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Global Real-Time Payments Growth “Sustainable” As New Use Cases Push Transactions to Record Highs – ACI Worldwide Report

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Global real-time payments growth has reached sustainable levels with 266.2 billion transactions recorded in 2023, a 42.2% YoY growth. India dominates the market with 49% of transactions, followed by Brazil, Thailand, China, and South Korea. The report highlights lessons from successful markets like India, Brazil, Indonesia, Malaysia, and Netherlands. By 2028, 575.1 billion real-time transactions are projected globally, accounting for 27.1% of all electronic payments. Key findings include the growth in Asia Pacific, Latin America, and Africa, as well as the importance of collaboration, inclusivity, merchant incentives, innovative use cases, and cross-border payments in driving real-time payments success.

La crescita dei pagamenti in tempo reale a livello globale ha raggiunto livelli sostenibili, registrando 266,2 miliardi di transazioni nel 2023, con una crescita annuale del 42,2%. L'India domina il mercato con il 49% delle transazioni, seguita da Brasile, Thailandia, Cina e Corea del Sud. Il rapporto sottolinea le lezioni apprese dai mercati di successo come India, Brasile, Indonesia, Malaysia e Paesi Bassi. Entro il 2028, si prevede che i pagamenti in tempo reale raggiungeranno globalmente 575,1 miliardi di transazioni, rappresentando il 27,1% di tutti i pagamenti elettronici. I risultati principali includono la crescita in Asia Pacifico, America Latina e Africa, nonché l'importanza della collaborazione, inclusività, incentivi per i commercianti, casi d'uso innovativi e pagamenti transfrontalieri nel promuovere il successo dei pagamenti in tempo reale.
El crecimiento de los pagos en tiempo real a nivel mundial ha alcanzado niveles sostenibles, con 266.2 mil millones de transacciones registradas en 2023, lo que representa un aumento del 42.2% YoY. La India lidera el mercado con el 49% de las transacciones, seguida por Brasil, Tailandia, China y Corea del Sur. El informe destaca las lecciones de mercados exitosos como India, Brasil, Indonesia, Malasia y Países Bajos. Para 2028, se proyectan 575.1 mil millones de transacciones en tiempo real a nivel global, lo que representaría el 27.1% de todos los pagos electrónicos. Los hallazgos clave incluyen el crecimiento en Asia Pacífico, América Latina y África, así como la importancia de la colaboración, inclusividad, incentivos para comerciantes, casos de uso innovadores y pagos transfronterizos para impulsar el éxito de los pagos en tiempo real.
글로벌 실시간 지불 성장은 2023년에 2662억 건의 거래로 지속 가능한 수준에 도달했으며, 연간 성장률은 42.2%입니다. 인도가 시장을 주도하며 전체 거래의 49%를 차지하고 있으며 브라질, 태국, 중국, 한국이 뒤를 잇고 있습니다. 보고서는 인도, 브라질, 인도네시아, 말레이시아, 네덜란드와 같은 성공적인 시장에서 얻은 교훈을 강조합니다. 2028년까지 전 세계적으로 5751억 건의 실시간 거래가 예상되며, 이는 모든 전자 결제의 27.1%를 차지할 것입니다. 주요 발견 사항으로는 아시아 태평양, 라틴 아메리카 및 아프리카의 성장 및 협력, 포용성, 상인 인센티브, 혁신적인 사용 사례 및 국경 간 지불을 통한 실시간 지불 성공을 추진하는 중요성이 포함됩니다.
La croissance des paiements en temps réel a atteint des niveaux durables à l'échelle mondiale avec 266,2 milliards de transactions enregistrées en 2023, soit une croissance de 42,2 % en glissement annuel. L'Inde domine le marché avec 49 % des transactions, suivie par le Brésil, la Thaïlande, la Chine et la Corée du Sud. Le rapport met en lumière les leçons tirées des marchés réussis tels que l'Inde, le Brésil, l'Indonésie, la Malaisie et les Pays-Bas. D'ici 2028, 575,1 milliards de transactions en temps réel sont projetées à l'échelle mondiale, représentant 27,1 % de tous les paiements électroniques. Les principales découvertes incluent la croissance en Asie-Pacifique, en Amérique Latine et en Afrique, ainsi que l'importance de la collaboration, de l'inclusivité, des incitations pour les commerçants, des cas d'utilisation innovants et des paiements transfrontaliers dans la réussite des paiements en temps réel.
Das Wachstum von Echtzeit-Zahlungen hat weltweit nachhaltige Niveaus erreicht, mit 266,2 Milliarden Transaktionen im Jahr 2023, ein Wachstum von 42,2% im Vergleich zum Vorjahr. Indien dominiert den Markt mit 49% der Transaktionen, gefolgt von Brasilien, Thailand, China und Südkorea. Der Bericht hebt Lektionen aus erfolgreichen Märkten wie Indien, Brasilien, Indonesien, Malaysia und den Niederlanden hervor. Bis 2028 werden global 575,1 Milliarden Echtzeit-Transaktionen erwartet, die 27,1% aller elektronischen Zahlungen ausmachen werden. Zu den Schlüsselfindungen gehören das Wachstum in Asien-Pazifik, Lateinamerika und Afrika sowie die Bedeutung von Zusammenarbeit, Inklusivität, Anreizen für Händler, innovativen Anwendungsfällen und grenzüberschreitenden Zahlungen für den Erfolg von Echtzeit-Zahlungen.
Positive

  • Global real-time payments growth has reached sustainable levels with a 42.2% YoY growth in 2023.

  • India dominates the global real-time payments market, with 129.3 billion transactions in 2023.

  • By 2028, real-time payments are expected to represent 27.1% of all electronic payments globally.

  • Asia Pacific is the largest real-time payments market, with a projected 2023-2028 CAGR of 13.6%.

  • The European Union's Instant Payments Regulation is expected to drive instant payments volume in Europe.

Negative

  • The report highlights the rise of real-time payments fraud and the challenges faced in combating it.

  • The Middle East and Africa are projected to have significant growth rates, presenting new competition in the market.

  • 266.2 billion real-time payments transactions were recorded globally in 2023, a YoY growth of 42.2%
  • 49% of all real-time transactions worldwide were made in India, followed by Brazil (14%), Thailand (8%), China (7%) and South Korea (3%)
  • Report highlights lessons learned from five of the world’s most successful real-time payments markets: India, Brazil, Indonesia, Malaysia and Netherlands

OMAHA, Neb.--(BUSINESS WIRE)-- Global real-time payments growth has reached sustainable levels with 266.2 billion real-time payments transactions recorded in 2023—a year-over-year (YoY) growth of 42.2%—according to the 2024 Prime Time for Real-Time report, published by ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, in partnership with GlobalData, a leading data and analytics company.

While previous reports highlighted the economic benefits of real-time payments and consumer uptake around the world, this year’s report—now in its fifth edition—takes a deep dive into some of the world’s leading real-time payments markets, highlighting the factors that have enabled those countries to build successful end-to-end real-time payments ecosystems. The report also reveals that many of the newer market entrants around the globe are quickly catching up, with lawmakers and central banks around the world pushing for adoption, determined to reap the economic benefits of real-time payments and drive financial inclusion for their citizens.

Key Findings at a Glance

  • Globally, 575.1 billion real-time transactions are forecast by 2028, representing a 2023-2028 compound annual growth rate (CAGR) of 16.7%. By 2028, real-time payments are expected to account for 27.1% of all electronic payments globally.
  • India continues to dominate the global real-time payments market, with 129.3 billion transactions in 2023 – more than the rest of the world’s top 10 real-time payments markets combined. Of all electronic payments made in India, 84% are now real-time.
  • Brazil saw a remarkable YoY growth of 77.9% in 2023, with 37.4 billion real-time payments transactions. Brazil is the undisputed real-time payments leader in Latin America, responsible for 75% of all transactions in the region. Other Latin American countries are pushing ahead with real-time payments modernization initiatives, looking to replicate Brazil’s success. Peru and Colombia are predicted to have the highest 2023-2028 CAGRs in the region, with 51.2% and 42.6%, respectively.
  • Asia Pacific (APAC) is the largest real-time payments market, with 185.8 billion transactions in 2023, representing 24.0% of all electronic payments in the region. With four of the top five real-time payments markets by volume, the APAC region is projected to see over 351.5 billion real-time transactions by 2028, a 2023-2028 CAGR of 13.6%.
  • The Middle East is the fastest-growing real-time payments market globally. Oman, Kuwait and Qatar all launched schemes in 2023, joining more established regional players like Saudi Arabia, Bahrain and UAE. The 2023-2028 CAGR for the region is 28.8% – transactions are expected to rise from 855 million to 3.0 billion by 2028.
  • The European Union (EU) Instant Payments Regulation, passed in February 2024, is expected to drive instant payments volume across the Single Euro Payments Area, including the 27 EU member states. By 2028, instant payments are forecast to account for 13% of all electronic payments in Europe, up from 8% in 2023.
  • North America is a major growth market to watch—primarily due to the launch of the FedNow service in the U.S. in 2023—with a projected 2023-2028 CAGR of 27.1%.
  • Nigeria is the undisputed real-time payments leader in Africa, another major growth market. The country recorded 7.9 billion transactions in 2023; real-time payments had an impressive 82.1% share of all electronic payments in 2023.

Market Deep-Dives: Lessons from the Most Successful Real-Time Payments Markets

For the first time, this year’s report takes a deep dive into five of the most successful real-time payments markets worldwide—India, Brazil, Indonesia, Malaysia, and Netherlands—analyzing the driving factors and use cases that have allowed those countries to develop thriving real-time payment ecosystems with the power to transform businesses and improve consumers’ lives.

  • The Power of Collaboration: Whether by government mandate or industry consensus, real-time payments systems thrive through active collaboration. Financial institutions, payment service providers, central banks and government institutions, merchants and third-party stakeholders must work together to build and operate successful real-time payments ecosystems.
  • Open and Inclusive Payments Ecosystems: The most successful real-time payments markets are fostering fintech-rich environments. The research shows that fintechs and smaller banks play an increasingly significant role in the real-time payment ecosystems of the world’s leading markets. Larger banks will need to reevaluate strategies and forge new partnerships with fintechs to remain competitive in the rapidly growing real-time payments markets across the world.
  • Strong Incentives for Merchants: Merchant adoption and uptake are crucial for real-time payments growth. The Indian government, for example, removed merchant discount rates and issued all merchants with QR codes for UPI acceptance, actively incentivizing merchants of all sizes to accept UPI payments.
  • Constant Flow of New, User-Friendly Use Cases: Real-time payments thrive in countries where innovative use cases have found mass adoption by consumers or businesses. Whether utility or tax bills, transport tickets or road tolls, subscription payments, or the weekly grocery shop, consumers in the most successful markets are now paying in real time.
  • Cross-Border Real-Time Payments Links are the next Big Frontier: Efforts to extend real-time to cross-border payments are finally paying off, and Asian countries are leading the way. Payments using India’s popular UPI scheme can now be made in Malaysia, Indonesia, UAE and France, and users of Malaysia’s DuitNow can now make QR code real-time payments from Indonesia, Singapore, Thailand and China.
  • Real-time payments fraud: Generative AI is changing the nature and scale of fraud attacks, but the industry is rising to the challenge. Consumer rights initiatives, education programs and government interventions—combined with new AI-based anti-fraud technology and methods—are starting to make an impact.

“This year’s report highlights the key success factors that have allowed some countries to forge ahead with real-time payments modernization and reap enormous benefits for consumers and businesses,” said Craig Ramsey, global head of real-time payments, ACI Worldwide. “Modern real-time payments require collaboration, and they encourage a new generation of market entrants for banks to either compete or cooperate with – often both. The world’s most successful real-time payments schemes, notably those in India and Brazil, also feature use cases that have proved popular beyond imagination.”

“Real-time payments—and especially cross-border payments—are the future. They remove payments friction, provide greater liquidity in the financial system, and ultimately drive economic growth and financial inclusion,” said Debbie Guerra, chief product officer, ACI Worldwide. “Banks should consider whether they are truly maximizing the real-time rails in their market, and whether limiting their commitment to the minimum also means limiting their potential share of the future of payments.”

Note to editors: All key facts and figures at a glance can be found in our Prime Time for Real-Time 2024 Infographic.

About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2024
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

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Nick Karoglou | Head of Communications and Corporate Affairs | nick.karoglou@aciworldwide.com

Katrin Boettger | Communications and Corporate Affairs Director | Katrin.boettger@aciworldwide.com

Source: ACI Worldwide

FAQ

How many real-time payments transactions were recorded globally in 2023?

In 2023, 266.2 billion real-time payments transactions were recorded globally.

Which country dominates the global real-time payments market?

India dominates the global real-time payments market with 49% of all transactions.

What is the projected CAGR for real-time transactions globally by 2028?

By 2028, a compound annual growth rate (CAGR) of 16.7% is forecast, with 575.1 billion real-time transactions.

What are some key success factors highlighted in the report?

The report emphasizes collaboration, inclusivity, merchant incentives, innovative use cases, and cross-border payments as key success factors in real-time payments markets.

What is the significance of the European Union's Instant Payments Regulation?

The regulation is expected to drive instant payments volume in Europe, with a forecasted increase in instant payments share by 2028.

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aci worldwide, the universal payments (up) company,powers electronic payments for more than 5,100 organizations around the world. more than 1,000 of the largest financial institutions and intermediaries as well as thousands of leading merchants globally rely on aci to execute $14 trillion each day in payments. in addition, thousands of organizations utilize our electronic bill presentment and payment services. through our comprehensive suite of software and saas-based solutions, we deliver real-time, any-to-any payments capabilities and enable the industry’s most complete omni-channel payments experience. to learn more about aci, please visit www.aciworldwide.com. you can also find us on twitter @aci_worldwide.