5 Payments Trends to Watch in 2023
From reducing payments failure to increasing fast frictionless payments, these are the payments trends to watch in 2023. Get the infographic.
5 Payments Trends to Watch in 2023 - Get the Infographic
With the first phase of ISO 20022 set to begin in March 2023, the payments industry may well be entering an entirely new era. Did you know that:
- Nearly 60% of corporations rate digital transformation as a key priority1
- Global payment revenue is expected to hit $2.9 trillion by 20302
- Organizations can lose as much as 5% of their customers due to failed or delayed payments3
- The average global straight-through processing rate is as low as 26%, leaving lots of room for improvement4
- Nearly 1/4 of delays or failures are due to issues with bank beneficiary name and address details5
- $12 is the average fee for each rejected or repaired payment6
Discover more stats like these in our new infographic: 5 Payments Trends to Watch in 2023. Download now.
1 https://risk.lexisnexis.com/about-us/press-room/press-release/20220519-capgemini-invent-and-lnrs-explore-evolution-corporate-payments
2 https://risk.lexisnexis.com/about-us/press-room/press-release/20220519-capgemini-invent-and-lnrs-explore-evolution-corporate-payments
3 https://web-assets.bcg.com/58/30/e7773b6a4c29b79b3673ab21ef66/bcg-global-payments-2021-report-all-in-for-growth-oct-2021-r.pdf
4 LexisNexis® Risk Solutions True Impact of Failed Payments
5 ibid
6 ibid
1 https://risk.lexisnexis.com/about-us/press-room/press-release/20220519-capgemini-invent-and-lnrs-explore-evolution-corporate-payments
2 https://risk.lexisnexis.com/about-us/press-room/press-release/20220519-capgemini-invent-and-lnrs-explore-evolution-corporate-payments
3 https://web-assets.bcg.com/58/30/e7773b6a4c29b79b3673ab21ef66/bcg-global-payments-2021-report-all-in-for-growth-oct-2021-r.pdf
4 LexisNexis® Risk Solutions True Impact of Failed Payments
5 ibid
6 ibid
This document is for informational purposes only. LexisNexis Risk Solutions does not warrant that this document is complete or error free. LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc. Other products and services may be trademarks or registered trademarks of their respective companies.
Copyright © 2023 LexisNexis Risk Solutions.
Copyright © 2023 LexisNexis Risk Solutions.
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