The latest publication from Germany-based market research company yStats.com, “2021 Key Trends of the Payment Industry: Real-Time Payments in the United States” gives insights into the current situation of real-time payments in the US in 2020, as well as forecasts for its future developments. The publication reveals that despite the rapidly growing popularity of RTP, the country is expected to lag the global adoption rate.
United States’ entrepreneurs are highly interested in implementing RTP
In 2020, the term “real-time payments” has been all over media and business discussions not only in the United States but around the globe. During the COVID-19 pandemic, more than eight in ten corporate business decision-makers in the US expected the instant payments to alter the way business operates in the near future, and an even a higher share of finance professionals planned to implement this type of payment processing by 2023. The top reason to do so was to increase the accuracy of cash-flow management, as detailed in the yStats.com publication.
In the near future, the US is expected to lag in terms of RTP value
However, despite the accelerated demand for real-time payments in the US, the country is expected to lag behind other leading economies in adoption. In terms of total transaction value, globally RTP is forecasted to undergo a more than five-fold surge by 2025. With that, the United States’ share is expected to be rather marginal, taking into account the overall size of the economy, according to figures cited in the new yStats.com report. Nevertheless, this may change when the Federal Reserve System’s projected FedNow service becomes a reality.