The next phase of real-time payments growth has arrived, with government intervention and value-added use cases driving global adoption, according to GlobalData’s 2023 Global Real-Time Payments Report. Real-time payments are entering a new phase of growth. With many countries successfully launching coverage or request payment services, consumer adoption is rising, driving real-time traffic growth to record highs, led by India, Brazil and Bahrain. Successful real-time services are becoming ubiquitous and profoundly changing the way consumers, businesses and governments make and receive payments and transact financially. Other countries are taking note of these success stories. Governments and regulators are likely to continue to exert pressure for the adoption of real-time payments, and in many markets and regions they are taking steps to drive greater adoption of real-time payments as they see it as a way to drive economic growth. The report shows that government mandates and incentives are key to the successful transformation of the payments ecosystem. Targeted use cases are driving consumer adoption, with consumers and businesses around the world eager for cheaper, faster and more efficient ways to pay. Merchant adoption and acceptance of real-time payments is rising as more merchants realize the efficiency gains they can achieve. Real-time payments are part of the digital proposition of modern financial institutions, ensuring competitiveness and increasing customer stickiness. This means that banks need to make the most efficient use of their real-time rails to avoid falling behind any competitors who adopt real-time payments and thus reap the benefits. |
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