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

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The global instant payment transaction volume reached 70.4 billion in 2020. It is expected to grow at a CAGR of over 30% by 2024. Instant payment technology is gradually being adopted by most countries to improve payment infrastructure by ensuring transactions happen in seconds and without interruption.

India is leading the adoption of instant payment in the world and is already working on expanding its Unified Payments Interface (UPI) platform to other countries including Bhutan, Singapore, and the UAE. 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. Association of Southeast Asian Nations (ASEAN) countries are planning to link their instant payment platforms to create a regional network that should improve cross-border transactions in the region and reduce the cost of transactions. The increasing use of instant payment transactions is vulnerable to online payments fraud. To protect consumers and businesses, verification features such as Request to Pay (RtP) are being introduced to ensure that funds are being transferred to the correct accounts.

Overview of the instant payments market

Overview of the instant payments market

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What are the market dynamics in the instant payments market?

Instant payments technology has the potential to improve the infrastructure of financial institutions with a solution that is meant for the digital world. Financial institutions can use instant payments to make the online payment experience more efficient. The technology improves privacy for consumers as they do not need to share bank details when requesting a payment, only an email or phone number. This reduces the risk of having personal data being stolen as mobile phones are omnipresent for both consumers and merchants. Introducing P2P platforms that use instant payments services will be an effective way to push the technology’s adoption in more countries.

Instant payment providers will need to focus on implementing cross-border transactions if they want to compete with card schemes. Countries that are working on implementing their own instant payments network should learn from those that are already established and successful by integrating cross-border linkage with other providers.

What is the regional and country-level outlook in the instant payments market?

The Asia Pacific region is leading in the adoption of instant payment transactions, followed by Europe, Latin America, North America, and the Middle East and Africa. Asia was the only region with a volume of transactions surpassing 56 billion in 2020. Both India and China are responsible for over 70% of global instant payments volume transactions.

In some regions, most instant payment systems are limited to domestic transactions. Some regions are actively working on developing schemes that provide cross-border transactions. TIPS is a payment service that provides consumers with instant payments transactions within the Eurozone. Asia Pacific, specifically countries in the ASEAN, are actively focusing on the regional development of instant payments network. The region is showing significant progress in terms of solving and addressing interoperability issues around instant payment providers. In 2021, many ASEAN countries passed an agreement to link their instant payments platforms with each other to enable cross-border transactions. In 2021, the Bank of Thailand and the Monetary Authority of Singapore (MAS) linked their respective instant payment systems, PromptPay and PayNow, enabling consumers to make transfers between both countries.

On a country-wise basis, the top 10 countries in the instant payments market are India, China, South Korea, Thailand, the UK, Nigeria, Japan, Brazil, the US, and Mexico.

Instant payments market, by region

Instant payments market, by region

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Who are the major players in the instant payments market?

The major players in the instant payments market are Vocalink, ACI Worldwide, FedNow, Riksbank, PayPal, Bank for International Settlements, Monetary Authority of Singapore, European Central Bank, PayNow, InstaPay, Zelle, The Clearing House, PhonePe, Google, Paytm, Facebook, and Mastercard.

Instant payments market, by major players

Instant payments market, by major players

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Market report scope

Market size (2020) 70.4 billion
Growth rate (from 2020 to 2024) CAGR of >30%
Forecast period 2020-2024
Key regions Asia Pacific, Europe, Latin America, North America, and Middle East and Africa
Major players Vocalink, ACI Worldwide, FedNow, Riksbank, PayPal, Bank for International Settlements, Monetary Authority of Singapore, European Central Bank, PayNow, InstaPay, Zelle, The Clearing House, PhonePe, Google, Paytm, Facebook, and Mastercard

This report provides:

  • Impact of instant payment technology on the payments industry.
  • Key countries and companies that are innovating in this sector.
  • Risks associated with this emerging technology, as well as the solutions that aim to overcome these risks.

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.

Riksbank
PayPal
Bank for International Settlements
Monetary Authority of Singapore
European Central Bank
PayNow
InstaPay
Zelle
The Clearing House
PhonePe
Google
Paytm
Facebook
Mastercard
ACI Worldwide
FedNow

Table of Contents

  1. Executive Summary

1.1 Market overview

1.2 Key findings

1.3 Critical success factors

  1. Industry Analysis
  2. Status of Instant Payments in Selected Countries

3.1 India

3.2 Brazil

3.3 UK

3.4 US

  1. Strategic Implications

4.1 Value chains

4.2 Instant payments vs. blockchain

4.3 Case studies: Key companies

4.4 Use cases: RtP

4.5 Predictions for the future

  1. Appendix

5.1 Abbreviations and acronyms

5.2 Definitions

5.3 Methodology

5.4 Secondary sources

5.5 Further reading

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Figures

List of Figures

Figure 1: Instant payment transactions are projected to reach 199 billion by 2024

Figure 2: The Asia Pacific region is leading in the adoption of instant payment transactions

Figure 3: In 2020, India was the leader in instant payments with 25.48 billion transactions

Figure 4: India’s instant payments transaction volume is projected to reach 86 billion by 2025

Figure 5: $2.8 trillion were transferred through instant payments in 2020, which was more than twice the amount transferred through cards

Figure 6: Instant payments represent a small portion of the payment instruments used in the US in 2020

Figure 7: Instant payment systems replace card scheme networks and reduce fees imposed on banks

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