Instant payment transaction values to exceed $27 trillion globally by 2026, from just $4.8 trillion in 2021. Over 24% of B2B & consumer payments to be instant by value in 2026.

20 august 2021

A new study from Juniper Research has found that the transaction value of instant payments will exceed $27.7 trillion in 2026, from just $4.8 trillion in 2021. The research identified that this extraordinary growth of over 470% will be driven by improved cost and transparency for instant payment schemes versus legacy payment schemes, such as ACH or CHAPS.

The research predicts that instant payment schemes will increasingly disrupt both domestic and cross-border channels by offering payments that are faster to process, cheaper to both facilitate and initiate, and easier to track and reconcile. However, instant payments will take time to proliferate, given the fragmented nature of payments regulation within key markets like the US, and the uneven roles regulators have played internationally in payments innovation.

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Lack of interoperability restricting cross-border instant payments

The new research, Instant Payments: B2B & Consumer Payments Analysis and Forecasts 2021-2026, also found that over 70% of the overall transaction value of instant payments will be domestic in 2026, with instant payment schemes lacking cross-border interoperability.

The research acknowledged joining instant domestic schemes together to power cross-border payments as challenging, despite ISO 20022 adoption. The report predicts that CDBCs (Central Bank Digital Currencies) could have a significant role to play in harmonising cross-border payments due to their clean slate nature, meaning they can be designed with cross-border use cases in mind from the start. However, this will require prioritisation by regulators.

Research co-author Damla Sat explained: ‘CDBCs can completely disrupt the cross-border payments market, but they must be designed around this use case specifically, or they will fall victim to the same challenges as legacy payment systems.’

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An instant payments scheme is any electronic retail payment system that is available on a 24/7/365 basis with transactions processed in under 10 seconds, with examples including Faster Payments in the UK and RTP (Real-time Payments) in the US.

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Mihai Draghici – CEO PayByFace

„Dupa ce oamenii creeaza un cont PayByFace si au adaugat cardul, selfi-ul si PIN-ul, si au avut un pic de curaj sa se duca sa incerce, daca au incercat o data plata prin recunoastere faciala nu mai folosesc altceva (n.r. ca modalitate de plata). 80% dintre ei numai asta folosesc. Le place la nebunie.” 

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In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?