1、The future of paymentsCharting the pace of global payments modernisationWinter 2024|2ForewordWelcome to the second annual KPMG Payments Modernisation Report.A year ago,we published our landmark report,exploring the scale of payments modernisation taking place in Financial Institutions in the UK.We l

2、ooked at the sheer volume of modernisation,the investment capital,the key drivers and benefits,and the challenges as Financial Institutions responded to demand for more efficient,much faster and less costly payments,all delivered with resilience andsecurity.This year,weve expand the scope of our res

3、earch both to look beyond the UK and to understand the challenges of the retail sector,also charged with adapting to changing customer expectations on payments.Over the spring and summer months,we surveyed 1,500 Financial Institutions and Retailers worldwide.We augmented that quantitative survey wit

4、h a series of qualitative interviews conducted with our own regional subject matter experts,who are on the ground and understand the context of themarket.The result is this publication the KPMG Payments Modernisation Report.It sets out the opportunities that leaders in both financial services and re

5、tail now see in payments,the challenges they need to overcome as they seek to realise those opportunities,and the extent to which they have completed their transformationjourneys.I hope you enjoy this years report and find the statistics and insights helpful in determining your own payments modernis

6、ation journey.Peter HarmstonPartner,Head of Payments Consulting KPMG in the UK 2024 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All