2021 Key Trends of the Payment Industry: Global Real-Time Payments Market code:1515

2021 Key Trends of the Payment Industry: Global Real-Time Payments Market
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Africa, Argentina, Australia, Bahrain, Brazil, Chile, China, Colombia, Egypt, Germany, Ghana, Hungary, India, Israel, Japan, Jordan, Kenya, Malaysia, Mexico, Morocco, Namibia, Netherlands, Nigeria, Oman, Peru, Poland, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sri Lanka, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA
Pages: 115
Publication Date: 03/02/2021
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Questions Covered in the report:
  • What is the share of daily Real-Time Payments via the Bankgirot System in Sweden?
  • What are the top reasons for using real-time payments for corporate decision-makers in the USA?
  • What is the expected volume of real-time transactions in South Korea in 2024?
  • How has the monthly value of Faster Payments in the UK changed during the COVID-19 crisis?
  • How did the payments via the real-time gross settlement system change during the COVID-19 in Chile?

Key Findings:

During the COVID-19 pandemic, many countries around the globe are increasingly adopting real-time payments

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, as detailed in the yStats.com publication.

Amid the coronavirus pandemic, Europe has set an objective to switch to real-time payments

According to figures cited in the new yStats.com report, alone, Western Europe is going to be one of the top markets regarding the adoption of real-time payments by 2025, with the value share being close to one-fifth of the world’s total. Currently, during the COVID-19 health crisis, in the European Union, about six in ten all SEPA payment service providers support real-time fund transfers, and the European Central Bank has set an objective to ensure the full deployment of real-time payments across the euro area by the end of 2021. Moreover, Northern Europe is going to become one of the main drivers of real-time payments in Europe, since in 2021 it is going to introduce its P27 system for Denmark, Norway, Sweden, and Finland, as well as for other Nordic countries later on. P27 is expected to unify several payment schemes, allowing for real-time and cross-border low-cost payments among the Nordic countries.

Asia is forecasted to grow rapidly in terms of real-time payments in the near future

The upward trend in the adoption of real-time payment solutions is expected to go by leaps and bounds in Asia, according to the yStats report. In Singapore, for instance, the share of immediate payments in the total value of transactions is expected to rise by close to ten percentage points annually through 2024. China, the largest economy in the region, is forecasted to increase the volumes of real-time transactions by about one-fifth each year by 2024. At the same time, currently developing Malaysia is forecasted to have even higher growth rates. Moreover, Sri Lanka has already accomplished to transfer most non-cash payments into its Real-Time Gross Settlement System.

The Middle East still lags in the adoption of real-time payments, even with an accelerated global demand amid COVID-19

The payment industry in the Middle East has experienced significant improvements in recent years, and many countries of the region managed to introduce their own Real-Time Gross Settlement systems to the local consumers and institutions. However, despite considerably increasing global demand for payments in real-time amid the pandemic, the Middle East still lags. Many of the local “immediate” payment systems are only near real-time and lack some of the main features, such as Israel’s Zahav lacks 24/7 service availability.

The governments of the largest economies in LatAm actively encourage citizens to switch to the new real-time payment platforms

The onset of the COVID-19 pandemic and the imposed restriction gave another impetus to digital payments in Latin America, as close to two-thirds of consumers surveyed in 13 countries of the region reported that they decreased cash usage amid the pandemic, as detailed in the yStats.com publication. With that, in November 2020, the Brazilian Central Bank introduced its real-time payment platform Pix. By the year 2030, payments via the Pix system are forecasted to constitute more than one-fifth of the total electronic payments in Brazil. Similarly, in Mexico, the Central Bank launched its mobile real-time payment platform CoDi in 2019. As of December 2020, the service has accumulated a substantial number of users, but only a small two-digit percentage of users actually have made or received fund transfers.

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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

3.1. Global

  • Values of real-time Payments, in USD trillion, and Share of West Europe in the World’s Total, in %, 2020 & 2025f
  • Profile of Real-Time Payments, and Objectives of the European Commission for 2021, December 2020
  • Share of SCT Inst in All SEPA Credit Transfer Transactions, October 2019 – September 2020
  • Average Daily Transaction Value via RT1 real-time Payments, in EUR million, and Month-on-Month Change, in %, January 2020 – November 2020
  • TIPS Profile and 2021 Objectives, December 2020
  • Share of SEPA Payment Service Providers that Support SEPA real-time Payments, in %, October 2020
  • P27 Payment Service Profile, December 2020

3.2. Sweden

  • P27 Current News, December 2020
  • Share of Daily Real-Time Payments via the Bankgirot System, in % of Total, 2020
  • Number of Processed Transactions in the Bankgirot Real-Time Payment System, in millions, and Year-on-Year Growth, in %, January 2020 – November 2020

3.3. Germany

  • Availability of Real-Time Payments Option, by Selected Banks, September 2020

3.4. Switzerland

  • Value of Real-Time Payments via the Swiss Interbank Clearing (SIC) System, In CHF billion, and Year-on-Year Change, in %, January 2020 – October 2020

3.5. Netherlands

  • Shares of Real-Time Payments in Total Single Credit Transfers, in %, November 2020
  • Volume of Real-Time Payments, in thousands, February 2019 & October 2020

3.6. UK

  • Value of Faster Payments via Pay.uk, in GBP billion, and Year-on-Year Change, in %, December 2019 – December 2020
  • Shares of Faster Payments in Total Payments, in %, November 2019 & November 2020

3.7. Hungary

  • Volume and Value of Payments via the Hungarian Real-Time Credit Transfer Scheme (AFR), in millions, and in HUF trillion, March 2020 & September 2020

3.8. Poland

  • Volume of Transfers via Express Elixir Real-Time Payment System, in PLN billion, and Volume, in millions, November 2019 & November 2020

3.9. Turkey

  • Real-Time and Continuous Transfer of Funds (FAST), December 2020

3.10. Russia

  • Share of Consumer Fund Transfers via the Faster Payment System, in % of Total, December 2020
  • Awareness of the Fast Payment Service offered by the Central Bank, in % of Respondents, September 2020
  • Average Daily Value of Payments via the Faster Payment System, in RUB million, January 2020 & September 2020

4. Asia

4.1. Japan

  • Profile of Zengin Data Telecommunication System, December 2020
  • The Core Time System’s Number of Transactions, in thousands, Value of Transactions, in JPY 100 million, and Year-on-Year Change, in %, October 2019 – October 2020
  • Transaction Volume of The More System, in thousands, in % of Y-o-Y Growth Rate, October 2019 – October 2020

4.2. South Korea

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

4.3. Australia

  • Profile of the New Payment Platform and COVID-19’s Impact on its Activity, December 2020
  • Value of Retail Payments via the New Payments Platform, in AUD billion, and Volume of Retail Payments via the New Payment Platform, in millions, October 2018 & October 2019 & October 2020
  • Share of PayID Users Who Use It at Least Once a Week, in %, October 2020
  • Share of Account-to-Account Credit Payments Administered by the NPP, in % of Total, and Share of the NNP Transactions Involving a Payment to or from a Business, in % of the NPP Transactions, October 2020

4.4.   Singapore

  • Profile of the Fast and Secure Transfers (FAST) and PayNow, December 2020
  • Share of Transactions and Share of Transaction Value, by Payment Instrument, incl. Electronic, Immediate Payments, and Paper-Based, in % of Total Transactions, 2019 & 2024f

4.5. China

  • Profile of the Internet Banking Payments System, and Alipay’s Activity in Cross-Border Real-Time Payments, December 2020
  • Volume of Real-Time Transactions, in billions, 2019 & 2024f

4.6.  India

  • Profiles of IMPS and UPI, incl. Definition, Fund Transfer Limit, Required Devices, Information Required, Fund Transfer Time, Cost of Fund Transfer, E-Commerce Transaction Possibility, December 2020
  • IMPS Number of Member Banks, Number of Transactions, in millions, Value of Transactions, in INR million, and Month-on-Month Change, in %, November 2019 – November 2020
  • UPI Number of Member Banks, Number of Transactions, in millions, Value of Transactions, in INR million, and Month-on-Month Change, in %, November 2019 – November 2020

4.7. Malaysia

  • Profile of Payments Network Malaysia Sdn Bhd (PayNet), December 2020
  • Volume of Real-Time Transactions, in millions, 2019 & 2024f

4.8. Philippines

  • Profile of InstaPay and COVID-19’s Impact on its Activity, December 2020
  • InstaPay Transaction Value, in PHP billion, and Transaction Volume, in millions, January 2020 & June 2020

4.9. Sri Lanka

  • Profile of LankaPay’ Common Electronic Fund Transfer, December 2020
  • Share of the Transaction Value Settled in the Real-Time Gross Settlement System, in % of the Non-Cash Payments, 2020

4.10. Thailand

  • Profile of PromptPay and COVID-19’s Impact on PromptPay’s activity, December 2020
  • Number of Registrations on PromptPay, by months, in millions, in % of Year-on-Year Change, December 2019-August 2020
  • Volume of Daily Transactions via PromptPay, in millions, and Value of Daily Transactions via PromptPay, in THB billion, January 2020 – September 2020

5. Middle East and Africa

5.1.   UAE

  • Profile of Real-Time Payment Systems UAEFTS and IPI, January 2021
  • UAEFTS Transfer Values, by Source of Transfers, in AED billion, January 2020 – September 2020

5.2.  Israel

  • Current News Payment System Zahav, January 2021

5.3. Saudi Arabia

  • Riyal Interbank Express (SARIE) System Payments Value, in SAR billion, and Volume, in millions, December 2019 – November 2020
  • Riyal Interbank Express (SARIE) System Payments Value, in SAR billion, and Volume, in millions, Q3 2018 – Q3 2020

5.4. Jordan

  • Service Description of the Real-Time Payment System, January 2021

5.5. Oman

  • Current News about the Real-Time Payment System, January 2021

5.6.   Egypt

  • Payments in Real Time Gross Settlement (RTGS) System, Volume, Value, in EGP billion, Month-on-Month and Year-on-Year Value Growth Rate, in %, January 2020 – December 2020
  • Value of Payments in Real Time Gross Settlement (RTGS) System, in EGP billion, and Year-on-Year Change, in %, 2009 – 2020

5.7. Bahrain

  • Profile of the Near Real-Time Electronic Fund Transfer System (EFTS), January 2021
  • Payments in the Near Real Time Gross Settlement System, Volumes and Values, in BHD billion, by Source of Transactions, November 2019 & October 2020 & November 2020
  • Breakdown of Payments via EFTS, by Type of Services, November 2020

5.8. Southern Africa

  • Profile of SADC-RTGS System, January 2021
  • Payments via SADC-RTGS System, incl. Volume, Value, in ZAR billion, November 2019 – November 2020
  • Transactions via SADC-RTGS System, incl. Number of Participating Banks, Volumes and Values, in ZAR million, by Country, incl. Angola, Botswana, DRC, Estwani, and Lesoto, November 2020

5.9. South Africa

  • Transactions via Real-Time Clearing (RTC) System, Volume, Value, in ZAR billion, December 2019 – November 2020

5.10.  Nigeria

  • Industry E-Payment Volumes and Values, in NGN billion, by Transaction Channels, January 2020 – August 2020

5.11. Morocco

  • Transactions via SRBM System, Values and Volumes, in MAD billion, 2018 & 2019

5.12. Ghana

  • Profile of GhiPSS Instant Pay (GIP) System, January 2021
  • Transactions via GhiPSS Instant Pay (GIP) System, Volume, in thousand, and Value, in GHC million, October 2019, December 2019, March 2020 – October 2020

5.13. Kenya

  • Transactions via the Kenya Electronic Payment and Settlement System (KEPSS) System, Volume, in thousand, and Values, in KES billion, November 2019 – October 2020

5.14. Namibia

  • Profile of NamPay Near-RTGS System, January 2021

6. Latin America

6.1. Brazil

  • Profile of the Real-Time Payment System, January 2021
  • Monthly Average of Electronic Real-Time Payments, Volume, in thousands, and Value, in PEN million, incl. Transfers Using Domestic and Foreign Currency, 2019 & 2020

6.2. Mexico

  • Volume of Real-Time Payments, by Source of Payment, in millions, January 2020 – December 2020

6.3. Chile

  • Profile of the Real-Time Payment System, January 2021
  • Monthly Average of Electronic Real-Time Payments, Volume, in thousands, and Value, in PEN million, incl. Transfers Using Domestic and Foreign Currency, 2019 & 2020

6.4. Colombia

  • Volume of Real-Time Payments, by Source of Payment, in millions, January 2020 – December 2020

6.5. Peru

  • Profile of the Real-Time Payment System, January 2021
  • Monthly Average of Electronic Real-Time Payments, Volume, in thousands, and Value, in PEN million, incl. Transfers Using Domestic and Foreign Currency, 2019 & 2020

6.6. Argentina

  • Volume of Real-Time Payments, by Source of Payment, in millions, January 2020 – December 2020
Read More
  • Alipay.com Co. Ltd.
  • Azimo Ltd
  • BENEFIT payment
  • Bankgirocentralen BGC AB
  • 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
  • PLIN
  • PayNow Co Ltd
  • Payments Network Malaysia Sdn bhd
  • Pix
  • 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
Read More

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