- Boston Consulting Group’s 24th Annual Global Payments Report Finds Industry Revenue Will Reach $2.6 Trillion by 2030, with Annual Growth Slowing to 5%, Down from 7% over the Past Five Years
- Growth Is Diverging Sharply by Region, with the Middle East, Africa, and Latin America Expanding Far Faster Than North America and Europe
- The Payments Sector Now Trades Well Below Historic Valuation Levels, a Gap That BCG Estimates at $500 Billion
- A Wave of Government-Driven Payment Sovereignty Is Fragmenting the Global Rails That Companies Use to Move Money Across Borders
BOSTON—Global payments revenue will grow at just 5% annually through 2030, according to Boston Consulting Group’s (BCG) latest Global Payments Report, down from 7% over the past five years. On track to reach $2.6 trillion by 2030, the sector remains in expansion, but growth is slowing and shifting. North America and Europe account for approximately 85% of the revenue pool but are expected to grow at 5% through 2030. The corresponding growth numbers for the Middle East and Africa, and Latin America are 8% and 7%, respectively.
These findings come as payments companies face a historic reset in investor sentiment. Many of them now trade roughly 25% below their 10-year average valuations and nearly 50% below their prior peak. Closing this gap would add an estimated $500 billion in market capitalization across the sector. Operating leverage has turned negative as costs, driven by wages, cloud spending, and fragmented technology stacks have outpaced revenue over the past three years.
The report, BCG’s 24th annual analysis of the global payments industry, draws on proprietary revenue models and a survey of nearly 500 large merchants globally.
“For most of the past decade, payments companies could count on broad-based growth almost anywhere they operated,” said Inderpreet Batra, a BCG managing director and senior partner and global head of the firm’s payments and fintech segment, and a coauthor of the report. “That’s no longer true. Growth is real, but it’s concentrating in specific regions and specific business models, and leaders need a much sharper view of where they can actually win.”
AI Is Strengthening the Position of Leading Payments Companies
BCG’s research finds that companies that already perform well are using AI to lower costs, improve products, and deepen customer relationships. That advantage compounds, making it structurally harder for slower-moving competitors to close the distance and raising the cost of falling behind even as AI tools become more widely available across the industry.
Merchants Are Evaluating Acquirers and Preparing for Agentic Commerce
Merchants are professionalizing their payments. According to BCG’s proprietary survey of large merchants, about half of large merchants review their acquirer annually, and 44% have switched or added their provider in the past five years. As AI agents begin initiating and managing purchases on consumers’ behalf, merchants are signaling that acquirer readiness for this shift toward agentic commerce is now a competitive requirement, not a future consideration:
- 73% of large merchants surveyed say they would switch acquirers for better support preparing for agent-initiated transactions.
- Acquirers and payment service providers rank as merchants’ second most-preferred partner for this shift, behind only large technology platforms.
- BCG’s report observes that acquirers who build agent authentication, tokenization, and delegated-consent capabilities can differentiate themselves and capture more of the resulting volume.
AI Is Accelerating Automation in Transaction Banking
BCG’s research finds that AI is closing a long-standing gap in trade finance, where paper-heavy processes have historically limited straight-through processing to between 30% and 70% of transactions. AI-driven document intelligence is now achieving accuracy above 85% for early adopters, allowing banks to automate document review across the trade life cycle, from basic bills of lading to anti-money-laundering checks. The same technology is extending into wire payment repair and sanctions screening, functions that have long resisted automation and account for a disproportionate share of banks’ operating costs.
Sovereignty Is Reshaping the Global Payments Map
Governments worldwide are treating payment infrastructure as a matter of economic sovereignty, increasingly fragmenting what was once a small number of dominant global networks into a patchwork of domestic and regional systems:
- 137 countries now have 24-7 instant payment systems, and public authorities play a central role in many of these systems—including India’s UPI, which clears more than 20 billion transactions a month, and 36 African systems that move nearly $2 trillion annually.
- In July 2026, the European Parliament approved opening negotiations on legislation for a digital euro, which the European Central Bank has framed as protection against a payments landscape dominated by non-European card schemes and dollar-linked stablecoins.
- Newer efforts such as mBridge, which already settles cross-border payments in central bank digital currencies, and BRICS Pay, which targets a 2026 rollout, aim to reduce reliance on dollar-denominated rails. Neither yet rivals the reach of established global networks, however, and BRICS members have not uniformly committed to the initiative.
“System-critical payments infrastructure is becoming an instrument of national policy, not just a utility for moving money,” said Markus Ampenberger, a BCG managing director and partner, and a coauthor of the report. “Winning payment providers will be the ones that can give clients reach across a fragmented system without forcing them to manage that fragmentation themselves.”
Download the articles that make up the report here: Article 1, Article 2, Article 3, and Article 4.
Media Contact:
Bruce Wraight
wraight.bruce@bcg.com
