Science & Technology

Instant Payment Transactions to Grow Almost 300% by 2027

Juniper Research estimates the number of instant payment transactions will exceed 376 billion globally by 2027, enabling businesses and consumers to benefit from greater speed and efficiency

instant payment

Instant Payments to Grow 289% by 2027. Source: shutterstock.com

A new study from Juniper Research shows that the number of instant payment transactions will exceed 376 billion globally by 2027. It will present a 298% surge from 97 billion in 2022.

Instant settlement services outside a card network can receive funds in under 10 seconds. Such transactions are processed over instant payment rails, which are faster and cheaper, while also offering greater transparency than traditional payment rails.

The study predicts instant cross-border payment schemes will roll out in multiple countries between 2023-2027. The creation of instant money transfer solutions by international bodies, as well as an increase in bilateral agreements between these organisations, will be key growth drivers.

Overall, cross-border transactions are expected to grow faster than domestic payments worldwide. Juniper Research anticipates cross-border transactions to rise from 631 million payments globally in 2022 to over 6 billion in 2027.

International bodies, such as the EU, have both capital and influence to connect disparate regional payment schemes. This strategy maximises the value proposition of instant payments. Therefore, the report recommends regulators increase partnerships with international institutions to broaden payment schemes and expand public access to instant transactions.

In addition, the report predicts that business adoption of instant payment schemes will rise significantly. It will happen due to time and cost savings, along with improved cash flow management. Thus, increased efficiency will drive the total value of instant transactions up to $33 trillion in 2027. It would be a huge leap compared to $6 trillion this year.

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