How Real-time payments are changing the world’s financial landscape
Real-time Payments are accelerating the speed, innovation, and efficiency of digital payment systems, as well as redefining the future of payments.
The pandemic has boosted demand for faster transactions and better digital payment solutions across industries. Contextual commerce is becoming increasingly popular, allowing customers, workers, merchants, and suppliers to conduct business more efficiently and in line with their 24/7/365 lifestyle.
What are real time payments?
Real-time payments, also known as instant or Immediate Payments (IP), are the ability to transfer funds between individuals, businesses, and governments instantly.
Real-time payment systems offer safe, secure and instant, 24/7 interbank electronic funds transfers. They can be initiated through smart phones, tablets, digital wallets and on the internet.
The growth potential of the real-time payment industry and the global disruption it is producing are enormous. In 2020, the global real-time payments industry was estimated to be worth $10.64 billion. From 2021 to 2028, it is predicted to increase at a compound annual growth rate of 33.0 percent.
Legacy methods can take days to reach a recipient. But real-time payments enable speedier payouts and a more consistent manner of payment. With real time payments, consumers, businesses, and world governments are positively affected socially, culturally, and economically because it offers much more seamless method of financial transactions.
https://blog.paycorp.io/how-real-time-payments-are-changing-the-worlds-financial-landscape/