Global digital payment volumes continue to increase, with annual growth projected to top 10 percent for the first time to reach 426.3 billion transactions in 2015, up from the record-setting 8.9 percent growth in 2014 (387.3 billion transactions), according to the newest World Payments Report from Capgemini and BNP Paribas.

Key findings from the report include: 

• Growth in non-cash payments occurred across all regions, with developing markets experiencing the highest rates (17 percent) and mature markets growing at 6 percent, although they still account for 70.9 percent of total global volumes. 
• For the first time, China surpassed the U.K. and South Korea in non-cash transaction volumes, taking fourth position among the top ten markets globally. 
• Cards remained the fastest growing non-cash payments instrument since 2010 at 11.8 percent, while check usage continues to decline, down 10.8 percent. 
• More banks are recognizing the need to adopt a digital-first mindset to provide digital offerings, with 79 percent of bank executives saying that they now view FinTechs as partners for collaboration. 
• Eighty-six percent of banks said that silos created by legacy technology is their top internal challenge. 
• Corporate demand for more digital payment services in general has risen yet mobile payment adoption remains limited, signaling the need for banks to evolve their approach and improve their digital maturity. 

"While treasurers' fundamental expectations have not changed over recent years - control, visibility on cash, risk management - corporates increasingly expect banks to digitalize support processes such as account management, data analytics, compliance tracking, and fraud detection and prevention," said Jean-Francois Denis, deputy global head of cash management of BNP Paribas. "This calls for banks to accelerate their shift towards digitization and foster a more collaborative approach."