BASINGSTOKE, U.K.–A new study from Juniper Research is projecting the number of instant payment transactions will exceed 376 billion globally by 2027, up from 97 billion in 2022, or a 289% growth rate.
The study forecasts that an increased roll-out of instant cross-border payment schemes in multiple countries will drive this growth by enabling businesses and consumers to benefit from greater speed and efficiency.
“This efficiency is gained by processing payments over instant payment rails, which provide time and cost savings, while also offering greater transparency over transactions to stakeholders than traditional payment rails,” Juniper said in releasing its report.
The company defines an instant payment as any payment outside of a card network that is capable of receiving funds in 10 seconds or under.
Cross-Border Transactions
According to the report, cross-border transactions will grow at a faster rate than domestic transactions globally. It anticipates that cross-border transactions will rise from 631 million payments globally in 2022 to more than six-billion in 2027.
“The creation of instant payment schemes by international bodies, such as the EU, and an increase of bilateral agreements between these bodies will be key drivers of growth over the next five years,” Juniper said. “These bodies will be essential in creating cross-border instant payment networks, as they have the capital and influence to connect disparate payment schemes across different geographical regions in order to maximize the value proposition of instant payments.”
In response, the report recommends that regulators increase partnerships with international bodies to broaden payment schemes and expand access to instant payment services.
Greater Efficiency to Drive Adoption
In addition, Juniper’s report predicts that the increased time and cost efficiencies, along with the improved cashflow management of using instant payments, will be primary factors in influencing businesses to adopt.
“This will contribute to the total value of instant payment transactions rising from $6 trillion this year to $33 trillion in 2027,” Juniper said.
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