NEW YORK, Aug. 28, 2024 /PRNewswire/ -- Instant payments continue to expand the financial infrastructure of economies worldwide while providing a pivotal technology to areas of lessened financial inclusivity. According to a new report from global technology intelligence firm ABI Research, the number of instant payment transactions for the global top eight platforms (Faster Payments, IBPS, PayNow, Pix, PromptPay, SEPA, UPI, and Zelle) will increase from 213 billion in 2023 to 681.1 billion in 2028.
It is becoming increasingly clear that the demand for instant payments is growing due to several factors, including a global rise in Peer-to-Peer (P2P) payments alongside an expansion in open banking, which is being championed by EU nations. "Account-to-account wallets, which have seen widespread use in P2P transfers, are experiencing increased usage given their use in daily smaller-scale convenient payments between users," explains
Sam Gazeley, Digital Payment Technologies Industry Analyst at ABI Research. "Open banking is widening the available market for prospective users by providing access to instant payments in a streamlined setting, opening the market up to net-new customers and driving financial inclusion."
