1、FINANCIAL INSTITUTIONSGLOBAL PAYMENTS REPORT 2025The Future Is(Anything but)Stable September 202503 Overview05 Outlook 2025A Market in Flux09 Digital Currencies Are Entering the Mainstream14 Agentic AI Will Rewrite the Rules 18 Cost Excellence Is a Growth Lever21 Merchant Services Need a Platform Pl

2、aybook24 Real-Time A2A Networks Are Powering Global Growth 29 Risk and Compliance Has a New Mandate 32 Conclusion33 For Further Reading34 About the AuthorsContentsBOSTON CONSULTING GROUPTHE FUTURE IS(ANYTHING BUT)STABLE 3The payments industry is undergoing major reshaping on multiple fronts.Innovati

3、ons that once stood at the peripheryinstant payments,digital currencies,generative AI,and agentic AIare scaling fast.Software platforms command an ever-growing share of payments revenues,raising the bar on product capabilities,speed,and integration.Investors are pushing for sharper margin discipline

4、.Regulators are expanding their focus on payments and transaction banking,even as geopolitical volatility and sanctions oversight create new layers of risk.BCGs 23rd annual Global Payments Report examines how these forces are redefining growth and profitability across the value chain.Our market outl

5、ook provides a detailed forecast of transaction volumes and revenue pools by region and segment.We also explore how players can respond to the major industry shifts now underway.These include the march of digital currencies toward mainstream use,the transformative potential of agentic AI,the growing

6、 need for cost excellence,the increasing platformization of merchant services,the rise of account-to-account systems and their impact on cross-border flows,and resilient frameworks for risk and compliance.These developments are not defensive moves,but strategic imperatives.Although the operating env