Capgemini report: instant payments to hit 22% by 2028

The Capgemini Research Institute has published its World Payments Report 2025, highlighting significant trends and projections in the global payments industry. Marking two decades since its inaugural release in 2004, the report forecasts that instant payments will constitute 22% of all non-cash transaction volumes by 2028.

The payments sector has experienced substantial transformation over the last twenty years, driven by digital technologies such as digital wallets, peer-to-peer (P2P) payments, and contactless payment methods. These technologies have created a more connected, efficient, and secure payment ecosystem. Additionally, regulatory advancements have played a vital role in fostering innovation and enhancing consumer protection.

The report details the global rise in non-cash transactions, which reached 1,411 billion in 2023 and is projected to increase to 1,650 billion in 2024. By 2028, non-cash transactions are expected to surge further to 2,838 billion. This growth is attributed to consumers' preference for seamless payment experiences.

Asia-Pacific (APAC), in particular, is noted for its rapid adoption of non-cash transactions, showcasing a 20% year-on-year (YoY) increase in 2024. In comparison, Europe and North America reported 16% and 6% increases, respectively. Highlighting the influence of e-commerce, the report found that 77% of industry executives view e-commerce growth as the primary factor accelerating the shift toward non-cash transactions.

Expanding on open banking, Nigel Dobson, Banking Services Portfolio Lead at ANZ Bank, commented on the evolution within the sector. "While data security remains paramount, the past five years have seen open banking evolve towards its potential. Consumers are rightfully cautious, and regulators are prioritising consumer protection due to increased fraud and scam concerns. This focus has created a tension between empowering users with control over their financial data ('my data and its governance') and unlocking its value through innovative service ('my data and its utility'). Open finance must bridge this gap, striking a balance between both aspects," Dobson stated.

Jeff Byrne, Managing Director of Global Transaction Services at Westpac Institutional Bank, addressed the need for technological advancements in the banking sector to support instant payments. "Legacy technology bottlenecks real-time payments for many banks. Banks need to future-proof their business with a real-time and cloud-based core banking system and payment processor. This transformation will unlock exceptional speed, streamline innovation, and deliver seamless, 24/7 service for customers. With this agility, banks are poised to capitalise on the revenue potential of instant payments, particularly for corporate clients," Byrne said.

As the payments landscape evolves, the report underscores the importance of leveraging technological innovation and regulatory frameworks to meet the increasing demand for efficient and secure non-cash transactions. The findings suggest that as regions like APAC lead in adoption, other markets may follow suit, potentially transforming global payment methods in the coming years.