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

  • ID: 5240704
  • Report
  • February 2021
  • Region: Global
  • 115 Pages
  • yStats GmbH & Co. KG
Amid Covid-19, Real-Time Payments Attract Governments, Businesses, and Consumers Globally

FEATURED COMPANIES

  • Alipay.com Co. Ltd.
  • DKB Kreditbank AG
  • InstaPay Systems Inc
  • NamClear
  • PromptPay Inc
  • Visa Inc
The COVID-19 crisis further strengthened the trend of real-time payments in Europe and the US

As detailed in this publication, real-time payments received special attention from the governments, businesses, and consumers, especially during the health crisis. Among the main reasons to utilize this type of payment processing, US corporate decision-makers point out increased accuracy of cash flow management. With that, the share of instant payments of total transactions in the country is forecasted to constitute about one-fifth through 2024. In Europe, the ECB has set an objective to include all payment providers in the system of real-time payments across the euro area by the end of 2021. As of 2020, most of the European markets, including the UK and the Netherlands, experienced significant growth in volumes and values of real-time fund transfers. 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.

The real-time payment systems of the Middle East and Latin America still have room for improvement

According to figures cited in the report, in general, the Middle East has been growing in terms of values and volumes of payments via the local real-time payment systems during 2020. Nevertheless, many of their solutions are still only near real-time, and some, like Israel’s Zahav, are not available 24/7. Nevertheless, the lockdown, in the first half of 2020 brought significant positive changes in the number and values of the near real-time transactions for some countries and the year-on-year growth rates went sharply up. Latin American countries have been increasingly opting for real-time payments in recent years, which was especially encouraged by the local Central Banks. The main goal was to increase financial inclusion and reduce cash in circulation. In Mexico, for example, right before the onset of the COVID-19 pandemic, a new real-time mobile payment platform known as CoDi was introduced which still struggles to increase the number of active users. Similarly, the Central Bank of Brazil decided to launch Pix in November 2020. According to figures cited in the report, by 2030, fund transfers via Pix are expected to be about one-fifth of the total electronic payments in the country.

Amid the coronavirus pandemic, real-time payments in Asia accelerated

Since the outbreak of the COVID-19, most of the countries in the Asian region underwent a rise in the values and volumes of payments via their local RTGS systems. The Japanese Core Time System experienced a significant spike in March 2020, while the numbers have gradually stabilized after that. The Philippines’ InstaPay has accelerated transactions by three-digit percentages in times of the pandemic. Moreover, India, after a serious decrease in the numbers in April-May 2020, recovered in the following months and reached even higher numbers, according to figures cited in the new report. This positive development is likely to continue in the near future as such economies as China, Singapore, Malaysia, and some others are forecasted to considerably grow in terms of real-time payments adoption by the year 2024.

Report Coverage

  • This report covers real-time payments markets in the USA, Europe, Asia, Middle East, Africa, and Latin America. It takes into account a wide definition of realtime payments and includes a description of data on countries’ real-time gross settlement platforms. In addition, if available, information related to the impact of the coronavirus (COVID-19) on real-time payments is included in this report.
  • The report includes data mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

  • The report starts with an overview of the Global real-time payments market. The rest of the report is divided into regional and country chapters.
  • In the report the countries are grouped by advanced and emerging markets in the descending order of online payments turnovers.
  • Depending on data availability, the following types of market information are included: main real-time payments service providers in a country, and their current activities, volumes and values of the payment method, as well as projections of the developments of the real-time payments in the near future, if available. Not all the mentioned types of information are available for each of the covered countries.
Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
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FEATURED COMPANIES

  • Alipay.com Co. Ltd.
  • DKB Kreditbank AG
  • InstaPay Systems Inc
  • NamClear
  • PromptPay Inc
  • Visa Inc

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
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A selection of companies mentioned in this report includes:

  • Alipay.com Co. Ltd.
  • Azimo Ltd
  • Bankgirocentralen BGC AB
  • BENEFIT payment
  • 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
  • Payments Network Malaysia Sdn bhd
  • PayNow Co Ltd
  • Pix
  • PLIN
  • 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
Note: Product cover images may vary from those shown
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