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Global Real-Time Payments Market Report 2021: Amid COVID-19, Real-Time Payments Attract Governments, Businesses, and Consumers Globally

·5 min read

DUBLIN, Feb. 12, 2021 /PRNewswire/ -- The "2021 Key Trends of the Payment Industry: Global Real-Time Payments Market" report has been added to ResearchAndMarkets.com's offering.

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The COVID-19 crisis further strengthened the trend of real-time payments in Europe and the US.

As detailed in this publication, real-time payments received special attention from the governments, businesses, and consumers, especially during the health crisis. Among the main reasons to utilize this type of payment processing, US corporate decision-makers point out increased accuracy of cash flow management. With that, the share of instant payments of total transactions in the country is forecasted to constitute about one-fifth through 2024.

In Europe, the ECB has set an objective to include all payment providers in the system of real-time payments across the euro area by the end of 2021. As of 2020, most of the European markets, including the UK and the Netherlands, experienced significant growth in volumes and values of real-time fund transfers. Additionally, the countries of Northern Europe have created a plan of action to introduce real-time payments in the framework of the P27 program, starting from mid-2021.

The real-time payment systems of the Middle East and Latin America still have room for improvement

According to figures cited in the report, in general, the Middle East has been growing in terms of values and volumes of payments via the local real-time payment systems during 2020. Nevertheless, many of their solutions are still only near real-time, and some, like Israel's Zahav, are not available 24/7.

Nevertheless, the lockdown, in the first half of 2020 brought significant positive changes in the number and values of the near real-time transactions for some countries and the year-on-year growth rates went sharply up. Latin American countries have been increasingly opting for real-time payments in recent years, which was especially encouraged by the local Central Banks. The main goal was to increase financial inclusion and reduce cash in circulation.

In Mexico, for example, right before the onset of the COVID-19 pandemic, a new real-time mobile payment platform known as CoDi was introduced which still struggles to increase the number of active users. Similarly, the Central Bank of Brazil decided to launch Pix in November 2020. According to figures cited in the report, by 2030, fund transfers via Pix are expected to be about one-fifth of the total electronic payments in the country.

Amid the coronavirus pandemic, real-time payments in Asia accelerated

Since the outbreak of the COVID-19, most of the countries in the Asian region underwent a rise in the values and volumes of payments via their local RTGS systems. The Japanese Core Time System experienced a significant spike in March 2020, while the numbers have gradually stabilized after that.

The Philippines' InstaPay has accelerated transactions by three-digit percentages in times of the pandemic. Moreover, India, after a serious decrease in the numbers in April-May 2020, recovered in the following months and reached even higher numbers, according to figures cited in the new report.

This positive development is likely to continue in the near future as such economies as China, Singapore, Malaysia, and some others are forecasted to considerably grow in terms of real-time payments adoption by the year 2024.

Report Coverage

  • It takes into account a wide definition of realtime payments and includes a description of data on countries' real-time gross settlement platforms. In addition, if available, information related to the impact of the coronavirus (COVID-19) on real-time payments is included in this report.

  • The report includes data mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Key Topics Covered:

1. Global

  • Main Drivers and Challenges for Real-Time Payments Adoption, December 2020

2. United States

  • Values of Instant Payments, in USD trillion, and Share of US in the World's Total, in %, 2020 & 2025f

  • Share the US Small Businesses Struggling with Cash-Flow Shortages, and Share of Them Who Believe Real-Time Settlement Could Help with Cash-Flow Shortages, September 2020

  • Share of Finance Professionals Who Are in the Process of Implementing RTP or Plan to Begin Doing so Within the Next Three Years, January 2020

  • Share of P2P Product Purchase-Related Instant Payment in the Last 12 Months, by Generation and Income Level, in % of Respondents, April 2020 - May 2020

  • Top Reasons for Using Real-Time Payments, in % of Selected Corporate Decision Makers, June 2020

  • Share of Businesses Who Expect Real-Time Payments to Transform Enterprises, in % of Corporate Decision Makers, June 2020

  • Real-Time Payments Volume, in billions, 2019 & 2024f

  • Share of Real-Time Payments, in % of All Payments, 2019 & 2024f

  • Comparison of Attributes and Cases of Real-time Payments Usage, by Payment Solution, incl. FedNow, Mastercard Send, TCH RTP, Venmo, Visa Direct, and Zelle, October 2020

3. Europe

4. Asia

5. Middle East and Africa

6. Latin America

Companies Mentioned

  • Alipay.com Co. Ltd.

  • Azimo Ltd

  • Bankgirocentralen BGC AB

  • BENEFIT payment

  • CoDi

  • DKB Kreditbank AG

  • Express Elixir

  • FAST

  • GhiPSS Instant Pay

  • ING Bank NV

  • InstaPay Systems Inc

  • JoPACC

  • LankaClear

  • MasterCard Inc.

  • N26 Bank GmbH

  • NamClear

  • New Payments Platform (NNP)

  • P27 Ltd

  • Payments Network Malaysia Sdn bhd

  • PayNow Co Ltd

  • Pix

  • PLIN

  • PromptPay Inc

  • Riyal Interbank Express (SARIE)

  • SADC-RTGS

  • Target Instant Payment Settlement (TIPS)

  • Transfiya

  • UAEFTS

  • Venmo Inc.

  • Visa Inc

  • Yape BCP

  • Zahav

  • Zelle LLC

  • Zengin System

For more information about this report visit https://www.researchandmarkets.com/r/ftaqh6

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

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SOURCE Research and Markets