The report “2021 Key Trends of the Payment Industry: Real-Time Payments in Europe” gives insights into the process of adoption of real-time payments by the European countries. The publication shows that Europe has been experiencing a significant surge in real-time payments amid the COVID-19 pandemic and is going to maintain its leading position in the future.Europe is Increasingly Adopting Real-Time Payments, Says Report
Europe is further digitalizing payment methods by developing infrastructure for real-time fund transfers amid COVID-19
The shift to digital payments has accelerated even further due to the nature of the health crisis. According to the report, Western Europe is expected to rapidly adapt to real-time payments and account for one-fifth of the total value in the world by 2025. What is more, the European Central Bank intends to include all payment providers in the system of real-time payments across the euro area by the end of 2021.The COVID-19 crisis further strengthened the trend of real-time payments in Europe
Amid the pandemic, most European markets experience significant growth in volumes and values of real-time fund transfers. For example, the United Kingdom has seen the largest year-on-year growth rates during the Autumn months of 2020, and the Netherlands underwent a four-digit percentage rise. Additionally, the countries of Northern Europe have created a plan of action to introduce real-time payments in the framework of the P27 program, starting from mid-2021.Table of Contents
- Main Drivers and Challenges for Real-Time Payments Adoption, December 2020
- 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
- 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
- Availability of Real-Time Payments Option, by Selected Banks, September 2020
- 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
- Shares of Real-Time Payments in Total Single Credit Transfers, in %, November 2020
- Volume of Real-Time Payments, in thousands, February 2019 & October 2020
- 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
- Volume and Value of Payments via the Hungarian Real-Time Credit Transfer Scheme (AFR), in millions, and in HUF trillion, March 2020 & September 2020
- Volume of Transfers via Express Elixir Real-Time Payment System, in PLN billion, and Volume, in millions, November 2019 & November 2020
- Real-Time and Continuous Transfer of Funds (FAST), December 2020
- 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
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bankgirocentralen BGC AB
- DKB Kreditbank AG
- Express Elixir
- ING Bank NV
- N26 Bank GmbH
- P27 Ltd
- Target Instant Payment Settlement (TIPS)
