Digital payments volumes will grow by an average 10.9% through to 2020, reaching nearly 726 billion transactions, according to a report by Capgemini.

The IT major’s World Payments Report 2017 (WPR 2017) estimates volumes generated by emerging economies to grow by 19.6%, or three times the rate of mature economies. Led by China and India, Asia is expected to register 30.9% surge in volumes.

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From 2015–2020, non-cash wholesale transactions by corporates, mid-sized enterprises and public authorities worldwide are estimated to register a CAGR of 6.5%, or more than 122 billion wholesale transactions.

During 2014-2015, global non-cash transaction volumes rose 11.2% to reach 433.1 billion, the highest growth in a decade. According to the report, this growth was driven by developing markets which registered a jump of 21.6%. Mature markets increased by 6.8%, a nominal rise of over 6% in 2014.

Despite surge in digital payments across the globe, cash remains in the mainstream, particularly for low-value transactions, the report noted.

In the future, mobility, connected homes, entertainment, and media will boost non-cash transactions, the report predicted.

The report highlighted the emergence of a new payments ecosystem driven by a number of converging factors such as PSD25 compliance, fintechs, changing corporate and customer expectations for value-added services, and rise in payments-enabling technologies.

Capgemini head of global banking and capital markets Anirban Bose said: “Within this new and dynamic ecosystem, payments industry participants must strategically reassess their roles. Banks must embrace this opportunity to enhance their offerings in collaboration with FinTechs and third-party developers. Breakthrough technologies and significant industry advances, such as Open APIs6, instant payments, blockchain, and regulatory standardization, will encourage collaboration.”