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India sees surge in real time payment transactions during Covid

Mumbai, October 7, 2020: New research released today by banks and financial institutions tech provider FIS  shows that adoption and usage of real-time payments in India has accelerated amidst the COVID-19 pandemic and the real-time rails are now offering capabilities that extend beyond instant payments.
FIS’ seventh annual Flavors of Fast report highlights key findings about real-time payments networks across the globe:

  • India leads global real-time payments, processing 41 million real-time transactions per day, more than any other country in the world. India continues to innovate with the launch of extensive business services on the real-time rails including IPO subscription, mandate management and invoice-in-the-box.
  • Six countries have seen a twofold or greater increase in number of real-time payments processed over the past year:
  • Bahrain (657%), Ghana (488%), Philippines (309%), Australia (214%), India (213%) and Poland (208%).
  • Over the same time, four countries have seen a twofold or greater increase in the monetary value of real-time payments transactions:
  • Philippines (482%), Bahrain (311%), Australia (231%) and Ghana (222%).
  • In the U.S, more than 130 financial institutions are currently implementing real-time payments, a five-fold increase since September 2019.
  • More than half (56%) of all European payments service providers have joined the pan-European SEPA Credit Transfer Instant Payments network, which brings cross-border and instant payments to 20 countries.
  • Vietnam and Hungary added real-time payments networks since last year, bringing the total number of countries with such schemes to 56.

Request to Pay (R2P), cross-border payments, and corporate treasury business-to-business payments are driving adoption of real-time payments networks globally, according to the FIS report. R2P systems offer a convenient and flexible way for people, businesses and governments to request a payment from a third party. The UK government has formally launched a framework for the development of a national R2P system built on international standards. In addition, The Clearing House in the U.S. is working with banks and billers to pilot an R2P service that is expected to launch later this year.
“The current pandemic has highlighted the critical importance of instantly getting funds in the hands of those who need it, whether individuals or businesses” said Raja Gopalakrishnan, head of Global Real-time Payments at FIS. “This year’s FIS Flavors of Fast report shows that as real-time payments networks mature, they are bringing value beyond speed. At FIS, we are working to further advance the business payments experience across the global ecosystem to make it simpler, easier and more cost effective while enhancing the user experience.”