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CONTENTS INTRODUCTION MARKET OUTLOOK A Shifting Landscape Regional Outlook 11 SECURING FUTURE GROWTH IN RETAIL PAYMENTS How Issuers Can Prepare for a Healthy Recovery How Merchant Acquirers Can Derisk and Reboot How Merchants Can Use Payments to Drive Efficiency and Growth 17 SOLVING PAIN POINTS IN WHOLESALE PAYMENTS A Growing Role for Transaction Banking Solutions Fierce Competition Across the Value Chain Strategies to Drive Differentiation 23 WINNING THE FUTURE Rebalance the Product and Customer Portfolio Pursue Strategic MA, Partnerships, and Ecosystem Opportunities Become a Data-Driven Organization Reinforce Risk Management Accelerate Digital Transformation 26 APPENDIX: ABOUT OUR METHODOLOGY FOR FURTHER READING NOTE TO THE READER INTRODUCTION Payments players are used to operating in an instant and real-time world, but few could have anticipated the crushing P speed of the pandemic or its devastating toll. Amid the extraordinary dislocations, the payments industry demonstrated its adaptability, springing quickly to serve as a crisis response copartner for individu- als and businesses, assist in distributing government stimulus pay- ments, and help customers, merchants, and corporate clients transact in contactless ways. Still, with economic life disrupted by social distancing and lock- downs, most payments businesses will see revenue growth dip in the near term—although the impacts will vary according to the value proposition, portfolio composition, and market position of individual players. Our modeling suggests that from 2019 to 2024 global pay- ments revenues will likely increase by about 1% to 4%, depending on the speed of the economic recovery. Under a quick-rebound scenario, that growth range would be roughly half the rate of the prior five years. Once the recovery is underway, however, prospects in the medium term and beyond remain buoyant. Our forecasts suggest that payments revenues globally could soar to $1.8 trillion by 2024, from $1.5 trillion in 201