The conclusions are based on a recently published research by the Payments Innovation Jury, a non-profit organization that examines the perspectives of influential figures in the payments sector. The perspectives of worldwide payment leaders regarding the impact of turbulent macroeconomic shifts during the last 24 months on their industry are presented in the 2024 global research titled "Market Meltdown - Impacts on Infrastructure, Regulation and Innovation."

The study, which was supported by Interswitch, FIME, HPS, and the World Bank, includes 136 jurors from around the world who all hold top positions at banks, fintechs, investors, payments policy organizations, and national payments corporations.


The jury concluded that start-ups (55%) and scale-ups (38%) and enterprise-scale enterprises (7%), respectively, had been most adversely affected by the sharp declines in valuations and investment rounds.

Companies that create climate fintech and artificial intelligence tools and technology also appear to have the greatest chance of profiting from the shift in investment away from payment companies.


Additionally, the paper argues that although credit and debit cards will always be significant in developed countries, it will get harder to expand their use than it did in the past. Due to intense competition from account-to-account payments and mobile money, cards may find it difficult to strengthen their position in emerging markets where they were unable to duplicate this achievement.

Getting ready to "weather the storm"

In the end, banks will dominate the mobile wallet market globally—not fintechs or mobile network providers.

Payment enterprises in developed markets face a significant challenge when it comes to talent acquisition; nearly 60% of the jurors in emerging markets stated that they are losing an unacceptable number of employees, which puts their innovation programs and sometimes even ongoing operations at risk.

Despite Africa's macroeconomic difficulties, relatively low levels of investment funding, and brain drain, Asia Pacific continued to lead the world in payment innovations, with the Middle East and Africa coming in clear second.


"Looking back on the last two years of market turmoil, it feels like this unique insight from industry leaders has never been more needed," said John Chaplin, creator and chairman of the Payments Innovation Jury. We can all better grasp how to proceed and weather the storm thanks to our jurors' in-depth knowledge of the causes, impacts, and implications of macroeconomic shifts as well as how they affect the long-term trajectory of the payments sector.


"I express my sincere gratitude to all 136 members of the Jury for delving into intricate matters and offering their perspectives, in addition to the World Bank, Interswitch, FIME, and HPS. The release of these insights is made possible by their involvement and support, and this report is very much their report.