The lack of flexibility and adaptability in legacy banking infrastructure is driving small and medium-sized businesses (SMEs) around the world to adopt newer banking and financial tools and platforms. According to French IT firm Capgemini’s World Payments Report 2022 published on Thursday, while the use of ‘new’ payment tools and services such as QR-based instant payments and digital wallets accounted for 17% of all non-cash business-to-business transactions worldwide in CY21, an increase the rate of adoption of these new tools may see a quarter of all SMB transactions globally conducted through non-legacy platforms. The company surveys businesses from all over the world, including India. The report echoes the rise of tools such as the National Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI), which saw its usage grow by 118% year-on-year in the June quarter this year. As experts say, factors such as no merchant discount rate (MDR) transaction fees, shorter clearance cycles and easier international payments have increasingly contributed to the adoption of new tools — over old banking services.