According to a McKinsey on global payments, the pandemic had a negative impact. Payments across the globe contracted, the report indicated. Global payment revenues totaled US$1.9 trillion in 2020, a 5% decline from 2019 compared to the 7% growth rate a year between 2014 and 2019, the report states.
The overall 5% in payment revenues comprises of a 6% decline in Asia-Pacific, 8% in Europe, the Middle East and Africa (EMA), and a 3% to 5% contraction in North America. Breaking this up, the decline in EMEA was driven by falling net interest margins (NII), while in North America, the decline was led by contracting credit card balances.
