The KPMG report "Modernising Payments" highlights a global shift in payment strategies as financial institutions (FIs) and retailers race to meet evolving customer expectations, regulatory demands, and technological innovation. 93% of FIs and 87% of retailers are engaged in or planning payment modernization programs, prioritizing improvements in customer experience, transaction speed, and long-term cost efficiency. Key drivers include legacy system upgrades, competitive pressure, and compliance requirements. While implementation poses challenges like high costs, staff training, and system integration, most organizations are investing millions and allocating dedicated teams.

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