Published: November 19, 2021
According to a new report by BCG, the payments sector was only marginally affected by the crisis, with revenues expected to nearly double by 2030.
During the pandemic, the financial services industry sustained a major blow. Amid global financial turmoil, banks saw a drop in profitability and many were forced to make major changes to stay afloat.
However, one segment of the industry fared better than most. A new report by Boston Consulting Group (BCG), released on 11 October, found that the payments sector suffered a minimal impact from Covid-19, and that it has bounced back with renewed momentum.
The report, titled Global Payments 2021: All in for growth, found that payments have weathered the crisis better than expected. At the start of the pandemic, BCG suggested revenue growth could fall by nearly half. In fact, global revenues dipped only marginally between 2019 and 2020, hovering around the US$1.5 trillion mark. That revenue pool is expected to grow to US$2.9 trillion by the end of the decade.