Volume of Real-time Payments Surges During Pandemic, FIS Reports in New Study
05 October 2020 - 11:00PM
Business Wire
Key findings
- FIS annual report finds six countries more than doubled the
number of real-time payments transactions year over year, while
four saw at least a twofold increase in transaction value.
- India handles the largest number of real-time payments
transactions at 41 million per day, more than double last
year.
- Request to Pay, corporate payables, and cross-border payments
are driving adoption globally.
New research released today by FIS® (NYSE: FIS) shows that
adoption and usage of real-time payments has accelerated amidst the
COVID-19 pandemic and the real-time rails are now offering
capabilities that extend beyond instant payments.
FIS’ seventh annual Flavors of Fast report highlights key
findings about real-time payments networks across the globe:
- Six countries have seen a twofold or greater increase in number
of real-time payments processed over the past year:
- Bahrain (657%), Ghana (488%), Philippines (309%), Australia
(214%), India (213%) and Poland (208%).
- Over the same time, four countries have seen a twofold or
greater increase in the monetary value of real-time payments
transactions:
- Philippines (482%), Bahrain (311%), Australia (231%) and Ghana
(222%).
- India remains as the leader in real-time payments, processing
41 million real-time transactions per day, more than any other
country.
- South Korea reported the highest number of real-time
transactions per capita, with 75 transactions per citizen, per year
processed through the country’s HOFINET scheme.
- In the U.S, more than 130 financial institutions are currently
implementing real-time payments, a five-fold increase since
September 2019.
- More than half (56%) of all European payments service providers
have joined the pan-European SEPA Credit Transfer Instant Payments
network, which brings cross-border and instant payments to 20
countries.
- Vietnam and Hungary added real-time payments networks since
last year, bringing the total number of countries with such schemes
to 56.
Request to Pay (R2P), cross-border payments, and corporate
treasury business-to-business payments are driving adoption of
real-time payments networks globally, according to the FIS report.
R2P systems offer a convenient and flexible way for people,
businesses and governments to request a payment from a third party.
The UK government has formally launched a framework for the
development of a national R2P system built on international
standards. In addition, The Clearing House in the U.S. is working
with banks and billers to pilot an R2P service that is expected to
launch later this year.
FIS supports real-time payments across the globe, processing
instant transactions in 24 countries including the U.S., China,
India, Australia and the UK.
“The current pandemic has highlighted the critical importance of
instantly getting funds in the hands of those who need it, whether
individuals or businesses,” said Raja Gopalakrishnan, head of
Global Real-time Payments at FIS. “This year’s FIS Flavors of Fast
report shows that as real-time payments networks mature, they are
bringing value beyond speed. At FIS, we are working to further
advance the business payments experience across the global
ecosystem to make it simpler, easier and more cost effective while
enhancing the user experience.”
The 2020 Flavors of Fast report includes meta-analysis of
real-time payments data research conducted in April and May 2020.
The report defines real-time or faster payments as funds
transferred from one bank account to another with payment
confirmation in one minute or less. The full report includes
interviews with real-time payments experts and analysis from FIS.
For the full 2020 Flavors of Fast report, visit
fisglobal.com/flavors-of-fast.
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our more than 55,000
people are dedicated to advancing the way the world pays, banks and
invests by applying our scale, deep expertise and data-driven
insights. We help our clients use technology in innovative ways to
solve business-critical challenges and deliver superior experiences
for their customers. Headquartered in Jacksonville, Florida, FIS is
a Fortune 500® company and is a member of Standard & Poor’s
500® Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20201005005076/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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