More Than Half of US Companies Use Real-Time Payments

Instant payments continue their global sweep, with expanding RTP® network capabilities from The Clearing House in the United States, Australia simplifying cross-border transfers and Hungary embracing QR codes for everyday transactions.

The PYMNTS Intelligence report “The Real-Time Payments World Map” examined the technologies and partnerships accelerating the adoption of real-time payments across industries and borders.

The Growth of Real-Time Payments in the US

In the U.S., real-time payments are becoming vital in the financial ecosystem. Historically, the U.S. trailed other regions in adopting real-time payments; however, banks are now leading the charge. First Citizens Bank, for example, integrated the RTP network, allowing customers to receive payments instantly. This system allows money to be securely deposited into savings and checking accounts within seconds, offering an advantage over older methods like automated clearing house (ACH) and wire transfers.

Supporting this trend, a study from U.S. Bank showed more than half of American companies are already using the RTP network and the FedNow® Service.

These services are available 24/7 and offer detailed electronic notifications, further enhancing transparency for businesses and consumers. Real-time payments in the U.S. are important, as businesses and banks use them for fast and reliable financial transactions.

International Advancements in Real-Time Cross-Border Payments

Outside of the U.S., many countries have been pioneering real-time payment systems, particularly in cross-border transactions. A key development is the integration of international transfers with domestic real-time payment systems. National Australia Bank made strides by enabling international transfers to be processed instantly via Australia’s real-time payment service. This eliminates the traditional constraints of banking hours, market cutoffs, and even weekends and holidays, allowing Australians to access money faster, regardless of their banking institution.

Similarly, Visa partnered with FinTech Revolut to enable instant cross-border card transfers in 78 countries through Visa Direct. Payments made via this system are processed within 30 minutes and support more than 50 currencies, allowing businesses to send payments internationally with the same speed and efficiency as domestic transactions.

Innovative Payment Methods: QR Codes and NFC Technology

QR codes have emerged as a simple, efficient method for facilitating real-time payments. Countries such as Hungary have developed systems around QR codes to simplify transactions. Hungary’s national bank introduced the Qvik instant payment solution, which integrates QR code payments with near field communication (NFC) technology and mobile app links. The system is operational in select brick-and-mortar stores and online retailers, with a focus on QR code payments at merchants using mobile card terminals.

Qvik is available at 5,000 online retailers, marking a milestone in the use of QR codes for real-time payments. By using QR codes, countries are making real-time payments more accessible to larger audiences, demonstrating the versatility and global appeal of this payment method.

The adoption of real-time payments is expanding, offering advantages for businesses and consumers. In the U.S., banks are adopting services like RTP and FedNow to catch up with global standards, while countries like Australia and institutions such as Visa and Revolut are enhancing international transactions. Additionally, innovative payment methods like QR codes are improving accessibility and user-friendliness. As these systems continue to develop, the future of global finance is set to become faster and more efficient.