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Data for today’s episode is provided by Mercator Advisory Group’s Report: International Faster Payments: A Growing Real-Time Presence
Mobile Wallet Adoption for Real-Time Payments:
- Mobile wallet adoption across the globe increased by 46% in 2020.
- This represents a significant rise from the growth rate of 18.9% in 2018.
- ACI Worldwide estimates the total number of mobile wallet transactions to be 102.7 billion for 2020.
- By 2025, there will be a forecast of 2,582.8 billion mobile wallet transactions.
- Implemented and planned real-time payments systems in rails outside of North America are prioritizing integration with mobile/digital wallets.
About Report
Real-time payments continue on a path to prominence in world markets, with these systems currently a domestic phenomenon but increasingly expected to fill cross-border demand as well. The only question is time, as these global payments rails are now available in almost 60 markets with more systems poised for launch during the next year. We have been tracking developments and faster value transfers in the United States since same day ACH was initially launched for credit transfers in 2016. With our latest research report, International Faster Payments: A Growing Real-Time Presence, we now expand into developments across the globe in various key markets with data and estimated growth in the use of these systems, as well as discussions on upcoming rails and other important initiatives underway.
Mercator Advisory Group’s latest report provides a review of ten specific markets outside of the United States, with actual and forecasted value growth data through 2026. We also provide details on various initiatives underway for the eventual delivery of instant cross-border payments, something that until recently seemed to only be possible many years into the future.
“Real-time payments systems are becoming more common across the globe, with new domestic rails operating in dozens of developed and developing markets with a growing ubiquity of access to bank accounts within those markets,” commented Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service, co-author of the report. “Substantial adoption has already been achieved in various markets and instant payment growth rates in selected countries outside the United States are expected to be near double digit between 2020 and 2026.”