Year-end 2023 payments quiz

by Jonathan Tyce

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Have you been paying attention to the comings and goings in the payments industry over the past year? There’s only one way to find out, we’ve devised a quiz to test your knowledge.

1. From a base of $2.2 trillion in 2022, what does McKinsey forecast total global revenues for the payments industry will be in 2027?

a) $2.8 trillion

b) $3.2 trillion

c) $3.8 trillion

Source: McKinsey 2023 Global Payments Report

2. Which payments company acknowledged in November that it would have a far higher margin than expected this year because it was “unable to return interest to customers at the level it would like”?

3. What do the following payment acronyms and initialisms stand for?

a) CVM

b) NFC

c) MoR

d) SCA

4. According to UK Finance, financial fraud cost victims £1.2 billion in the UK last year. What % of the £727 million of unauthorised losses were incurred via payment cards?

a) 33%

b) 50%

c) 75%

5. What % of authorised fraud losses — namely where a customer is tricked into authorising a payment to an account controlled by a criminal — was driven by a fraudster impersonating police or bank staff?

a) 8%

b) 22%

c) 41%

6. 2022 marked the first time that half of all 45.7 billion payments made in the UK were made by debit card. In 2012, cash payments represented 54% of all payments; by 2022 this had fallen to 14%. What does UK Finance expect this to fall to in the next decade?

Source: UK Finance

7. UK Buy-now-pay-later gross merchandise value (GMV) is widely expected to double in the next five years to comfortably top $50 billion. Klarna, the self-labelled first AI-powered bank in Europe, expects AI to contribute how much to the global economy by 2030?
a) $160 billion

b) $1.6 trillion

c) $16 trillion

8. Payment Services Directive 3 (PSD3), which will include a new Payments Services Regulation, will bring the current PSD2 rules into the digital age with a focus on the efficiency and security of electronic/digital payments and financial services in the EU.

9. What is the biggest shift in focus that it will bring when it supplants PSD2, likely in 2026?
a) Open banking

b) Transparency

c) Strong customer authentication

9. The CEO of which payments company is stepping down at the end of 2023 after spearheading about 15% annual revenue growth over a decade from $8 billion to $30 billion?
a) Adyen

b) Worldpay

c) PayPal

10. Label these three European payments companies’ share prices — all three of which endured a tough 2023 but only one of which did NOT have to issue a profit warning.

Source: Yahoo Finance

a) Adyen Nexi Worldline

b) Nexi Adyen Worldline

c) Worldline Nexi Adyen

d) Adyen Nexi Worldline

Answers: $3.2 trillion – WISE – Card Verification Model, Near Field Communication, Merchant of Record, Strong Customer Authentication – 75% – 22% – 8% – $16 trillion – Strong Customer Authentication – PayPal – Adyen, Nexi, Worldline

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