Instant/real-time payments - statistics & facts
Instant payments, or real-time (RTP) payments, make it possible to perform payment transactions nearly instantaneously and are expected to grow in importance in the coming years. The value of transactions processed using this technology will grow by 289 percent between 2023 and 2030. Real-time payments are typically not settled on a card rail - the networks from Visa or MasterCard - but on a bank rail. One example of a real-time payment scheme is UPI (Unified Payments Interface) in India, which allows Google Pay to operate in the country. The country with the highest growth in instant payments, however, is Brazil - due to the growing popularity of the domestic scheme Pix. Instant payments in developed countries take on a different role altogether. A system like FedNow in the United States cannot be immediately compared to UPI.
