2026 Global Payments: McKinsey Reveals a New Landscape for Payments Competition
How is the payments industry changing?
McKinsey’s 2026 Global Payments Report examines the growing diversity of payment methods, competition among payment networks, and new developments driven by digital currencies and AI agents.
Card networks are no longer the only competitive force. A2A and instant payments, stablecoins, and tokenized deposits are expanding the possibilities for payments and settlement. Meanwhile, AI agents are beginning to enter the transaction process, and major payment networks, tech companies, and payment providers are exploring new agentic payment protocols.
But new technologies don’t mean that existing systems will disappear overnight. Different payment networks will continue to compete across use cases, transaction efficiency, and business models.
The report highlights an important signal: banks and payment operators need to establish an early advantage in the trust layer for AI agent payments.
The future of payments competition is about more than how money moves—it’s also about who can build trust in the new transaction ecosystem.
How is the payments industry changing?
McKinsey’s 2026 Global Payments Report examines the growing diversity of payment methods, competition among payment networks, and new developments driven by digital currencies and AI agents.
Card networks are no longer the only competitive force. A2A and instant payments, stablecoins, and tokenized deposits are expanding the possibilities for payments and settlement. Meanwhile, AI agents are beginning to enter the transaction process, and major payment networks, tech companies, and payment providers are exploring new agentic payment protocols.
But new technologies don’t mean that existing systems will disappear overnight. Different payment networks will continue to compete across use cases, transaction efficiency, and business models.
The report highlights an important signal: banks and payment operators need to establish an early advantage in the trust layer for AI agent payments.
The future of payments competition is about more than how money moves—it’s also about who can build trust in the new transaction ecosystem.