Global non-cash payments volumes continued to grow in 2014 and are expected to reach a record high of 389.7 billion transactions in 2015, up 8.9 per cent on the previous year. That’s according to the RBS/Capgemini World Payments Report (WPR) which flags up robust growth of non-cash transactions volumes in Emerging Asia and widespread adoption of mobile technology for payments in mature markets.

Despite the rise of other competitive payment providers along with new and alternative payment methods including digital wallets and mobile apps, banks are still in a strong position to develop innovations that improve the customer experience. They are better positioned than their alternative provider rivals to provide holistic solutions across all instruments and channels which make them more efficient as a single provider of payment services. As banks continue to enhance their holistic solution offerings, Immediate Payment systems can act as an enabler for them to develop new value-add propositions and drive business growth.

Another development re-shaping the payments market is Blockchain technology. Three key features here are transparency, decentralisation and key signing permission. This mix has the potential to improve the efficiency of financial transactions and transform the global financial network. This technology could accelerate the velocity of money and provide an alternative for legacy banking systems in the future. “New technology is accelerating change in the payments industry, offering holistic solutions as customers move from physical to digital payments as evidenced by the adoption of contactless in the UK with 53 million transactions in March 2015. As a trusted partner, we’re at the heart of client transactions, facilitating the transition to digital payments,” says Marion King, director of payments, RBS. “As the digital economy transforms innovation in technology, it in turn gives customers greater choice and convenience in how they pay and conduct business.”

Read the full report at: www.worldpaymentsreport.com

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