Real-Time Payments Reach a Turning Point in North America

Real-time payments in North America are moving decisively from expansion to execution. Instant payment systems across the United States, Canada and Mexico are scaling, modernizing and broadening their reach. But each country is following a distinct strategic path.

In the U.S., real-time payments have entered a phase defined by volume growth, institutional adoption and expanding use cases across both the RTP® network and the FedNow® Service. Analysts project transaction volumes to reach 8 billion in 2026 and nearly 13.9 billion by 2028. These increases represent a 31.7% compound annual growth rate (CAGR). The Clearing House reported record-setting value and volume milestones on its RTP network in 2025. The company also reported broader adoption of its bank account Token Service to strengthen fraud mitigation. Meanwhile, FedNow is demonstrating public-sector relevance, with government disaster relief disbursements delivered in real time. Major financial institutions such as Capital One and PNC Bank have joined the service. API-driven integrations, such as Modulr’s U.S. launch with FIS, illustrate how real-time payment capabilities are becoming more deeply embedded across the market.

Canada’s trajectory centers on infrastructure transformation paired with regulatory reform. While Interac e-Transfer has long enabled near-instant peer-to-peer (P2P) payments, the country has lacked a fully real-time clearing and settlement system. That changes with the planned launch of the Real-Time Rail (RTR), designed for irrevocable, ISO 20022-based, 24/7/365 payments. Simultaneously, the Retail Payment Activities Act and the Bank of Canada’s oversight of open banking payment initiation are redefining participation and risk standards, reinforced by Payments Canada’s RTR Participation Guide.

Mexico, by contrast, is focused on functional expansion. Its mature SPEI infrastructure continues to evolve. Volumes are projected to grow from 4.8 billion in 2026 to 5.6 billion in 2028. SPEI 2.0 signals structural transformation, including mass processing capabilities, multicurrency support and more intelligent payment functions. Retail adoption efforts aim to deepen inclusion. These include Cobro Digital (CoDi), the planned rollout of Dinero Móvil (DiMo) and expanded SPEI access through Banco del Bienestar.

Together, these arcs reflect a continent-wide shift: Real-time payments are becoming foundational financial infrastructure.

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About the Real-Time Payments World Map

“The Real-Time Payments World Map,” a collaboration with The Clearing House, examines the latest developments shaping the evolution and expansion of instant payments in North America and around the world.