Interswitch, World Bank Collaborate On 2024 Global Payment Innovation Report
Interswitch Group has formally unveiled the 2024 Global Payments Innovation Jury Report, in partnership with The World Bank, and other notable international payment players, namely HPS and Fime.
This latest report titled: “Market meltdown – impacts on infrastructure, regulation and innovation” is the 11th in the series spanning 16 years since the inception of the initiative and is sequel to the last edition published in 2022 to coincide with Interswitch’s 20th anniversary. The report reveals incisive insights from senior decision makers across the global payments industry and outlines global payment leaders’ views on how tumultuous macroeconomic changes over the past two years have affected their sector – for better and worse.
With research undertaken in collaboration with World Bank and supported by Interswitch, FIME and HPS, the 2024 Payments Innovation Jury is the most diverse in its 16-year history. 136 Jurors from all over the world participated in the research, all in senior roles at national payments companies, banks, fintechs, payments policy bodies, central banks and investors. This year, the number of central bank & regulators and investors each increased by 25%, enabling an even more representative picture of the challenges and opportunities ahead. The Jury was also delighted to welcome several Jury members from South and Central America for the first time, making the insights gathered truly global.
(L – R): Tochukwu Okezie, Chief Legal Officer & Company Secretary; Ndifreke Nkose, EVP and Chief Strategy Officer; Mitchell Elegbe, Founder & GMD/CEO; Tomi Ogunlesi, Divisional Head, Brands & Communications and Osiriame Momodu, Head Strategy & Advisory Services, all of Interswitch Group at the unveil of the 2024 Global Payment Innovation Report sponsored by Interswitch in Lagos.
John Chaplin, Founder and Chairman of the Payments Innovation Jury, and a Senior Advisor to Interswitch comments: “Looking back on the last two years of market turmoil, it feels like this unique insight from industry leaders has never been more needed. Our Jurors’ deep understanding of the causes and effects of macroeconomic changes and their impact on the long-term direction of the payments industry helps all of us understand how we can best move forward and continue to weather the storm.
“I am immensely grateful to each of the 136 members of the Jury for thinking through such complex issues and sharing their views, as well as to the World Bank, Interswitch, FIME and HPS. Their participation and support make the publication of these insights possible, and this report is very much their report.”
According to Mitchell Elegbe, Founder and Group Chief Executive Officer at Interswitch: “It is gratifying to see the Global Payments Innovation Jury home in on such a topical and contextually relevant theme for this current research effort, and we are pleased at Interswitch to be collaboratingas a sponsor and contributor once again.
We are grateful for the valuable views and insights of experts and leaders representing the jury who are actively shaping the outlook of global payments industry, as well as the commitment and tireless effort of the publication team in ensuring the continuity of this significant initiative which sets the tone for what is to come in the global payments industry.”
The report offers insight into many aspects of the payments industry that were impacted by the recent period of market turmoil. Key findings include:
Importantly, it is a foundational practice of the Payments Innovation Jury that all members participate on an anonymous basis, as this allows them to speak freely – unencumbered by the commercial priorities of their current organisation.
Download Market meltdown – impacts on infrastructure, regulation and innovation and all previous Payments Innovation Jury reports at innovationjury.com.
