The world is changing. 2023 was e record year of terms of paid ransoms, which exceeded $1.1 billion. The fraud is rising.

According to the FATF Bulgaria should fight to counter money laundering, terrorist financing and the financing of weapons proliferation. Money laundering is what foreign investors see in Bulgaria.

For this, investments decrease by nearly 200 million according to the BNB. The Financial Action Task Force (FATF) leads global action to tackle money laundering, terrorist and proliferation financing. By 2027, non cash transactions volumes are expected to reach about 2.3 trillion, doubling since 2022.

This exponential growth is driven by the expansion of instant payment infrastructure in major markets, ongoing adoption of open banking framework, and more: evolving customer expectations, regulations, and industry initiatives are catalyzing the fast adoption of new instruments and instant payments.

Banks and payment firms need to rebalance their focus between retail and commercial payments to maximize value. Maximizing value from commercial payments requires banks and payment firms to engage and meet the changing expectations of enterprise clients. Cash management is a constant and important challenge for corporations facing macroeconomic headwinds and uncertain growth.

Cash management is a constant and important challenge for corporations facing macroeconomic difficulties and uncertain growth.

By 2027, the volume of cashless transactions is expected to reach around 2.3 trillion, doubling from 2022. This exponential growth is driven by the expansion of instant payments infrastructure in core markets, the continued adoption of an open banking framework, and more: evolving customer expectations, regulations and industry initiatives are catalyzing the rapid adoption of new tools and instant payments.

Banks and payment companies need to balance their focus between retail and merchant payments to maximize value. Maximizing value from merchant payments requires them to engage with and respond to the changing expectations of enterprise customers.

Cash management is a constant and important challenge for corporations facing macroeconomic difficulties and uncertain growth.

Europe in focus

Non cash volumes compound annual growth of 10.7% is expected from 2022 to 2027 thanks to expansion of instant payments, open banking regulatory (PSD3) enhancements, and an EU Digital Identity Wallet 2023 pilot initiative.

North America catches

As the region catches up to the instant payments revolution, non-cash payment volumes are projected to rise at a 6.5% CAGR (2022-2027). The US Federal Reserve’s FedNow Service aims to create a European-style real-time payments network and will function in addition to the RTP Network by The Clearing House, which has been operational since 2017. Noteworthy is the fact that RTP and FeedNow only supports push payments: this means payments types like recurring payments, subscription payments, and P2P payments that require pull capabilities are not supported by FeedNow.

The new instant payment service will need further investments to build new capabilities and propel the US market to double digit-growth. In parallel, the US Consumer Financial Protection Bureau is developing an open banking framework and rules that expects to finalize by 2024.

Asia Pacific lacked

The region lacked domestic digital payment infrastructures and had heterogeneous payments rails across key markets-unlike in Europe, where SEPA instilled standardization. But during the last decade, government backed development of instant and real –time payment infrastructure across critical jurisdictions (including India, China, Singapore, Australia, Thailand has been driving adoption of digital payments.

As a result APAC is now on truck to comprise more than 50% of global non cash payment volumes and will likely register an accelerated 19,8% compound annual growth rate for 2022-2027.

Middle East trajectory

A growth trajectory similar to that being realized in APAC is unfolding here. The region has been heavily cash reliant despite high mobile penetration. However, the regulatory reforms and maturing digital payment infrastructure are poised to boost non cash volumes CAGR by 14,1% in 2022-2027.

Open banking reforms are already under way in the region. Bahrain, Saudi Arabia, the UAE and Jordan are beginning to embrace open banking frameworks. Several Middle East markets are also launching instant payment shemes.

The region is also working to integrate payments rails through initiatives such as the Arab Monetary Fund- owned Buna payments platform and AFAQ, aregional payments system provided by the Gulf Payments Company in Cooperation with Saudi Central Bank.

Africa is catching up to its neighbors

The continent is catching up to its neighbors in terms of non-cash transaction volumes. Studies says 18 African nations are developing domestic instant payment systems.

Moreover three development projects aim to build regional instant payment platforms.

Such initiatives will likely boost non-cash payment capacity in the region

Latin America developing

The region has been consistently developing instant payment infrastructure. No-cash volumes in the region are trending toward 15.7% compound annual growth from 2022-2027.

Ten Latin American countries are pursuing or launching instant payments shemes led by Pix created by Banco Central do Brazil (BCB) in 2020. Since it launch, Pix has solidified its position as a preferred Brazilian payment option;

BCB aims to expand Pix is reach for instant cross-border payments among of bloc of countries.