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Asian Countries Leading the Adoption of Domestic Instant Payments | Globaldata Plc

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GlobalData UK Ltd
GlobalData UK Ltd

The global instant payments market transaction was valued at $100 trillion in 2021

LONDON, June 21, 2022 (GLOBE NEWSWIRE) -- The instant payments market is projected to grow at a CAGR of 12% by 2025. Countries that have a well-established instant payment infrastructure are actively focusing on driving the interoperability of their platforms with other countries. Linking domestic instant payment platforms should reduce remittance costs for both merchants and consumers and strengthen economic ties among countries. Instant payments technology is rapidly being adopted around the world, albeit at varying paces – with Asian countries boasting a significant lead.

The Innovation in Instant Payments market research report offered by GlobalData Plc explores domestic instant payment platforms across a number of countries through various case studies. It also explores developments in terms of cross-border instant payment interoperability, including the benefits and challenges of establishing such links.

For more insights on this report, download a free report sample

Instant Payment Market Dynamics

Instant payment technology is gradually being adopted by most countries as an innovative network that improves payment infrastructure by ensuring transactions happen in seconds and without interruption. Some countries such as India see instant payments as an opportunity to create more financial inclusion by simplifying access to digital banking for those who cannot access a bank account. India is leading the adoption of instant payment in the world and is already working on expanding its Unified Payments Interface (UPI) platform to other countries. Countries leading the race to adopt instant payments are now focusing on developing regional instant payment networks that will enable international fund transfers in different currencies.

Instant payment systems reduce the reliance on card scheme networks to enable international transfers, making transactions cheaper. Linkages should stimulate cross-border transactions both for consumers and businesses and thus benefit the growth of regional economies. Linkages will improve data privacy between users of platforms as transactions can be executed with an email address or phone number.

Key Countries in the Instant Payments Market

  • India

  • China

  • Thailand

  • South Korea

  • UK

  • Nigeria

  • US

  • Brazil

  • Japan

  • Netherlands

India has a well-developed instant payment infrastructure called Immediate Payment Service (IMPS). By connecting to IMPS, UPI is able to provide instant payment services to consumers and merchants. Globally, India leads the way in instant payments with transaction volume reaching $39.8 billion in 2021.

Instant Payment Market, by Countries

For more country insights, download a free report sample

Key Innovation Case Studies in the Instant Payment Market

  • India: UPI

  • Brazil: Pix

  • Nexus Project

  • Spain-Brazil link

  • Nordics: P27

  • ASEAN links

For more insights on key innovations in the instant payments market, download a free report sample

Leading Players in the Instant Payments Market

  • PIX

  • UPI

  • Bank for International Settlements

  • Santander

  • P27

  • Swish

  • MobilePay

  • Danske Bank

  • Handelsbanken

  • Nordea

  • OP Financial Group

  • SEB

  • Swedbank

  • PayNow

For more insights on leading players in the instant payments market, download a free report sample

Instant Payments Market Overview

Market Size 2021

$100 trillion

CAGR

12%

Forecast period

2021-2025

Key Countries

India, China, Thailand, South Korea, the UK, Nigeria, the US, Brazil, Japan, and the Netherlands

Key Innovation Case Studies

India: UPI, Brazil: Pix, Nexus Project, Spain-Brazil Link, Nordics: P27, and ASEAN Links

Leading Players

PIX, UPI, Bank for International Settlements, Santander, P27, Swish, MobilePay, Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, Swedbank, and PayNow

Reasons to Buy

  • Understand the advantages and challenges of instant payment adoption.

  • Identify the key players in the space.

  • Learn about the different approaches to instant cross-border payments.

FAQs

What was the global instant payment market size in 2021?
The global instant payments market transaction was valued at $100 trillion in 2021.

What is the instant payment market growth rate?
The instant payments market is projected to grow at a CAGR of 12% during the forecast period.

Which are the key countries in the instant payments market?

The key countries in the instant payments market are India, China, Thailand, South Korea, the UK, Nigeria, the US, Brazil, Japan, and the Netherlands.

What are the key innovations in the instant payments market?
The key innovations in the instant payments market are India: UPI, Brazil: Pix, Nexus Project, Spain-Brazil link, Nordics: P27, and ASEAN links.

Who are the key players in the instant payments market?
Some of the key players in the instant payments market are PIX, UPI, Bank for International Settlements, Santander, P27, Swish, MobilePay, Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB, Swedbank, and PayNow.

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