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October 6, 2020

Real-time payments adoption skyrockets amid Covid-19 pandemic

A new study by fintech firm FIS has unveiled that real-time payments usage and adoption has fast-tracked amid the ongoing Covid-19 pandemic.

Study highlights

The seventh annual ‘Flavors of Fast’ report by FIS revealed that the number of real-time payments processed over the past year has more than doubled in six countries.

The volume of real-time payments grew 657% in Bahrain, 488% in Ghana, 309% in the Philippines, 214% in Australia, 213% in India and 208% in Poland.

Simultaneously, the value of such transactions increased by 482% in the Philippines, 311% in Bahrain, 231% in Australia, and 222% in Ghana.

India processed 41 million real-time transactions each day, which is higher than in any country.

South Korea, through its HOFINET scheme, processed the highest number of transactions per capita, with 75 transactions per citizen, per year.

The real-time payment network in the US recorded a five-fold growth since September 2019, with over 130 financial institutions currently implementing the service.

In Europe, 56% of payments service providers (PSPs) joined the SEPA Credit Transfer Instant Payments network – which brings instant and cross-border payments to 20 countries.

Last year, Vietnam and Hungary also adopted real-time payments, bringing the total number of countries with such schemes to 56.

According to the FIS report, the Request to Pay (R2P) framework, cross-border, and corporate treasury B2B payments are driving the adoption of the real-time payments globally, in addition to the Covid-19 pandemic.

FIS head of global real-time payments Raja Gopalakrishnan said: “The current pandemic has highlighted the critical importance of instantly getting funds in the hands of those who need it, whether individuals or businesses.

“This year’s FIS Flavors of Fast report shows that as real-time payments networks mature, they are bringing value beyond speed.”

Florida-based FIS supports real-time payments in 24 countries around the world.

Last month, FIS partnered with The Clearing House to bring real-time payment processing and settlement to financial institutions in the US.

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