BASINGSTOKE, England--(BUSINESS WIRE)--A new study from Juniper Research has found that the number of instant payment transactions will exceed 376 billion globally by 2027; increasing from 97 billion in 2022, a 289% growth. It predicts that an increased roll-out of instant cross-border payment schemes in multiple countries will drive this growth by enabling businesses and consumers to benefit from greater speed and efficiency.
This efficiency is gained by processing payments over instant payment rails, which provide time and cost savings, while also offering greater transparency over transactions to stakeholders than traditional payment rails.
An instant payment is any payment outside of a card network that is capable of receiving funds in 10 seconds or under.
Regulators to Play Key Role in Cross-border Instant Payments
The report forecasts that cross-border transactions will grow at a faster rate than domestic transactions globally. It anticipates that cross-border transactions will rise from 631 million payments globally in 2022 to over 6 billion in 2027. The creation of instant payment schemes by international bodies, such as the EU, and an increase of bilateral agreements between these bodies will be key drivers of growth over the next five years.
These bodies will be essential in creating cross-border instant payment networks, as they have the capital and influence to connect disparate payment schemes across different geographical regions in order to maximise the value proposition of instant payments. In turn, the report recommends that regulators increase partnerships with international bodies to broaden payment schemes and expand access to instant payment services.
Greater Efficiency to Drive Business Adoption
Additionally, the report predicts that the increased time and cost efficiencies, and the improved cashflow management of using instant payments will be primary factors in influencing businesses to adopt. This will contribute to the total value of instant payment transactions rising from $6 trillion this year, to $33 trillion in 2027.
View the Instant Payments market research: https://www.juniperresearch.com/researchstore/fintech-payments/instant-payments
Download the whitepaper: https://www.juniperresearch.com/whitepapers/three-key-trends-that-are-accelerating-instant
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and commentary.
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December 05, 2022 at 02:00PM
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Juniper Research: Instant Payment Transactions to Surpass 376 Billion Globally by 2027; as Cross-border Innovations Drive Growth - Business Wire
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