesia,andThailandnowhave

connectednetworks.Andin2022,Malaysia,Singapore,Indonesia,Thailand,andthePhilippinessignedadealtointegratetheirQRcodepaymentsystems.AccordingtoACIWorldwide,growingcross-borderQR-codepaymentlinkagesformingbetweenMalaysiaandIndonesia,

SingaporeandThailanddriverapidRTPgrowth.24

Indialauncheditsownreal-timepaymentsplatform,

UnifiedPaymentsInterface(UPI),in2016andjustrecentlyeclipsed10billionprocessedtransactions.25UPIallows

instantpeer-to-peerandperson-to-merchantpaymentsviamobiledevicesandisexpandinginternationally

throughpartnershipsinseveralcountriesincluding

SingaporeandtheUAE.

UPIisexpectedtosupporttheUS

dollar

tofurtherenhancethemobilepaymentssystem.

India’sdigitalpaymentsvolumegrewtenfoldoverthepastfiveyearsandisprojectedtogrowatroughly35%annuallyoverthenextfiveyears.26

PaymentsrevenuesacrossIndiahaverisenbyanaverageof12%overthepastfiveyears,reaching$64billionin2022whentheygrewby38%.IndiahaspulledevenwithJapanasthefourthlargestpayments-revenue-generating

country—behindonlyChina,theUnitedStates,andBrazil.27

Between2021-22,Indiareceived$89billioninforeign

remittances—thehighesteverinayearbyanynation.Thatnumberisprojectedtoriseto$100billionin2024.LeadersacrossIndiasuggestthattheUPI-PayNowlinkage(and

otherstocome)willgrowinutilityandwillcontributeinfacilitatingtrade.28

Evencountriesthathavetraditionallyremainedbehind

theinnovationcurvearereassessingpaymentsprogress.CashstandsoutasthedominantmediumofexchangeinJapan,however,bankingauthoritiesrecentlyannounceda“CashlessVision”toincreasedigitaltransactionsto40%,by2027.29Whilethecountrylagsbehindregional,

digital-firstpeers(and