Two industry reports have been released recently, focusing on the payments industry and its changing cross-border payment space. The 2023 McKinsey Global Payments Report reports that payments revenues grew to 11% in 2022, an all-time high. The growth was broadly distributed geographically. However, the exception to this trend is the Asia-Pacific region, which grew by just 4% in 2022 due to a 3% drop in revenues in China. The report highlights the decline in cash usage globally in 2022, with electronic transactions growing nearly triple the overall growth in payments revenues over the past five years. The payments industry's growth is consistent with optimism about the future, with likely revenue growth of 6% to 8% over the next five years. In terms of future revenue growth, McKinsey's analysis suggests that it will likely be stimulated by instant payment innovations and the rise in digital wallets in certain geographies.