The Top 8 Global Instant Payment Platforms Will See Transaction Volumes Accelerate to Over 681 Billion by 2028

NEW YORK, Aug. 28, 2024 /PRNewswire/ — Instant payments continue to expand the financial infrastructure of economies worldwide while providing a pivotal technology to areas of lessened financial inclusivity. According to a new report from global technology intelligence firm ABI Research, the number of instant payment transactions for the global top eight platforms (Faster Payments, IBPS, PayNow, Pix, PromptPay, SEPA, UPI, and Zelle) will increase from 213 billion in 2023 to 681.1 billion in 2028.

It is becoming increasingly clear that the demand for instant payments is growing due to several factors, including a global rise in Peer-to-Peer (P2P) payments alongside an expansion in open banking, which is being championed by EU nations.  “Account-to-account wallets, which have seen widespread use in P2P transfers, are experiencing increased usage given their use in daily smaller-scale convenient payments between users,” explains Sam Gazeley, Digital Payment Technologies Industry Analyst at ABI Research. “Open banking is widening the available market for prospective users by providing access to instant payments in a streamlined setting, opening the market up to net-new customers and driving financial inclusion.”

While instant payment platforms are compelling for developing economies to drive greater financial inclusion for their users, it is important to consider that there is no one-size-fits-all ownership or operating model for success. It is down to the individual country to define the goals to achieve for developing instant payments within the context of their ecosystem. Success is more likely to be ensured by developing a strategic plan for infrastructure investment and cost recovery and focusing on long-term benefits over short-term profitability.

Technology implementers can consider launching an initial entry-level service to kickstart adoption while ensuring that the design of the instant payment system is adaptable to accommodate diverse use cases, such as emergency payroll or transfers between domestic accounts, driven by the market’s needs, thereby achieving a plug-and-play framework. “Given that different markets address the need for instant payment systems in various ways, it is clear there is no silver bullet as to how such a solution should be implemented. Some countries will opt for brand new systems, while others will support existing offerings with upgrades geared toward instant payment functionalities,” Gazeley concludes.

These findings are from ABI Research’s Market Analysis of National Alternative Instant Payment Platforms application analysis report. This report is part of the company’s Digital Payment Technologies research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific technology.

About ABI Research

ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.

ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.

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Deborah Petrara                                                           
Tel: +1.516.624.2558                                                   
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Source : The Top 8 Global Instant Payment Platforms Will See Transaction Volumes Accelerate to Over 681 Billion by 2028

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