COVID-19 highlights need for real-time digital payment services worldwide

COVID-19 highlights need for real-time digital payment services worldwide
COVID-19 highlights need for real-time digital payment services worldwide

Categories :

By citiesabc news - Apr 13, 2020
source credit by Antonio Gravant, via Envato

COVID-19 highlights need for real-time new digital payment services worldwide, GlobalData research reveals

News release

More than half a trillion real-time payment transactions will be processed over the next five years, according to Prime Time for Real-Time, a new global report from ACI Worldwide and GlobalData. The coronavirus outbreak has accelerated the use of cashless payments across the world due to consumers opting for contactless payments to avoid disease vectors, and a rise in online payments due to lockdowns. This will shape consumer behavior going forward, as consumers around the world will get into new habits of using digital payment services, which should boost the global Instant Payments (IP) market.

Sam Murrant, Lead Analyst in GlobalData’s Payments practice, and one of the report’s co-authors, predicts that the current crisis presents a major opportunity for real-time payments: “Real-time payments systems can really help with the disruption caused by COVID-19. The ability to send money to a contact and have them be able to use it right away presents a powerful tool for families and communities to support each other through the present hardship. In the longer term, once the user bases are in place, these systems will also be able to leverage their speed and efficiency to move out of P2P and into the consumer-to-business space.”

Centrally driven payments market initiatives are a significant factor for IP adoption, making it a strategic imperative for banks and companies in the market. The end goals will vary by country whether it is financial inclusion, cross-border commerce or shifting to a ‘cashless’ economy. These plans will likely be accelerated by consumers’ and businesses’ reluctance to use cash during the coronavirus pandemic.

Another is having a seamless and integrated payments experience with rich overlay service. This means that end users, whether it is consumers or businesses want convenience and growth is stronger where easy-to-use payments types exist in both markets.

Murrant continues: “The report forecasts a payment volume compound annual growth rate (CAGR) of 23.4% from 2019 to 2024 across the 30 global markets analyzed. India is poised to lead the world in real-time payments over the next five years, with transaction volumes set to grow from 15.3 billion in 2019 to 52.8 billion in 2024. India is already considered to be a world leader in IP, having launched its IMPS (Immediate Payment Service) in 2010 and since built on it with the highly successful overlay service UPI.

“Real-time payments have huge disruptive potential for payments – these systems won’t just be dominating P2P and bill payments in the years to come. We’ll be using these systems to pay online and ultimately at the point of sale too.”

Information based on GlobalData and ACI’s report COVID-19 Crisis Highlights Need for Real-Time and New Digital Payments Services Around the World

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make timelier and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

Tags

Mr. Pradeep Multani, President PHDCCI India, On Dinis Guarda YouTube Podcast: Business Opportunities That Indian Markets Hold For Global Investors

Mr. Pradeep Multani, President PHDCCI India, On Dinis Guarda YouTube Podcast: Business Opportunities That Indian Markets Hold For Global Investors

May 27, 2022
Blockchain-Powered Property And Tourism Ecosystem LynKey Host Gala Dinner In Dubai

Blockchain-Powered Property And Tourism Ecosystem LynKey Host Gala Dinner In Dubai

May 26, 2022
Blockchain-Powered Property And Tourism Ecosystem Lynkey Discusses The Future Of NFTs And Metaverse At WBS In Dubai

Blockchain-Powered Property And Tourism Ecosystem Lynkey Discusses The Future Of NFTs And Metaverse At WBS In Dubai

May 25, 2022
World Coffee Alliance (WCA) Announces Panel At WCA Technocoffee Innovation Series: Building Trust Through Digital Identity “A Question Of Sovereignty?” On 26 May

World Coffee Alliance (WCA) Announces Panel At WCA Technocoffee Innovation Series: Building Trust Through Digital Identity “A Question Of Sovereignty?” On 26 May

May 24, 2022
The Foundations Of Blockchain At Dinis Guarda Youtube Podcast

The Foundations Of Blockchain At Dinis Guarda Youtube Podcast

May 20, 2022
How To Achieve Carbon Neutrality By 2050

How To Achieve Carbon Neutrality By 2050

May 19, 2022
Dubai’s Museum of the Future and Binance NFT Launch The Most Beautiful NFTs in the Metaverse

Dubai’s Museum of the Future and Binance NFT Launch The Most Beautiful NFTs in the Metaverse

May 18, 2022
Andy Warhol’s Pop Art Queen Goes On Sale To Mark Platinum Jubilee

Andy Warhol’s Pop Art Queen Goes On Sale To Mark Platinum Jubilee

May 16, 2022
These Are The Most NFT Obsessed States in America

These Are The Most NFT Obsessed States in America

May 13, 2022
NFT Artist Andrea Bonaceto To Transform Oxford Street With Monumental Interactive Digital Exhibition In Partnership With W1 Curates

NFT Artist Andrea Bonaceto To Transform Oxford Street With Monumental Interactive Digital Exhibition In Partnership With W1 Curates

May 13, 2022