The provided text is an excerpt from the "2023 McKinsey Global Payments Report," titled "On the cusp of the next payments era: Future opportunities for banks." This report, a collaborative effort by experts from McKinsey’s Global Banking Practice, offers a comprehensive analysis of the evolving global payments industry. It discusses the current state of the industry, highlighting significant revenue growth and shifts in geographical contributions, particularly India's rise in payments revenue. The report further introduces the concept of a "Decoupled Era" in payments, emphasizing how technology, such as generative AI and cloud-native platforms, is transforming payment mechanisms and presenting new opportunities for banks. Finally, it outlines emerging opportunities for banks to strengthen their position through building new digital businesses, optimizing deposit strategies, and enhancing productivity through technological advancements and fraud prevention.