Global Real-Time Transactions Expected to Hit 575 Billion by 2028

Real-time transactions continue their sweep worldwide, and payments experts note that the industry has achieved stable and sustainable growth.$42B: Total transaction value processed on the RTP® network in Q1 2024

A newly published report revealed that more than 266 billion real-time transactions occurred worldwide in 2023. This was a year-over-year increase of 42%. Experts attribute this to the emergence of new markets and expansion of leaders such as India, Brazil, Nigeria and Indonesia. In fact, India accounted for almost half of all real-time transactions worldwide in 2023, at more than 129 billion. Looking ahead, experts project global real-time transactions to reach more than 575 billion by 2028. This would achieve a compound annual growth rate (CAGR) of 17%. By that time, real-time payments are anticipated to comprise more than 27% of all electronic payments worldwide.

Real-Time Transactions in Banking

>266B: Total number of real-time transactions recorded worldwide in 2023Some banks are falling behind in meeting demand for real-time payments, particularly in the United States. A recent survey of 300 senior banking officials reveals that two-thirds of U.S. banks have not enrolled in the RTP® network or FedNow® Service. This is despite roughly 63% of corporate bankers reporting significant or overwhelming demand for instant payments from their corporate clients. Additionally, 53% of all bankers report feeling strong or overwhelming demand for real-time transactions from corporate and retail clients. Ninety-nine percent observe at least some level of demand or adoption from both sectors. Nevertheless, banks appear disinclined to implement their own instant payment solutions. As the survey indicates, services like Zelle, Venmo, Cash App and PayPal have lessened American banks’ interest in developing organic solutions. Fifty percent of respondents report a considerable drop in interest.

17%: Projected compound annual growth rate (CAGR) of real-time payment transactions worldwide through 2028While some studies show dampened enthusiasm for developing solutions for real-time transactions among certain U.S. banks, the country’s largest bank, JPMorgan Chase & Co, is seizing the opportunity and investing heavily in this area, according to Reuters. The global payments giant recently introduced a pilot for a new service called Request for Pay. This initiative will enable corporate clients to send payment requests to the bank’s approximately 60 million retail clients using its app or website. This will reduce both the time and cost for companies to receive payments. Cyrus Bhathawalla, JPMorgan’s global head of real-time payments, told Reuters that the new digital payment product is one of several initiatives the bank is developing to improve its real-time offerings. Currently, the bank processes 12 million transactions per month via the RTP network.

About the Real-Time Payments World Map

The “Real-Time Payments World Map,” a collaboration with The Clearing House, examines the latest developments of instant transactions.