(MENAFN) Management consultant firm McKinsey & Company's yearly industry report showed that the international payment sector issued its initial contraction in 11 years last year, however it is composed to a fast return to its long-run development route.
The industry’s proceeds dropped 5 percent yearly in 2020 to USD1.9 trillion, while the pandemic-persuaded international economic stoppage affected the market negatively.
McKinsey mentioned in a statement, 2020's damages will be recovered in 2021, carrying proceeds back into the level of 2019's record high.
The firm’s incomes are predicted to reach around USD2.5 trillion by 2025, assisted by the virtualization of clients and commercial transactions, it further said.
McKinsey stated: "The relatively muted 2020 top-line numbers mask some important countervailing effects, however, which are poised to re-set the scale of opportunity for payments players for years to come. The pandemic accelerated ongoing declines in cash usage and adoption of electronic and e-commerce transaction methods."
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