NEW YORK—The instant payments market is expected to grow by 161%, rising to $58-trillion in 2028 from $22 trillion, according to a new report.
The data was included in a new study by Juniper Research.
“This significant expansion is primarily fueled by the growing acceptance of account-to-account (A2A) wallets like iDEAL and Twint and the burgeoning popularity of open banking,” said Fintech Global in response to the study. “Both A2A and open Banking facilitate transactions directly from bank accounts, bypassing traditional card systems, thus cutting costs for merchants and simplifying processes for consumers.”
According to Fintech Global, open banking in particular is enhancing the capabilities of digital wallets, allowing them to access bank payments without needing individual bank partnerships.
‘Broadens User Access’
“This development significantly broadens user access and is forecasted to increase the volume of consumer instant payment transactions from 252 billion in 2024 to over 600 billion by 2028,” Fintech Global added. “A2A wallets, which are popular for peer-to-peer transfers and informal lending among friends and family, are also seeing an uptick in usage due to their ability to split payments among multiple users—a feature highlighted in the report as a key driver of their popularity.”
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