Since consumers are using contactless payments to avoid contamination, the pandemic has accelerated the cashless payments’ use worldwide
According to GlobalData, over half a trillion real-time payment transactions will be processed over 5 years. The report highlights that consumers will get into new digital payment services habits, thus boosting the global Instant Payments (IP) market.
The study found that centrally driven payments market initiatives are a significant factor for IP adoption. It’s making it a strategic imperative for both banks and companies in the market. Although, the final objectives will vary by country whether it is financial inclusion, cross-border commerce or shifting to a cashless economy.
All of these will likely be accelerated by consumers’ and businesses’ reluctance to use cash during the COVID-19 outbreak, according to the statement.
The report also forecasts a payment volume compound annual growth rate (CAGR) of 23.4% by 2024 across the 30 global markets.
Besides, India is expected to lead in real-time payments over the next 5 years. Its transaction volumes set to rise to 52.8 billion in 2024.