GlobalData: Real-time Digital Payments Report 2021

GlobalData: Real-time Digital Payments Report 2021

GlobalData has released the second edition of its ‘Real-Time Digital Payments’ report, continuing its in-depth exploration of the biggest trends shaping digital payments and helping financial institutions plan for future opportunities and challenges.

Just two years ago, real-time payment infrastructure was considered a luxury in many markets. That all changed in 2020, as the COVID-19 pandemic dramatically accelerated a pre-existing but slow-moving trend.

Countries with a robust digital payments infrastructure have fared better than those without it in curbing the economic impact of the pandemic. Real-time payments are an important part of that infrastructure because they serve a need that traditional bank cards cannot meet. Real-time payments enable governments to work with their financial institutions to accelerate the disbursement of much-needed funds and economic stimulus to citizens. They also provide real-time liquidity to businesses.

The pandemic’s focus on existing payment infrastructure has highlighted the importance of digital payment systems. Global transaction volumes have surged, shortening innovations that would have taken a decade to a year and changing human behavior. These changes will not be reversed as we emerge from the crisis. The accelerated adoption of mobile wallets, especially in developed markets like the United States, has changed the way cash moves.

Banks, counterparties, acquirers and payment networks are under more pressure than ever to quickly modernize their payment systems to cope with this change. This means migrating to modern data standards, launching new real-time systems and new value-added services. Once the infrastructure is in place, the next imperative is for merchants to get more new payment services in real time.

It’s clear from this year’s research and analysis that the pace of change isn’t slowing down. 2020 has been a catalyst even for a historically sluggish market. Financial institutions must keep up with new volumes, services, and demands. Managing the need for rapid innovation while meeting customers’ existing needs requires an agile approach to modernizing payments.

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