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Fintech & Ecommerce

Countries with highest number of real-time transactions revealed

Mar 31, 2021

Coronacrisis caused a significant shift towards digital payments

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Countries with highest number of real-time transactions revealed. Source: pexels.com

According to the research, over 70.3 billion real-time payment transactions were carried out in 2020 worldwide. That’s a rise of 41% compared to 2019, as the pandemic accelerated the shift away from cash and checks toward real-time and digital payments.

It has found that in terms of the number of real-time transactions in 2020, Mexico ranks 10th with 942 million while the US got 9th place with 1.2 billion transactions.

Meanwhile, Brazil climbs into the global top 10 at 8th with the launch of PIX, with 1.3 billion transactions driving a 58% YoY growth from 2019 to 2020.

Japan got 7th with 1.7 billion, while Nigeria follows in 6th place with 1.9 billion transactions.

The UK and Thailand got 5th and 4th places with 2.8 billion and 5.2 billion transactions, respectively.

South Korea is in 3rd place with 6 billion transactions, followed by China with 15.7 billion.

India became the leader by retaining the top spot with 25.5 billion real-time payments transactions, according to the figures.

The pandemic has cast the spotlight on the importance of digital payments and robust payment infrastructures, condensing a decade of anticipated innovation into one year and creating human behavioral changes that will not reverse as we emerge from the crisis. Countries with a robust digital payments infrastructure already in place have coped better than those without when it comes to containing the economic impact of the pandemic. Real-time payments have enabled governments, working jointly with financial institutions, to accelerate much-needed disbursements and economic stimulus payments to their citizens. They have also enabled real-time liquidity to businesses that had to adapt to disrupted supply chains
Jeremy Wilmot, chief product officer, ACI Worldwide

As to the fastest-growing countries for real-time payments, the top spot goes to Croatia with an expected CAGR of 374.4% by 2025, followed by Colombia (112.7%), Malaysia (83.9%), Peru (74.4%), and Finland (71.4%).

We’ve reported that 1 in 5 Americans changed their banks amid pandemic.

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