- The Capgemini Research Institute's World Payments Report 2025 predicts that instant payments will constitute 22% of global non-cash transactions by 2028.
- Non-cash transactions are expected to reach 2,838 billion by 2028, with Asia-Pacific leading in adoption.
- A2A payments are emerging as a faster and cheaper alternative to traditional card payments, potentially reducing card transaction growth by 15-25%.
- Despite two-thirds of payment executives recognizing the importance of instant payments, only 5% of banks are well-prepared for instant payment adoption.
The Capgemini Research Institute has released its World Payments Report 2025. The report highlights a payments industry on the verge of transformation with the rise of account-to-account and instant payments. Marking its 20th edition, the report forecasts that instant payments will make up 22% of global non-cash transactions by 2028.
Since the report's debut in 2004, the payments landscape has seen major changes. Digital tools like wallets, peer-to-peer (P2P) transfers, and contactless payments have surged in use. Regulations have also been key in fostering innovation and protecting consumers, making the payment system more connected, efficient, and secure.
Non-cash transactions boom; APAC leading adoption
Non-cash transactions hit 1,411 billion in 2023 and are projected to climb to 1,650 billion in 2024. As more customers opt for seamless payment methods, this upward trend is set to continue, with non-cash payments expected to reach 2,838 billion by 2028.
The Asia-Pacific region leads the way, growing 20% year-on-year in 2024, outpacing Europe (16%) and North America (6%). Globally, 77% of industry leaders point to e-commerce growth as the key factor driving this shift towards cashless payments.
A2A payments are a challenge for traditional card schemes
Instant Account-to-Account (A2A) payment systems are gaining traction as a faster, cheaper alternative to traditional card payments. A recent report warns that this trend could cut into the growth of card transactions by 15-25%. With banks heavily relying on fees and interest from card usage, this shift could cost the industry billions.
The launch of the European Payments Initiative’s Wero wallet is expected to speed up A2A adoption, with card transactions in Europe projected to drop by 37% by 2027.
“The continued surge in non-cash transactions is a watershed moment for banks and payment service providers. The data indicates an inevitable shift to a future of payments that is instant and open,” said Jeroen Hölscher, Global Head of Payment Services at Capgemini.
“The progress seen with Pix in Brazil and UPI in India has laid out a clear marker that success hinges on private-public sector collaboration. While some financial institutions may upgrade their existing payment hub or tap into shared bank infrastructure, the fact remains that consumers are demanding instantaneity, and corporates are hungry and willing to pay a premium for innovative solutions that solve real business problems. The time is now to put those foundations in place.”
Financial institutions unprepared for instant payments movement
Two-thirds of payment executives see instant payments as key to boosting non-cash transactions, but banks are slow to adopt due to fraud concerns. Many banks lack strong security and face liquidity risks, leading most to only receive, not send, instant payments. Currently, just 25% of banks can receive instant payments, and 53% can both send and receive them.
Capgemini’s report highlights that only 5% of banks are well-prepared for instant payment adoption. Just 13% of European banks have a solid tech foundation, which is critical as the EU's Instant Payment Regulation deadline looms in October 2025, requiring full send/receive functionality.
For corporate treasury teams in industries like insurance, retail, and automotive, outdated manual processes in accounts payable and receivable are holding back cash flow. More than 80% still rely on paper-based systems, tying up nearly 7% of their revenue in the value chain. Instant payments and open finance could unlock real-time cash visibility and free up billions for business growth.
Open finance in early stages of adoption globally
Since the 2018 Payment Service Directive (PSD2) in Europe, open banking has sparked the rise of open finance, empowering consumers and businesses with instant payments. However, progress is slow due to varying regulatory frameworks and market challenges. Countries like Australia, Brazil, India, and Singapore are leading efforts to make data sharing easier in open financial systems.
The World Payments Report highlights hurdles for financial institutions, including non-standardized APIs, limited data control, and lack of incentives for data sharing. Only 17% of banks have piloted or launched open finance products, while 39% are still planning. Another 23% are holding back, waiting for clearer regulations.
Edited by Harshajit Sarmah
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