Interswitch, World Bank Unveil Global Payment Innovation Report

Interswitch Group has unveiled the 2022 Global Payment innovation Jury report with support from The World Bank and Global Processing Services (GPS).

The report titled: ‘Payment Innovation: Myths and Realities’ comes as part of a series of which reveals some surprising insights from senior decision-makers across the industry, and the 2022 report, which coincides with Interswitch’s 20th-anniversary commemoration explores several key areas where payment innovation is currently focused, including A2A payments and BNPL, which actually drives innovation, and which areas of innovation are most overhyped, amongst other incisive global payment themes.

The 2022 Payments Innovation Jury whose expert insights and perspectives essentially drove the report was made up of 79 senior payments leaders across 30 different markets. To give a full, 360- degree picture, a significant number of senior regulators and investors were recruited to the Jury for the first time since its inception, alongside national payments companies, banks, fintech, and payments policy bodies. All the Jury members participate on an anonymous basis to allow them to speak freely, unencumbered by the innovation priorities of their current organisation. The 2022 report is the tenth in a series spanning 14 years.

Founder and Group Chief Executive Officer at Interswitch, Mitchell Elegbe, said:

“As one of the leading and influential players in payments who regard Africa as both our origin and primary catchment market, we are extremely enthused at Interswitch to yet again facilitate this timely and important research effort, which curates practical insights and expert perspectives of senior leaders globally, and across the entire spectrum of African retail payments.

“The edition coincides with the 20 anniversary of Interswitch’s inception, and I am thoroughly delighted that at such a significant milestone in our journey as a front-row contributor to payment innovation in Africa, we once again have the privilege of supporting this worthy initiative that is facilitating balanced appraisal and a better understanding of the payments industry as it continues to evolve.”

Founder/Chairman of the Payments Innovation Jury and Board Director at Interswitch, John Chaplin, said: “In the payments industry there have long been competing ideas on what will be the ‘Next Big Thing’, particularly as many good ideas fail to achieve the scale to operate economically. As such, what is surprising about the 2022 Payments Innovation Jury is the level of consensus achieved in almost all areas, from the future of BNPL to the end user benefits of CBDCs.”