BANKING
accompanying risks . Partnering with experts in financial security , identity and data protection provides access to sophisticated capabilities needed to safely transform digitally .
Banks can reinvent processes with a dual focus on experience and resilience . As consumers demand digital capabilities , institutions that embrace innovation thoughtfully can build trust and loyalty despite cyber threats .
While digital innovations provide attractive improvements , robust security is critical for maintaining customer trust and protecting the bottom line .
Elias Ghanem The adoption of mobile payments will continue to grow in 2024 . Key drivers include the rise of mobile wallets , contactless payments , the increasing prominence of account-to-account ( A2A ) transactions and tokenisation .
For mobile wallets , it is estimated they will grow at a rate of 15 % from 2023 to 2024 , signalling compared to growth of 12 % during the previous year .
Furthermore , looking ahead to 2026 , it is estimated that more than 60 % of the global population will be using digital wallets . This projection underscores the continued momentum and increasing ubiquity of mobile payment methods .
Contactless payment has also been on the rise and is expected to grow at a rate of 7 % from 2023 to 2024 . Amid heightened public health concerns during the global pandemic , contactless payments gained ground as a safer alternative .
A2A payments surpassed $ 525bn in transaction value in 2022 . They serve as a driver for widespread adoption of mobile payments by offering a seamless and direct transfer of funds between bank accounts , bypassing traditional payment networks and providing a faster and more costeffective way to make transactions .
Tokenisation will be another driver for wider adoption since it allows consumers the convenience of swift transactions without the need for physical cash or cards . Tokenised cards are fast growing in volume . It also provides enhanced security , replacing sensitive information with a surrogate value , ensuring a safe and seamless payment experience .
78 December 2023