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Tuesday, 29 September 2020 09:32

Instant payments market to soar to US$18 trillion by 2025

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The global instant payments market where transactions are completed within 10 seconds will reach US18 trillion in value in 2025 - up from just US$3 trillion in 2020, according to a new study.

The growth of over 500% represents 17% of all B2B and consumer digital money transfer and banking payments by value in 2025, with the Juniper Research study finding that West Europe is driving innovation and will account for 38% of instant payment transaction value by 2025.

And the study also identified that success of domestic instant payment schemes will enable cross-border vendors to connect different schemes into cross-border networks - which will radically reduce the time, cost and frustration involved in the current cross-border payments ecosystem.

“However, this will also require established cross-border vendors to revisit their business models, as the fundamentals of the market change drastically,” notes Juniper.

The research found that the US will trail in terms of instant payments adoption, with only an 8% share of global instant payment transaction values in 2025.

According to Juniper, while RTP has been available in the US for some time, the fragmented nature of its financial system means that adoption has been slow to date.

“With the proposed FedNow service from the US Federal Reserve not coming into service until 2023/24, the US is rapidly falling behind in instant payments,” says research author Nick Maynard.

“Payments vendors must concentrate on creating innovative digital payments products to bridge this gap or be faced with an outdated system.”

The research found that B2B payments will dominate values in the instant payments market, accounting for 89% of global transaction values in 2025.

“While consumer payments are numerous, B2B payments have much higher average values. The research identifies that instant payments adoption can be particularly transformative in B2B payments, where value-added capabilities, including automation and additional remittance data enabled by ISO 20022 can be valuable in tackling complex accounts payable processes,” the report says.


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