The global real-time payments market has experienced significant growth, with 266.2 billion transactions recorded in 2023, representing a year-over-year (YoY) growth of 42.2%. This data comes from the 2024 Prime Time for Real-Time report, a collaboration between ACI Worldwide and GlobalData.
While previous reports focused on the economic benefits and consumer adoption of real-time payments, this year’s report takes a closer look at five leading markets: India, Brazil, Indonesia, Malaysia, and the Netherlands. These countries have successfully built end-to-end real-time payments ecosystems, providing valuable lessons for others looking to follow suit.
India remains at the forefront of the global real-time payments market, with 129.3 billion transactions in 2023. Brazil also experienced remarkable growth, with a YoY increase of 77.9% and 37.4 billion transactions. The Asia Pacific region leads the market in terms of volume, accounting for 185.8 billion transactions in 2023.
The report highlights several key factors contributing to the success of these markets. Collaborative efforts between financial institutions, payment service providers, central banks, and government institutions play a crucial role. Open and inclusive ecosystems, where fintechs and smaller banks thrive, also contribute to success. Merchants’ adoption and incentives, as well as the development of user-friendly use cases, are essential for driving growth.
Cross-border real-time payments are the next frontier, with efforts to extend these services already underway. Additionally, the industry is addressing the challenge of real-time payments fraud through consumer rights initiatives, education programs, and advanced anti-fraud technology.
Looking ahead, the report forecasts that globally, 575.1 billion real-time transactions will be conducted by 2028, accounting for 27.1% of all electronic payments. The Middle East and North America are expected to be significant growth markets, while Nigeria leads the way in Africa.
The global real-time payments market is thriving, offering immense potential for economic benefits and financial inclusion. By implementing the lessons learned from successful markets, countries around the world can leverage real-time payments to transform businesses and improve the lives of consumers.
The global real-time payments market is experiencing significant growth, with a record 266.2 billion transactions recorded in 2023, representing a YoY growth of 42.2%. This growth indicates the increasing adoption and acceptance of real-time payment solutions worldwide. [source]
Some of the leading markets in real-time payments are India, Brazil, Indonesia, Malaysia, and the Netherlands. These countries have successfully built robust real-time payment ecosystems, providing valuable insights for other countries looking to establish similar systems. [source]
India remains at the forefront of the global real-time payments market, with 129.3 billion transactions in 2023. Brazil also experienced remarkable growth, with a YoY increase of 77.9% and 37.4 billion transactions. The Asia Pacific region leads in terms of transaction volume, accounting for 185.8 billion transactions in 2023. [source]
Collaboration between financial institutions, payment service providers, central banks, and government institutions is a crucial factor contributing to the success of real-time payment ecosystems. These collaborative efforts promote the development and adoption of real-time payment solutions. [source]
Open and inclusive ecosystems are important for the success of real-time payments. Fintechs and smaller banks play a significant role in these ecosystems, offering innovative solutions and competition to traditional financial institutions. This inclusivity helps drive growth in the market. [source]
Merchants’ adoption and incentives, as well as the development of user-friendly use cases, are essential for driving the growth of real-time payments. When merchants support and accept real-time payment options, it increases consumer adoption and usage. User-friendly use cases further enhance the convenience and value of real-time payment solutions for consumers. [source]
Cross-border real-time payments are the next frontier for the industry, with efforts already underway to extend these services globally. The ability to make instant, transparent, and secure cross-border transactions will greatly benefit businesses and individuals involved in international trade. [source]
One of the key challenges in the real-time payments market is addressing fraud. As real-time payments become more widely adopted, the industry is focusing on consumer rights initiatives, education programs, and advanced anti-fraud technology to combat fraud and protect users’ financial interests. [source]
Looking ahead, the report forecasts that globally, there will be 575.1 billion real-time transactions conducted by 2028, accounting for 27.1% of all electronic payments. The Middle East and North America are expected to be significant growth markets in the future, while Nigeria leads the way in Africa. [source]
Advantages of real-time payments include faster and more convenient transactions, increased financial inclusion by providing access to banking services for those without traditional bank accounts, improved liquidity management for businesses, and enhanced transparency and security in cross-border transactions. [source]
However, there are also some disadvantages to consider. Real-time payments may require significant infrastructure investments to ensure system reliability and security. There may also be concerns regarding data privacy, as real-time transactions involve the immediate sharing of personal and financial information. Additionally, not all countries and regions have the necessary infrastructure or regulatory frameworks in place to support real-time payments, which could hinder global adoption. [source]
For more information on the global real-time payments market and related topics, you can visit the ACI Worldwide website.