Your Friday fix for global fintech and payments news
This week’s round up of industry news takes a look into the prediction that online shopping will account for half of all global retail growth by 2025, an update on the UK’s Current Account Switch Service, and Compass Plus customer Diebold Nixdorf being recognised by consulting firm RBR as the global leader in total ATM application software deployed.
Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.
- Global e-commerce to grow by £1 trillion in four years
- Current Account Switch Service issues progress report
- Diebold Nixdorf recognised as ATM software global leader
According to research from Euromonitor International, e-commerce is predicted to expand by approximately £1 trillion by 2025, with online shopping accounting for half of the growth in global retail. This growth is forecasted to be driven by the US, China and Mexico.
Michelle Evans, senior head of the digital consumer research, at Euromonitor International, commented:“One of the most pronounced impacts from the global pandemic is the expanding influence of tech. Retailers and brands are prioritising tech investments, which range from optimising supply chain operations to improving user experience. Companies in Latin America, for example, have been making bigger digital investments, and the region is forecast to reach the highest growth of retail value of all regions by 2025.”
The annual Current Account Switch Service report has been released, stating that 99.5% of switches were completed within the 7 working day deadline in 2020; 704,560 current accounts were switched through the service, the majority being personal accounts (93%).
Chair of the Pay.UK Switching Services Participant Committee, Jo Kendrick said: “I am delighted with the progress that the Current Account Switch Service has made in 2020. Against a challenging economic backdrop, we have maintained a high quality, reliable service for individuals and small business and charities.”
In consultancy firm, RBR, latest ATM Software report, it has named Diebold Nixdorf the global leader in total ATM software application deployments - accounting for 27% of the market share. The company also remained the global leader in total ATM monitoring software deployed.
According to the report, as part of a wider self-service strategy, banks around the world are increasing their investment in advanced ATM software to help boost user experience and the functionality of their ATM networks.
Manish Choudhary, senior vice president, software, Diebold Nixdorf said: “We will continue working aggressively to broaden our global software offerings and capabilities in both the banking and retail segments.”