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Finance & Economics

Coronacrisis brings new opportunities for instant payments: research

Apr 13, 2020

Since consumers are using contactless payments to avoid contamination, the pandemic has accelerated the cashless payments’ use worldwide

instant payments

Coronacrisis brings new opportunities for instant payments: research. Source: shutterstock.com

According to GlobalData, over half a trillion real-time payment transactions will be processed over 5 years. The report highlights that consumers will get into new digital payment services habits, thus boosting the global Instant Payments (IP) market.

Real-time payment systems can really help with the disruption caused by COVID-19. The ability to send money to 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
Sam Murrant, Lead Analyst in GlobalData and the report’s co-author

The study found that centrally driven payments market initiatives are a significant factor for IP adoption. It’s making it a strategic imperative for both banks and companies in the market. Although, the final objectives will vary by country whether it is financial inclusion, cross-border commerce or shifting to a cashless economy.

All of these will likely be accelerated by consumers’ and businesses’ reluctance to use cash during the COVID-19 outbreak, according to the statement.

The report also forecasts a payment volume compound annual growth rate (CAGR) of 23.4% by 2024 across the 30 global markets.

Besides, India is expected to lead in real-time payments over the next 5 years. Its transaction volumes set to rise to 52.8 billion in 2024.

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