McKinsey: 2023 Global Payments Report – On the cusp of the next payments era: Future opportunities for banks

Report Link: The 2023 McKinsey Global Payments Report | McKinsey

Size of Report: 28 pages

Another report with rich information. Some interesting points being made include a pitch for the transition to Payment’s 4th era – decoupled payments (see exhibit 4, page 15).  Some notable themes come through:

1. Also picks up on the megatrend for embedded finance, as referenced by others.
2. How simplifying/automating Paytech modernisation in operations will reduce cost by 20%-30% and halve the time to innovate.
3. Interesting points made about use of technology & process (especially Gen AI) in the product development process for payments.
4. Messages about the need for next gen fraud & advanced actionable insights.
5. How commercial payments (especially for C2B & SMEs) will be a key driver for future growth.

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