This statistic is from The 2020 McKinsey Global Payments Report.
The report explores the impact of the COVID-19 pandemic on the payments industry, focusing on its acceleration of existing trends in consumer and business behaviour, and the new developments it introduced. It notes a degree of reversion to past behaviour is likely for some shifts.
Outlook by Region
Overall, the report forecasts that Asia-Pacific (excluding China) could suffer large declines in payments as it is strongly affected by Net Interest Margin (NIM) contraction, faces increasing government pressure on mass-market transaction fees, and has high exposure to long-term affected industries, such as travel and tourism.
Europe might see a swifter rebound, since NIMs were already compressed prior to the pandemic and its growth volume is fuelled by the acceleration of digital migration in Southern and Eastern Europe, and by government stimulus measures.
