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COVID-19 Crisis Highlights Need for Real-Time and New Digital Payments Services Around the World, New ACI Worldwide Research Reveals

COVID-19 Crisis Highlights Need for Real-Time and New Digital Payments Services Around the World, New ACI Worldwide Research Reveals

ACI Worldwide and Global Data launch “Prime-Time for Real Time,” a new report tracking and analyzing real-time payments volumes, growth and dynamics across 30 global markets

More than half a trillion real-time payments transactions will be processed over the next five years, according to Prime Time for Real-Time,a new global report from ACI Worldwide and Global Data. This industry-first research, which analyzes global real-time, account-to-account payment volumes and forecasts across 30 global markets, projects a Compound Annual Growth Rate (CAGR) of 23.4 percent from 2019 to 2024.

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More than half a trillion #realtime #payments transactions will be processed over the next 5 year, per new @ACI_Worldwide research #banking #fintech

The new report outlines the five strongest indicators of a market’s real-time payments success. A national system or individual country does not need all of these indicators in place for initial adoption, but a combination of two or more is enough to drive the initial growth explosion.

  • Centrally Driven Payments Modernization Initiatives—The backing of a motivated market force, whether governmental or collaborative stakeholders, is key for countrywide change—as countries like India, Nigeria and Malaysia have proven.
  • Seamless and Integrated Payments Experience with Rich Overlay Services—End users want convenience, and unsurprisingly, real-time growth is strong where access to easy-to-use payment types exists for both business and consumer users.
  • Connected Ecosystem of Players Enriching User Experience—When a market has broad ecosystem acceptance, combined with the convenience of rich overlay services and strong functionality, real-time payments can grow explosively.
  • Digital Payments Maturity Level and Ingrained Payment Habits—In regions with historic reliance on paper-based payments such as cash and checks, real time provides an easy digital alternative—and when this shift is backed by a government initiative, adoption can be significant.
  • Openness to Alternative Payment Methods—Alternative payment methods like mobile wallets continue to surge. Adoption is greater when real-time overlay services are offered, particularly the integration of real-time payment capabilities within mobile wallets.

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“Recent events have given digital payments mainstream attention, and faster access to funds for individuals and small business has never been more critical,” said Jeremy Wilmot, group president, Banks & Intermediaries, ACI Worldwide. “The financial inclusion benefits of payments digitalization, including the launch of real-time payments, should not be overlooked, and they should be considered in tandem with national and global economic benefits. We see that internet access is now a necessity, and the ability to transact online is inextricable from the need for connectivity. Everyone needs to be prepared to handle the growth of real-time transactions, as well as digital and alternative payments and non-financial transactions.”

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