Interswitch Group has
formally unveiled the 2024 Global Payments Innovation Jury Report, in
partnership with The World
Bank, and other notable international payment players, namely HPS and Fime.
The report titled: “Market
meltdown – impacts on infrastructure, regulation and innovation” is
the 11th in the series spanning 16 years since the inception of
the initiative and is sequel to the last edition published in 2022 to coincide
with Interswitch’s 20th anniversary.
It reveals incisive insights from senior decision makers across the global
payments industry and outlines global payment leaders’ views on how tumultuous
macroeconomic changes over the past two years have affected their sector – for
better and worse.
With
research undertaken in collaboration with World Bank and supported by Interswitch,
FIME and HPS, the 2024 Payments Innovation Jury is the most diverse in its
16-year history. 136 Jurors from all over the world participated in the
research, all in senior roles at national payments companies, banks, fintechs,
payments policy bodies, central banks and investors. This year, the number of
central bank & regulators and investors each increased by 25%, enabling an
even more representative picture of the challenges and opportunities ahead. The
Jury was also delighted to welcome several Jury members from South and Central
America for the first time, making the insights gathered truly global.
John
Chaplin, Founder and Chairman of the Payments Innovation Jury, and a Senior
Advisor to Interswitch comments: “Looking back on the last two years of market
turmoil, it feels like this unique insight from industry leaders has never been
more needed. Our Jurors’ deep understanding of the causes and effects of
macroeconomic changes and their impact on the long-term direction of the
payments industry helps all of us understand how we can best move forward and
continue to weather the storm
“I
am immensely grateful to each of the 136 members of the Jury for thinking
through such complex issues and sharing their views, as well as to the World
Bank, Interswitch, FIME and HPS. Their participation and support make the
publication of these insights possible, and this report is very much their
report.”
According
to Mitchell Elegbe, Founder and Group Chief Executive Officer at
Interswitch: “It is gratifying
to see the Global Payments Innovation Jury home in on such a topical and
contextually relevant theme for this current research effort, and we are
pleased at Interswitch to be collaborating as a sponsor and contributor once
again.
We are grateful for the valuable views and insights
of experts and leaders representing the jury who are actively shaping the
outlook of global payments industry, as well as the commitment and tireless
effort of the publication team in ensuring the continuity of this significant
initiative which sets the tone for what is to come in the global payments
industry.”
The
report offers insight into many aspects of the payments industry that were
impacted by the recent period of market turmoil.
By: Nana Appiah Acquaye