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Report Link: Top trends in payments 2023 | Research & insight | Capgemini
Size of Report: 34 pages
Cap Gemini typically release their annual view early in the year. This was their view for 2023, most of which will continue into 2024 with accelerating pace. Cap Gemini always do a great job prioritising the predicted business impact and adoption rate with their trends.
Financial Institutions will continue to seek to implement initiatives to modernise payment hubs, and ecosystem partnerships are generating enthusiasm for composable architectures to support personalisation, content delivery and on-demand integration of à la carte components into tech stacks. For example, banks and fintechs are working to comply with ISO20022, a data rich standard for exchanging payment information, with card tokenisation on track to be a robust data-security safeguard.
Cap Gemini have 10 payments themes, split across five broad categories that they also rank in a useful priority matrix (page 5).
| Category | Theme | Priority |
|---|---|---|
| Creating and enabling new values | Global adoption of ISO20022 opens doors to data monetization | Significant Impact, Significant Adoption, |
| Changes in industry dynamics | An end-to-end ecosystem approach simplifies payment hub modernisation | Significant Impact, Significant Adoption, |
| Business Resilience | Paytech innovation & ecosystem partnerships focus on revamping SMB payments | Significant Impact, High Adoption, |
| Customer Centricity | Embedded Finance providers leverage customer data & actionable insights | Significant Impact, High Adoption, |
| Changes in industry dynamics | Real-time cross border rails boosted at regional level | High Business ImpactHigh Adoption, |
| Changes in industry dynamics | Composable architecture creates competitive advantage efficiencies | High Business ImpactHigh Adoption, |
| Customer Centricity | BNPL picks up momentum | High Business ImpactHigh Adoption, |
| New Horizons | Ecofriendly cards, digital payments etc all boost sustainability | Medium ImpactSignificant Adoption, |
| New Horizons | Tokenisation – a multipronged approach for scalable, secure card payment infrastructure | Medium ImpactHigh Adoption, |
| Creating and enabling new values | Central banks gear up to pilot and implement CBDCs | Medium ImpactMedium Adoption, |
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