The 2025 McKinsey Global Payments Report: Competing systems, contested outcomes (McKinsey & Company)
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About this report
- McKinsey's annual review of the global payments industry, built on its proprietary Global Payments Map of revenues, transactions and value flows.p.
- This edition argues that growth is slowing as interest rates peak, macroeconomic conditions soften and volumes shift toward lower-yield payment methods.p.
- It frames the outlook around three forces: a more fragmented and regional payments system, digital assets used for payments, and artificial intelligence.p.
- It also discusses the continued decline of cash and the place of stablecoins and cross-border flows in a changing system.p.
- Written for payments providers, banks, fintechs, merchants and investors assessing where value will be created in payments.p.
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