Global value of cross-border instant payments to rise from $5 trillion in 2024, to $17 trillion in 2028.
A new study from Juniper Research, has found that by connecting national instant payment schemes, the cross-border instant payment market will increase by 223% globally by 2028; resulting in a 29% share of all global instant payment transactions by 2028.
This change will be driven by the reduction in transaction friction.
Juniper Research defines instant payments, also known as real-time payments, as any payment where funds can be received within 10 seconds.
Connecting Domestic Rails Opens Up Cross-border Payments
Streamlining cross-border instant payments will increase trade and investment between participating nations. To capitalise on this, the report urges governments across the world to back these projects through investment and regulation to connect their instant payment systems.
Project Nexus
The report identified key schemes, such as Project Nexus, as key frameworks that accelerate the integration of multiple payment networks. These schemes do this by aggregating the integration process across multiple networks rather than separate integrations for individual rails.
Report author Michael Greenwood added, “These schemes create a positive feedback loop. As more countries connect to an instant payments network, the network’s value increases; incentivising further countries to participate.”
Boosting International Trade
The report forecasts that as cross-border instant payment availability grows, more businesses will leverage these rails to enhance international trade. By leveraging these networks, businesses take advantage of the improved payment processing speed and availability of value-added services, such as enhanced transaction data, to improve their cashflow.
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An extract from the new report, Global Instant Payments Market 2024-2028, is now available as a free download.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
