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Instant Payments Market Analysis, Key Trends, Strategies, and Future Implications, 2022

Instant Payments Market Analysis, Key Trends, Strategies, and Future Implications, 2022

  • February 2022
  • 23 pages
  • ID: 6247980
  • Format: PDF
  • GlobalData

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Instant Payments Market Analysis, Key Trends, Strategies, and Future Implications, 2022

Summary
This report discusses the impact of instant payment technology on the payments industry, covering the key countries and companies that are innovating in this sector. It also examines the risks associated with this emerging technology - as well as the solutions that aim to overcome these risks.

Instant payment technology is gradually being adopted by most countries as an innovative payments network that improves payment infrastructure by ensuring transactions happen in seconds and without interruption.Some countries see instant payments as an opportunity to create more financial inclusion by simplifying access to digital banking for those who cannot access a bank account.

Countries leading the race to adopt instant payments are now focusing on developing regional instant payment networks that will enable international funds transfers in different currencies.

Scope
- In 2020, the number of global instant payment transactions reached 70.4 billion. It is expected to reach just under 200 billion by 2024.
- Government initiatives are driving the development of instant payment platforms around the world.
- Asia Pacific is leading in the adoption of instant payments and was the only region with a transaction volume surpassing 56 billion in 2020.
- India and China are responsible for 73% of all instant payment transactions; the former leads with 25.5 billion transactions.

Reasons to Buy
- Discover the general trend of the instant payments sector across the world.
- Identify the market leaders and understand why countries and companies are motivated to adopt instant payments.
- Understand the different approaches taken towards adopting instant payments.
- Establish how blockchain challenges instant payments technology.

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