Non-cash payment volumes are expected to continue on a high growth trajectory in 2014, according to the World Payments Report 2015 from Capgemini. Those payments are projected to grow at a rate of 8.9 percent to reach a record high of 389.7 billion transactions, up from 2013's 7.6 percent growth rate, according to a press release about the report.

Driven by a combination of factors including robust growth of non-cash transactions volumes in emerging Asias countries and widespread adoption of mobile technology for payments in mature markets, the volume of non-cash payment transactions grew faster than GDP across all geographies in 2013. For 2014, growth is expected to have been propelled by the continued economic recovery in mature markets, rapid expansion in China, adoption of mobile and contactless technology, and the global move towards immediate payment schemes, according to the report.

The report goes on to note that banks are still in a strong position to develop innovations that improve the customer experience despite the rise of other competitive payment providers along with new and alternative payment methods including digital wallets and mobile apps. Banks are better positioned than their alternative provider rivals to provide holistic solutions across all instruments and channels which make them more efficient as a single provider of payment services as opposed to having multiple providers for each payments scenario, according to the report.

"Each year banks face new and greater challenges in innovating to meet consumer demands for more convenient, faster, more secure and more mobile payment methods," said Andrew Lees, global sales officer of Capgemini Financial Services. "Facing this pressure and the need for new regulatory initiatives to support innovations like Immediate Payments, payment services providers must take a long-term approach for payments processing by building a holistic set of offerings that can deliver value on a global scale."