The number of instant payment transactions will exceed 376 billion globally by 2027, increasing from 97 billion in 2022 - a 289 percent growth. The study from Juniper Research predicts that the increased roll-out of instant cross-border payment schemes in multiple countries will drive this growth by enabling businesses and consumers to benefit from greater speed and efficiency.
Instant payments are classified as those made outside of a card network, with funds received in ten seconds or less.
Cross-border transactions currently sit at 631 million payments globally but will increase to over six billion in 2027. This growth is expected as international bodies, such as the EU, create their own instant payment schemes, and increase bilateral agreements.
Improved cash flow management through using instant payment methods will also contribute to the total value of transactions rising from US$6 trillion to US$33 trillion in 2027.
Leading instant payment vendors include Visa, Worldline, Mastercard, SWIFT, Fiserv, Tietoevry and ACI Worldwide.
