The 2023 McKinsey Global Payments Report reveals the changes taking place in the payment industry with the rise of instant payments and digital wallets paving the way to a new era of monetary transactions
Payments revenue has seen a double digit growth globally, for the second year in a row, as per the latest McKinsey Global Payments Report, titled ‘On the cusp of the next payments era: Future opportunities for banks’. Payments revenue refers to the income or earnings generated by businesses and financial institutions from various transactions involving the transfer of funds, such as payments for goods and services, money transfers, processing fees, and related financial services. It also includes the fees, commissions, and charges collected for facilitating and processing these payment transactions. Payments revenue can come from sources like credit card transactions, online payments, mobile wallets, wire transfers, and other forms of financial transactions where a fee or a percentage of the transaction value is collected as revenue by the payment service providers or financial institutions involved in the process.