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Act Now or Pay Later: Strategic Shifts, Technological Innovation Will Be Key for Growth in Maturing Payments Industry

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BOSTON, Oct. 14, 2024 /PRNewswire/ — Boston Consulting Group (BCG) today released its 22nd annual Global Payments Report highlighting the urgent need for decisive action to ensure profitable and sustainable long-term growth in the payments industry. The report, titled Fortune Favors the Bold, emphasizes the strategic imperative for payments companies to navigate mounting challenges from evolving customer expectations, regulatory scrutiny, investor priorities, and technological disruptions.

The payments industry, once the poster child for a rapid growth sector, is now under pressure as investor expectations shift toward profitability and differentiated business models. With growth rates slowing sharply across North America and Europe, firms wanting to remain competitive in the payments space need to reshape their strategies, modernize their technology, and embrace generative AI (GenAI).

“The payments industry is entering a new phase and the days of easy secular growth are behind us. Firms will need to embrace bold capital allocation and portfolio strategies to deliver industry-leading shareholder returns,” said Inderpreet Batra, Managing Director and Senior Partner at BCG and coauthor of the report. “They must leverage new technologies like GenAI, modernize their tech, and enhance their risk and compliance frameworks.”

Key findings from the report include:

Growth is slowing across regions: Global payments revenue growth is projected to halve, rising at a 5% compound annual growth rate (CAGR) through 2028 to create a revenue pool worth $2.3 trillion. This is significantly lower than the 9% CAGR from the previous five years, which drove the global revenue pool to $1.8 trillion in 2023. North America and Europe will see the most dramatic declines in growth, with projected annual revenue increases of just about 3%. Asia-Pacific remains a growth driver with 6% growth per year, fueled by increasing digital payments adoption and the rise of middle-class consumers. Latin America and the Middle East and Africa are expected to see higher annual growth rates at 9% and 7% respectively, driven by accelerating digital payments in emerging markets.

Shift from cash to digital is nearing its peak: In established markets like the US, UK, and Nordic countries, the transition to digital payments is almost complete, with less than 10% of consumer transactions by value still made in cash. Even traditionally cash-reliant markets such as Germany have seen a sharp decline, with the value of cash transactions in store dropping from 50% in 2010 to approximately 25% in 2023. The digital payments market is reaching maturity, slowing the opportunity for further rapid growth in non-cash transaction volumes.

Shareholder value creation requires a strategic shift: Historically, revenue growth was the primary driver of shareholder return in the payments sector. Between 2016 and 2021, revenue growth contributed to over 55% of total shareholder returns (TSR). However, from 2021 to mid-2024, this dynamic shifted, with revenue growth, profit growth, and multiple expansion playing an equal role in driving TSR. During this period, buybacks, dividends, and other capital return strategies gained significance, and now account for about 36% of TSR. Investor profiles have evolved as well: 33% of the payments industry’s investor base is now value-focused (up from 26% in 2021) and expectations for tangible value in dividends, buybacks, and capital returns have sharpened.

Instant payments and digital currencies are reshaping the payments landscape: Real-time payments systems are revolutionizing how transactions are processed and making it essential for payments players to anticipate higher adoption by shaping relevant solutions and preparing their back office to be operationally ready. The rise of central bank digital currencies (CBDCs) is poised to further disrupt the industry, with programmable payments offering new use cases and additional efficiency in financial transactions. Adoption of these technologies could significantly reshape traditional payments and the overall payments ecosystem.

GenAI will reshape the payments landscape, and companies must act now: Generative AI is expected to revolutionize the payments industry. Early movers are already using it to boost customer service, improve operational efficiency, and enhance fraud detection. Companies that hesitate risk falling behind as GenAI will soon become a competitive necessity. Payments players must invest immediately in AI capabilities to improve the customer experience, streamline their operations, and create personalized experiences at scale before the window of opportunity closes.

Technology modernization is critical to staying competitive: The payments leaders of the future will need a rationalized, cloud-based, modular technology architecture to remain resilient and cost-efficient. By transitioning to scalable systems in a modernizing market infrastructure, companies can reduce tech debt, cut operating costs, and bring products to market more quickly. Leading firms are already leveraging modern cores to streamline operations and maintain competitive advantages through continuous innovation.

“As the payments sector reaches a critical turning point, those who act decisively now will emerge as the clear leaders,” said Markus Ampenberger, Managing Director and Partner at BCG. “The companies that embrace bold product innovation and technology modernization today will not only shape the future of the industry but also deliver lasting value to both their customers and shareholders.”

Download the publication here.

Media Contact:
Eric Gregoire:
+1 617 850 3783
gregoire.eric@bcg.com 

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

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SOURCE Boston Consulting Group (BCG)

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Redefining Charging: Anker Innovations Showcases Smart and Sustainable Solutions at CES and Unveils New Lineup in Taiwan

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January 13, 2025

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BELLEVUE, Wash., Jan. 13, 2025 /PRNewswire/ — Anker Innovations, a global leader in mobile charging and consumer electronics, today unveiled its latest groundbreaking charging innovations at the Consumer Electronics Show (CES), held January 7-10 in Las Vegas. Among the featured products from Anker mobile charging and Anker SOLIX are the 25,000mAh Anker Power Bank, Anker 140W Charger, EverForest 2 Electric Cooler and Solar Umbrella, redefining fast-charging standards for users worldwide.

The products mentioned above will soon be available in Southeast Asia as well. “As the world’s No.1 mobile charging brand, we are grateful for the support of Southeast Asian consumers,” said Leon Wu, Head of Anker Innovations Southeast Asia. “Our mission is to ignite possibilities through ultimate innovation, and we are committed to providing products that exceed consumer expectations in Southeast Asia.”

Anker Innovations, a global leader in fast-charging technologies, develops products for home, office, and on-the-go charging. By integrating Gallium Nitride (GaN) technology and proprietary features, Anker delivers a safer, faster, and more sustainable charging experience. The Anker Prime Charging Docking Station (14-in-1, 160W) won the CES 2025 Innovation Award in the Computer Peripherals & Accessories category.

Leading the Future of Charging Technology

Anker’s new line of high-speed USB-C chargers are available exclusively on apple.com and at select Apple Store in Taiwan, designed to meet a variety of charging needs and can efficiently charge Apple Watches, AirPods,iPhones, iPads, MacBooks, and more, making them the perfect companion for Apple devices.

As a global pioneer in charging technologies, Anker continues to push the boundaries of what’s possible. Featuring cutting-edge GaN technology, these latest products deliver faster speeds, reduced heat generation, and more compact designs compared to traditional silicon-based chargers.

More importantly, these innovations are designed with user insights in mind, transforming charging devices from cold hardware into interactive and connected ecosystems, solidifying Anker’s status as a leader in next-generation charging technology.

Anker has recently launched its new series in Taiwan, including the Anker MagGo Power Bank (10K, Slim), Anker Prime Power Bank (9.6K, 65W, Fusion), and Anker MagGo Power Bank (10K, 35W, For Apple Watch). Enjoy a NT$100 discount on new products with pre-orders from January 10 to February 9 on the official website.These new products are designed to provide Taiwanese consumers with an enhanced experience and greater benefits, offering superior convenience, performance, and functionality.

Anker MagGo Power Bank (10K, Slim)

Anker’s slimmest Magnetic power bank yet, the MagGo Power Bank (10K, Slim), measures just 0.58 × 2.78 × 4.09 inches, offering maximum portability. Featuring ultra-fast 15W Qi2-certified wireless charging, it can charge an iPhone 16 Pro from 0 to 50% in just 51 minutes. Additionally, its 30W USB-C port ensures broad device compatibility, showcasing Anker’s innovation in mobile charging.

The power bank combines a sleek matte UV finish with a sturdy metal frame, offering both durability and an ergonomic design. Aerogel thermal insulation keeps it cool to the touch, and its 10,000mAh capacity provides 1.7 times full charge for an iPhone 16 Pro, making it ideal for daily use and travel.

Anker MagGo Power Bank (10K, Slim) suggested retail price: NT$1,990.

Anker Prime Power Bank (9.6K, 65W, Fusion)

Anker continues to push the boundaries of innovation with the Anker Prime Power Bank (9.6K, 65W, Fusion), delivering powerful 65W high-speed charging. Even in power bank mode, the single Type-C port can fast charge a laptop at 65W. With its dual-function design, it serves both as a compact 9,600mAh power bank and a wall charger, offering unmatched flexibility for users on the go.

Despite its small size, weighing just 10.76 oz, the Anker Prime Power Bank packs monumental power, easily fitting into any pocket or bag. The 1.3-inch smart LCD display provides real-time updates on battery levels and power output, ensuring users stay fully informed during charging. This combination of portability, power, and smart functionality underscores Anker’s commitment to innovation in charging technology.

Anker Prime Power Bank (9.6K, 65W, Fusion) suggested retail price: NT$3,290.

Anker MagGo Power Bank (10K, 35W, For Apple Watch)

The MagGo Power Bank (10K, 35W, For Apple Watch) is designed to provide all-around charging for Apple devices with its 10,000mAh capacity. It features an adjustable, Apple-certified Apple Watch charger and a built-in USB-C cable, ensuring fast, on-the-go power. The power bank can charge an Apple Watch Series 10 from 0 to 30% in just 20 minutes, while its 30W USB-C port supports simultaneous charging of other devices, even more impressive, the input power is up to 30W, and the power bank supports simultaneous charging and recharging.

Compact and travel-friendly, the MagGo Magnetic Power Bank measures just 3.7 × 2.0 × 1.3 inches, making it as small as a standard mouse and fully flight-approved for easy portability. With the capacity to deliver 1.8 times full charges for an iPhone 16 Pro and 4 times full charges for an Apple Watch Series 10, this power bank showcases Anker’s commitment to combining innovation with convenience for Apple users.

Anker MagGo Power Bank (10K, 35W, For Apple Watch) suggested retail price: NT$2,490.

About Anker

Anker is the world’s #1 mobile charging brand and a developer of high-speed charging technologies for the home, car, and on the go. This includes wall plugs, wireless chargers, car chargers, power banks, cables, and more. Find out more about Anker at anker.com.

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SOURCE Anker Innovations

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Ishan Technologies Wins Frost & Sullivan’s 2024 Emerging Company of the Year Award in Network Services

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January 13, 2025

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AHMEDABAD, India, Jan. 13, 2025 /PRNewswire/ — Ishan Technologies, a leading ICT company specializing in system integration, network services, data center, cloud solutions, and cybersecurity, has been honored with the 2024 India Network Services Emerging Company of the Year Award by Frost & Sullivan. This prestigious recognition highlights Ishan Technologies’ exceptional performance and contribution to the network services industry over the past year.

Ishan Technologies has consistently demonstrated excellence through innovative solutions, customer-focused services, and a strong commitment to delivering value to its clients. By enabling businesses to thrive with reliable network services, the company has solidified its position as a key player in the Indian ICT sector.

On receiving the award, Mr. Pinkesh Kotecha, Chairman and Managing Director of Ishan Technologies, said, “We are truly honored to receive the 2024 India Network Services Emerging Company of the Year Award from Frost & Sullivan. At Ishan Technologies, we strive to stay ahead of the curve, continuously evolving to meet the dynamic needs of the ICT landscape. This award motivates us to further our commitment to innovation, sustainability, and exceptional customer experiences. We extend our heartfelt gratitude to Frost & Sullivan for acknowledging our efforts and to our employees, customers, and stakeholders for their unwavering support.”

The Frost & Sullivan Best Practices Awards recognize industry leaders who set benchmarks through their unique strategies and impactful contributions. Recipients are identified through comprehensive research and evaluation based on criteria such as market disruption, competitive differentiation, leadership, customer experience, and brand equity.

“Ishan Technologies has expanded its operations across 100+ locations in India, addressing the critical network and cloud connectivity challenges faced in industry. By partnering with Google Cloud for secure service access and Versa Networks for AI/ML-powered SASE solutions, they ensure the availability of 99.99% and provide enhanced network performance. These collaborations focus on secure, high-speed broadband, network connectivity, and cloud services, driving business growth, security, and digital transformation across India,” said Sapan Agarwal, Global Senior Vice President, Frost & Sullivan.

About Ishan Technologies

Ishan Technologies is a leading ICT provider with a pan-India presence, specializing in communication, network, cloud, and cybersecurity solutions. With over 20 years of experience, it is known for its expertise in system integration, data center services, and ISP capabilities, providing cutting-edge solutions that empower businesses to thrive in the digital age. With over two decades of experience and a commitment to innovation, Ishan continues to drive digital transformation for its clients across India.

For more information about Ishan Technologies, please visit our website www.ishantechnologies.com.

 

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Huawei Unveils a New Era of Foldable Excellence at ‘Unfold the Classic’ Launch in Dubai

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January 13, 2025

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DUBAI, UAE, Jan. 13, 2025 /PRNewswire/ — Huawei Consumer Business Group unveiled several highly anticipated products that ushers in a new era of flagship foldable excellence, as part of the “Unfold the Classic” HUAWEI Flagship Product Launch held in Dubai on December 12.

 

Amongst the brand new innovations include the HUAWEI Mate X6, HUAWEI nova 13 series, HUAWEI FreeBuds Pro 4, HUAWEI FreeClip Rose Gold and HUAWEI MatePad 11.5. This comprehensive suite of products represents a new era of flagship innovation, showcasing Huawei’s commitment to continuous advancement and elevating consumer engagement.

HUAWEI Mate X6: Makes a Stunning Global Debut

Headlining the HUAWEI Flagship Product Launch event is the next generation of their Mate series foldables, the HUAWEI Mate X6. An all-rounded and advanced smartphone that brings significant upgrades to display, camera, durability, user experience, and more.

HUAWEI Mate X6’s Space-Age Orbit around the camera layout gets inspiration from planetary orbits, symbolizing the infinite possibility of the future. The exclusive Nebula Gray edition is named after its nebula texture, smooth to the touch, which is crafted via Micro-Nano 3D Topography using an innovative material called Vegan Fiber. The HUAWEI Mate X6 is also available in Nebula Red and Black.

An innovative distributed architecture delivers a huge leap in HUAWEI Mate X6’s network, cooling, and durability.

The incredible camera system features a new Ultra Chroma Camera with 1.50 million spectral channels, a 50 MP Ultra Aperture Camera that supports a 10-size physical aperture, a 40 MP ultra-wide-angle camera, and a 48 MP telephoto micro camera, enabling breakthrough foldable photography.

HUAWEI Mate X6 introduces Live Multi-task, a new way to multi-task efficiently. With this feature, users can run three applications simultaneously with the screen unfolded in an expanded view.

HUAWEI XMAGE Dubai Gala: A Heartwarming World

Starting from Dubai on 9th May, after stops in Kuala Lumpur, Mexico City, Hong Kong, Shanghai, Shenzhen and Istanbul, A Heartwarming World — HUAWEI XMAGE Dubai Gala is the conclusion of the HUAWEI XMAGE worldwide shows in 2024. It showcased this year’s extraordinary winning works, which inspire consumers to use innovative HUAWEI products to create, to capture, and to challenge.

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SOURCE HUAWEI

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