Instant payments transaction values to reach $18 trillion by 2025, up from $3 trillion in 2020. West Europe will account for 38% of the value.

28 septembrie 2020

The research found that B2B payments will dominate values in the instant payments market; accounting for 89% of global transaction values in 2025.

A new study from Juniper Research has found that the value of instant payments, where transactions are completed within ten seconds, will reach $18 trillion in 2025, up from $3 trillion in 2020; a growth of over 500%. This represents 17% of all B2B and consumer digital money transfer and banking payments by value in 2025. The research found that West Europe is driving innovation and will account for 38% of instant payment transaction value by 2025.
 
The report identified that success of domestic instant payment schemes will enable cross-border vendors to connect different schemes into cross-border networks, which will radically reduce the time, cost and frustration involved in the current cross-border payments ecosystem. However, this will also require established cross-border vendors to revisit their business models, as the fundamentals of the market change drastically.  

For more insights, download the free whitepaper: Why Instant is Critical to Payments

US Lagging Behind in Instant Payments Adoption

The new research, Instant Payments: Domestic & Cross-border Analysis and Forecasts 2020-2025, found that the US will trail in terms of instant payments adoption, with only an 8% share of global instant payment transaction values in 2025. While RTP has been available in the US for some time, the fragmented nature of its financial system means that adoption has been slow to date.

Research author Nick Maynard explains: ‘With the proposed FedNow service from the US Federal Reserve not coming into service until 2023/24, the US is rapidly falling behind in instant payments. Payments vendors must concentrate on creating innovative digital payments products to bridge this gap or be faced with an outdated system.’

B2B Instant Payments Dominating Transaction Values

The research found that B2B payments will dominate values in the instant payments market; accounting for 89% of global transaction values in 2025. While consumer payments are numerous, B2B payments have much higher average values. The research identifies that instant payments adoption can be particularly transformative in B2B payments, where value-added capabilities, including automation and additional remittance data enabled by ISO 20022 can be valuable in tackling complex accounts payable processes.

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

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 in 2020?