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Global payments industry to bounce back from pandemic-induced contraction this year
The global payments industry posted its first contraction in 11 years in 2020 but is poised to quickly return to its long-term growth trajectory, according to management consultant company McKinsey & Company's annual sector report. The sector's revenue fell 5 per cent annually last year to $1.9 trillion, as the pandemic-induced global economic slowdown weighed heavily on the industry. However, 2020's losses will be recouped this year, bringing revenue back into the range of 2019's record high, McKinsey said in the report. Revenues are expected to hit about $2.5tn by 2025, helped by the digitisation of consumer and ... (full story)