According to the press release, the second installment of ‘Prime-Time for Real-Time,’ first launched in 2020, and analyses global real-time, account-to-account payment volumes, and forecasts across 48 global markets. Furthermore, with millions of people globally having to change the way they work and live – and the way they shop and pay – mobile wallet adoption rose to an historic high of 46% in 2020, up from 40.6% in 2019, and 18.9% in 2018.
Summary of key findings regarding global real-time payments growth:
Total number of real-time transactions in 2020 was 70.3 billion, up 41% from 50.0 billion in 2019.
The real-time share of global electronic transactions in 2020 was 9.8%, up from 7.6% in 2019; it is predicted to be 17.4% by 2025.
The value of real-time transactions was up by 32.8% from 2019, rising from USD 69 trillion to USD 92 trillion; the expected CAGR by 2025 is 12%.
Top 10 countries globally by number of real-time transactions in 2020:
India retains the top spot with 25.5 billion real-time payments transactions, followed by China with 15.7 billion transactions; South Korea is in 3rd place with 6.0 billion, Thailand 4th with 5.2 billion and the UK is in 5th place with 2.8 billion.
Nigeria follows in 6th place with 1.9 billion transactions, Japan in 7th with 1.7 billion.
Brazil climbs into the global top 10 at 8th with the launch of PIX, with 1.3 billion transactions driving a 58% YoY increase from 2019 to 2020. Expect to see the country climbing even higher next year with a 5-year growth prediction of 25.3% CAGR.
The US ranks 9th with 1.2 billion transactions and Mexico ranks 10th with 942 million.
Fastest growing countries for real-time payments:
The top spot goes to Croatia with an expected CAGR of 374.4% between 2020 and 2025, followed by Colombia (112.7%), Malaysia (83.9%), Peru (74.4%) and Finland (71.4%).
The highest growth region (CAGR 2020-2025) is predicted to be North America (36.5%), as both Canada and the US modernise and drive their new real-time systems (RTR and FedNow).
Global mobile wallet adoption:
Mobile wallet adoption rose to an historic high of 46% in 2020, up from 40.6% in 2019 and 18.9% in 2018.
Total mobile wallet transactions amounted to 102.7 billion in 2020 and are expected to reach 2,582.8 billion by 2025.
Payments fraud:
Globally, card-related fraud remains highest in terms of reported incidents from consumers, but fraud incidents associated with real-time payments were on the rise from 2019 to 2020 as fraudsters tend to target new channels.
Real-time payments scams that were on the rise include: confidence tricks (12.5% of all fraud instances in 2019, rising to 13.7% in 2020), identity theft (6% rising to 11.6%) and digital wallet account hacks (4.4% rising to 6.2%).
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now