The company's annual Flavours of Fast report found that transaction volumes and values processed through the New Payments Platform, which was launched in 2018, had increased by 214% and 231%, respectively.
The average daily transaction volume is now 940,625 and the average daily transaction value is $932.37 million.
The report also found:
- Six countries had witnessed a doubling or more in real-time payments processed over the past year: Bahrain (657%), Ghana (488%), the Philippines (309%), Australia (214%), India (213%) and Poland (208%).
- Over the same period, four countries saw a two-fold or greater increase in monetary value of real-time payments transactions: the Philippines (482%), Bahrain (311%), Australia (231%) and Ghana (222%).
- India remains the leader in real-time payments, processing 41 million real-time transactions per day.
- South Korea reported the highest number of real-time transactions per capita, with 75 transactions per citizen, per year processed through the country’s HOFINET scheme.
The service is planned for 2021-22 as part of the NPP’s Mandated Payments Service.
R2P systems allow people, businesses and governments to request a payment from a third party.
“The current pandemic has highlighted the critical importance of instantly getting funds in the hands of those who need it, whether individuals or businesses,” said Raja Gopalakrishnan, head of Global Real-time Payments at FIS.
“This year’s FIS Flavours of Fast report shows that Australia is one of the leaders towards the use of digital and mobile, real-time payment methods, which is bringing value beyond speed."
Graphics: courtesy FIS