Coronacrisis caused a significant shift towards digital payments
According to the research, over 70.3 billion real-time payment transactions were carried out in 2020 worldwide. That’s a rise of 41% compared to 2019, as the pandemic accelerated the shift away from cash and checks toward real-time and digital payments.
It has found that in terms of the number of real-time transactions in 2020, Mexico ranks 10th with 942 million while the US got 9th place with 1.2 billion transactions.
Meanwhile, Brazil climbs into the global top 10 at 8th with the launch of PIX, with 1.3 billion transactions driving a 58% YoY growth from 2019 to 2020.
Japan got 7th with 1.7 billion, while Nigeria follows in 6th place with 1.9 billion transactions.
The UK and Thailand got 5th and 4th places with 2.8 billion and 5.2 billion transactions, respectively.
South Korea is in 3rd place with 6 billion transactions, followed by China with 15.7 billion.
India became the leader by retaining the top spot with 25.5 billion real-time payments transactions, according to the figures.
As to the fastest-growing countries for real-time payments, the top spot goes to Croatia with an expected CAGR of 374.4% by 2025, followed by Colombia (112.7%), Malaysia (83.9%), Peru (74.4%), and Finland (71.4%).
We’ve reported that 1 in 5 Americans changed their banks amid pandemic.