Global e-payments set to double

The number of global electronic payments (e-payments) is expected to grow from 17.9 billion to 30.3 billion transactions between 2010 and 2013, reports Tech Circle.

This is according to a joint report by Capgemini, the Royal Bank of Scotland (RBS) and Efma.

The report also reveals that the number of mobile payments (m-payments) is expected to grow from 4.6 billion to 15.3 billion transactions in the same period.

Global e-payments and m-payments collectively accounted for an estimated 22.5 billion transactions, valued at EUR886 billion, or around 8% of total non-cash transactions in 2010, states the report.

American Banker says, globally, cards remain the preferred non-cash payment instrument, with global transaction volumes up almost 10%, and a market share of more than 40% in most markets.

M-payments will represent 15% of all card transactions by 2013, and will overcome card volumes within 10 years, if growth continues at the same rate, according to the report.

The researchers say non-bank providers handled 6% of m-payments in 2010 (272 million transactions), and expect non-banks to handle 8% of all m-payments in 2013 (1.2 billion).

The report authors say banks and other payment services providers (PSPs) face a heightened challenge to distinguish their propositions, and may increasingly need to specialise to demonstrate their ongoing value to their customers, according to NFC World.

“Innovation in this area remains vital for banks/PSPs, allowing them to differentiate their propositions and prove their value,” the report states.