What's Happening?
Boston Consulting Group forecasts that global payments revenue will reach $2.4 trillion by 2029, with growth rates expected to decelerate as interest rate tailwinds fade. Transaction-related revenues will drive most expansion, propelled by rising card usage and instant payment adoption. Latin America is expected to lead with double-digit annual transaction-related revenue growth.
Why It's Important?
The predicted growth in global payments revenue reflects the increasing adoption of digital payment methods and the shift towards cashless transactions. The deceleration in growth rates highlights the impact of changing economic conditions, including interest rate fluctuations. The expansion of transaction-related revenues indicates a shift in consumer behavior towards more efficient and convenient payment solutions.
