Digital payments are experiencing a boom, driven by developing markets, according to the World Payments Report 2018 from Capgemini and BNP Paribas. The report, based on a comprehensive  collection of data and payments information from 2015/16 forecasts that non-cash transactions will post a compound annual growth rate (CAGR) of 12.7 per cent through to 2021, following growth of 10.1 per cent in 2015/16, which saw the total volume of non-cash transactions reach 483 billion.This non-cash boom is being driven by developing markets, with Russia (CAGR of 36.5 per cent), India (33.2 per cent) and China (25.8 per cent) as notable movers during 2015/16. Mature markets maintained steady growth of more than 7 per cent with one or two notable exceptions. One of these, Australia, remains an outlier and a role model amongst its peers in that it is still generating 11 per cent growth in volume of "non-contact and non-cash transactions year-on-year". This was one of several parts to the report that "delighted" Philip Gomm, the industry practice lead for Capgemini Australia's financial services business.The latest Capgemini current payments report devotes some space to the New Payments Platform, Gomm explained, adding that in this area Australia was also setting a benchmark for other peer group countries, even though volumes were relatively low."Australia is a bit of a standout benchmark among its global peers - in general the advanced economies of the OECD - and being a mature market but still generating 11.1 per cent growth in total volume of on-cash transactions." "This equated to US$10.6 billion in electronic transactions in the reporting period. This positioned Australia certainly in the top 10 in terms of having the tenth highest volume of non-cash transactions in a group that includes as one region the whole of the Eurozone."And that has been achieved with a small population and a slowing economy."We are right up there when it comes to being able to transact electronically, said Gomm."We have held our position globally in the top five in terms of non-cash transactions per capita, sustaining nine per cent growth in non-cash transactions per capita and at this rate we are likely to surpass the US in the next one to three years."One reason for retaining this outlook was that the US does not have any incentive in terms of changing its infrastructure - therefore, the regulatory supply side push combined with the demand side pull will stop.The report finds that it will take more than bank-led initiatives to grow the new payments landscape. The broader financial services community - including public-sector organisations, regulators and third parties - must determine their new roles and work together with large payment users to ensure a smooth, balanced, and robust payments ecosystem development.Gomm pointed to the role the regulatory agenda has played, which was to drive down the interchange fees "which were very happy with", he added. "The benefits for Australia are that we are now receiving a regulatory supply side push combined with demand side pull," said Gomm. "The