Who wants US$500B more in payments revenue?
The 2019 Accenture Global Payments Pulse Survey polled 240 retail and corporate payments executives from the largest banks across 23 markets to gain their perspectives on priorities for banks in an instant, invisible and free (IIF) payments world.
A mix of powerful market drivers—from customers’ and merchants’ rising expectations for speed and convenience to new providers now taking market share—is creating a new world in which all payments are IIF. With some six percent annual growth occurring in global payments revenue, there is by our estimation, some US$500 billion in incremental payments revenue up for grabs.
Yet, capturing this growth opportunity will not be easy. Our survey gauged timings for payments becoming IIF and identified tactics and tools banks plan to use to add value and raise their game as IIF payments happen. Combining the survey findings with our experience, we see two key ways banks can extract more payments value and win:
The surveyed executives prioritized ways to adapt to an IIF payments world.
Embrace innovation in payments
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