Real-time payments, or RTP, were commonly used in Asia-Pacific in 2022, with transactions in India being almost five times higher as in China. RTP is important in India due to its implementation in the country's Unified Payments Interface or UPI. An expanded ranking on the number of instant payments per country places India at the top with a figure that was higher than 43 other countries combined. India is expected to keep this position by 2027, although its predicted CAGR will be lower than Brazil, the United States, and Indonesia.
UPI (India) and Pix (Brazil) are the two main systems
Real-time payments generally have two main characteristics that make them appealing: One, as the name suggests, payments can be initiated and settled almost immediately, allowing consumers, businesses, bank to send and receive money across the world within minutes. Two, these schemes are not bound to the opening times of a bank, and are available "24/7" and 365 days in the year. These traits matter especially to countries with a complex payment market that need to be digitalized — such as in India with its UPI system, but also in Brazil (PIX). UPI in India and Pix in Brazil together reached nearly 100 billion transactions in 2022.
A2A payments: An enabler of real-time payment technology
UPI and Pix are both also examples of applications that allow for A2A payments. A2A or account-to-account payments refers to direct payments from one party to the other without the need for an intermediary. Such intermediaries are card rails from the likes of Visa and Mastercard, which are essentially bypassed in A2A. These typically domestically developed payment options come from banks. A2A apps were more common in Latin America than in other parts of the world in late 2022. It should be noted that sources sometimes interpret A2A in different ways, as bank transfers (push requests) and direct debit (pull requests) can technically be a part of A2A as well.
FAQs
An expanded ranking on the number of instant payments per country places India at the top with a figure that was higher than 43 other countries combined. India is expected to keep this position by 2028, although its predicted CAGR will be lower than Brazil, the United States, and Indonesia.
Who leads real-time payment transactions around the world? ›
India continues to dominate the global real-time payments market, with 129.3 billion transactions in 2023 – more than the rest of the world's top 10 real-time payments markets combined. Of all electronic payments made in India, 84% are now real-time.
How big is the global real-time payments market? ›
What is the market size of Real-Time Payments Market? Real-Time Payments Market size was valued at USD 17.57 billion in 2022 and is poised to grow from USD 23.81 billion in 2023 to USD 199.66 billion by 2030, at a CAGR of 35.5% during the forecast period (2023-2030).
What are the instant payment systems around the world? ›
UPI (India), Pix (Brazil), CoDi (Mexico): A focus on financial inclusion. Brazil and India take a consumer-driven approach to instant payments, looking for applications in day-to-day life. UPI - live since 2016 - is seen by many as the biggest instant payment system in the world.
Is Zelle considered RTP? ›
Zelle appears to be an instant payment from the user perspective — and it actually is — when it uses RTP to settle transactions in real time.
Which country has the highest number of digital payments? ›
Which country is using the maximum transaction digitally? India has retained the top spot in the world with 25.5 billion real-time payment transactions, followed by China with 15.7 billion transactions. In 2020, the transaction volume share in India stood at 15.6 per cent and 22.9 per cent for instant payments...
What is the global trend in real-time payments? ›
Real-time payments accounted for 266.2 billion transactions globally in 2023, a year-over-year (YoY) growth of 42.2%. This shift toward more sustainable growth levels is as expected as countries move beyond early adoption to maturity.
What is the largest payment processing company worldwide? ›
Source: Nilson Report 2023
| Acquirer | Transactions (billions) | % of 2021 |
|---|
| J.P. Morgan Payments | $1,181.69 | 67.90% |
| Wells Fargo | 642 | 87.40% |
| Worldpay from FIS | 470.85 | 30.10% |
| Elavon | 151.97 | 43.20% |
6 more rowsJan 16, 2024
Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.
How big is the US real-time payments volume? ›
The annual report, now in its fifth year, said that the U.S. had 3.5 billion real-time transactions in 2023, a 25% increase from 2.8 billion the previous year. Worldwide, there were about 266 billion such transactions globally last year, representing a 42% increase year-over-year, the report said.
Global Payments's Top competitors in the payments-processing category are Shopify Pay, Klarna, Amazon Payments. You can view a full list of Global Payments competitors here.
How many countries does Global Payments operate in? ›
We have local sales and operational support on the ground in 41 countries. And work virtually in over 100.
Which is the world's largest real time payment system? ›
UPI in India and Pix in Brazil together reached nearly 100 billion transactions in 2022, making them the largest brands in real-time payments. RTP is especially common in Asia-Pacific. Transactions in India are almost five times higher as in China.
Does China have a real-time payment system? ›
China's payment systems include high-value real-time payment system (HVPS), bulk electronic payment system (BEPS), internet banking payment system (IBPS), automated clearing house (ACH), China foreign exchange payment system (CFXPS), intra-bank payment systems of banking financial institutions, bankcard interbank ...
What is the fastest payment method in the world? ›
Notable instant payment systems by country
| Name | Country | Payment Sources |
|---|
| Faster Payment System (FPS) | Hong Kong | e-wallet, Bank Account |
| GIRO Zrt | Hungary | Bank Account |
| Unified Payments Interface (UPI) | India | Bank Account Prepaid Wallet Credit Card Credit Line CBDC Stored Value |
| Immediate Payment Service (IMPS) | India | Bank Account |
21 more rowsTop Five Countries Most Reliant on Cash
- Romania: With 78% of all payments using cash, Romania still heavily relies on cash daily transactions every business day.
- Egypt: With nearly 70% of the country not using a bank account, Egypt's citizens regularly use cash.
American consumers might be surprised to learn that the U.S. needs to catch up to the global standard for payment regulation. In fact, 60 nations have adopted faster payments systems, and the U.S. stands out as the only G7 nation without plans to expand access to its payments system.
