IDC FutureScape: Worldwide Payment Strategies 2023 Predictions

IDC FutureScape Figure

• Figure: IDC FutureScape: Worldwide Payment Strategies 2023 Top 10 Predictions

Executive Summary

IDC FutureScape Predictions

• Summary of External Drivers

• Predictions: Impact on Technology Buyers

• Prediction 1: Driven by Increasing Technical Complexity and Growing Numbers of Payment Rails, 50% of Global Banks Will Adopt Payments as a Service for Some or All Payment Processing Workloads by 2028

• Associated Drivers

• IT Impact

• Guidance

• Prediction 2: By 2027, Corporations Will Reduce Overall B2B Payment Costs by 5% Through the Integration of Real-Time Networks

• Associated Drivers

• IT Impact

• Guidance

• Prediction 3: Fueled by Mobile Buy Now, Pay Later Applications and Mobile Wallets, BNPL and Similar Installment Payment Methods Will Capture 7% of Online Purchase Transactions by 2026

• Associated Drivers

• IT Impact

• Guidance

• Prediction 4: By 2028, 10% of Attempted Identity Fraud Will Be Reduced Because of More Sophisticated AI/ML and Deep Learning Algorithms

• Associated Drivers

• IT Impact

• Guidance

• Prediction 5: By 2024, 30% of Corporate Banks Will Offer Reconciliation as a Service, Built Upon Request to Pay, e-Invoicing, and Real-Time Payments, Leading to New Revenue Streams in Payments Reconciliation

• Associated Drivers

• IT Impact

• Guidance

• Prediction 6: As Payment Choice Increases in Importance for Consumers, by 2024, 70% of Retailers Will Add at Least Two New Payment Options, Such as QR Code, Contactless, or Alternative Payment Methods

• Associated Drivers

• IT Impact

• Guidance

• Prediction 7: By 2026, Worldwide B2B BNPL Will Reach $500 Billion, with Fintechs and BNPL Platforms Competing with Legacy Financial Institutions to Provide SMBs with Working Capital Loans

• Associated Drivers

• IT Impact

• Guidance

• Prediction 8: Leveraging Advanced Credit Issuer Processing Platforms, Nonbank-Branded Card and Cardlike Accounts Will Capture 3% Market Share by 2025

• Associated Drivers

• IT Impact

• Guidance

• Prediction 9: By 2026, 15% of Cross-Border Payments Will Use Blockchain-Driven Messaging and Settlement

• Associated Drivers

• IT Impact

• Guidance

• Prediction 10: By 2026, 50% of Tier 1 Banks Will Operationalize Their Strategy to Address DeFi and Crypto-Related Demand

• Associated Drivers

• IT Impact

• Guidance

Advice for Technology Buyers

External Drivers: Detail

• Cybersecurity and Risk — Scaling and Evolving Threat Environment

• Global Supply Shock — Refocusing on Multisource and Resilience

• Digital Business — Stepping Stone to the Future Enterprise

• Meaningful Intelligence — Differentiated Decision Power

• Ecosystem-Based Innovation — Driving Enterprise Value

• Embracing the Metaverse — New Levels of Immersion

• Everything as a Service — Thriving Through the Change

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• Related Research