Despite a somewhat uncertain economic backdrop, there’s one area of retail financial services that is truly flourishing, and that’s payments. Transaction volumes are growing at an unprecedented rate, with global non-cash payments expected to top 333 billion transactions in 2012, according to the latest available data from the World Payments Report 2013 published by Capgemini and RBS industry estimates.
Overall what’s clear is that whether in cash or by card, with a mobile phone or online, people are making more and more payments. In emerging markets, the growth in transactions is fuelled by a rise in GDP, demographics and financial inclusion. In mature markets growth is driven by the adoption of new technologies, channels and payment products.
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