Instant Payments Are Gaining Marketshare

Instant payment systems are gaining popularity worldwide, driven by the surge in ecommerce during the pandemic. The global instant payments market is projected to grow at a compound annual growth rate of 43.4% from 2020-2025. Real-time payments volume is expected to hit nearly 72% in India by 2025, and Alipay in China has over a billion annual users. The Asia Pacific region dominated the instant payment market in 2020, making up 38% of global revenue. Instant payments offer many benefits for the payment system, such as faster transaction times and reduced fraud risks. However, challenges include addressing consumer preferences for credit cards with loyalty programs and combating online fraud.