The digital transformation of our society is accelerating and payments services are playing an increasingly important role, directly enabling that evolution. The payments sector is growing at a strong pace, with global revenues at $1.9 trillion in 2018, reflecting a 6 percent growth (source: McKinsey). The range of payment services is expanding to meet a diverse demand from consumers who are increasingly shopping on-line, SMEs which are keen to sell cross-border, merchants which cash flows require constant management or large corporates which need to optimise complex transactions.
The dynamism of the payments landscape in Luxembourg reflects these international trends and the strength of the country as a leading global financial center and a key player within the European single market. The number of payment services providers established in Luxembourg continues to grow, representing a range of different technologies, business models and positioning along the payments value chain.
In this context, the ABBL Payments Cluster is a platform for its members to discuss payments services and instruments, to share their experience of the evolution of this highly dynamic market and to exchange on critical policy issues underlying growth, innovation and competition. It lays the foundations for a unique collaboration between banks, payment institutions, electronic money institutions, support PSF, payment infrastructure providers, firms of lawyers and consultants, reflecting the diversity of the ecosystem in Luxembourg which makes its strength.