COVID-19 Crisis Highlights Need for Real-Time & New Digital Payments Services Around the World, New ACI Worldwide Research Re...
April 01 2020 - 2:00AM
Business Wire
ACI Worldwide and Global Data launch
“Prime-Time for Real Time,” a new report tracking and analyzing
real-time payments volumes, growth and dynamics across 30 global
markets
More than half a trillion real-time payments transactions will
be processed over the next five years, according to Prime Time for
Real-Time, a new global report from ACI Worldwide (NASDAQ: ACIW)
and Global Data.* This industry-first research, which analyzes
global real-time, account-to-account payment volumes and forecasts
across 30 global markets, projects a Compound Annual Growth Rate
(CAGR) of 23.4 percent from 2019 to 2024.
The new report outlines the five strongest indicators of a
market’s real-time payments success. A national system or
individual country does not need all of these indicators in place
for initial adoption, but a combination of two or more is enough to
drive the initial growth explosion.
- Centrally Driven Payments Modernization Initiatives—The backing
of a motivated market force, whether governmental or collaborative
stakeholders, is key for countrywide change—as countries like
India, Nigeria and Malaysia have proven.
- Seamless and Integrated Payments Experience with Rich Overlay
Services—End users want convenience, and unsurprisingly, real-time
growth is strong where access to easy-to-use payment types exists
for both business and consumer users.
- Connected Ecosystem of Players Enriching User Experience—When a
market has broad ecosystem acceptance, combined with the
convenience of rich overlay services and strong functionality,
real-time payments can grow explosively.
- Digital Payments Maturity Level and Ingrained Payment Habits—In
regions with historic reliance on paper-based payments such as cash
and checks, real time provides an easy digital alternative—and when
this shift is backed by a government initiative, adoption can be
significant.
- Openness to Alternative Payment Methods—Alternative payment
methods like mobile wallets continue to surge. Adoption is greater
when real-time overlay services are offered, particularly the
integration of real-time payment capabilities within mobile
wallets.
“Recent events have given digital payments mainstream attention,
and faster access to funds for individuals and small business has
never been more critical,” said Jeremy Wilmot, group president,
Banks & Intermediaries, ACI Worldwide. “The financial inclusion
benefits of payments digitalization, including the launch of
real-time payments, should not be overlooked, and they should be
considered in tandem with national and global economic benefits. We
see that internet access is now a necessity, and the ability to
transact online is inextricable from the need for connectivity.
Everyone needs to be prepared to handle the growth of real-time
transactions, as well as digital and alternative payments and
non-financial transactions.”
Additional Key Findings
- India is poised to lead the world in real-time payments volume
over the next five years, with transaction volumes set to grow from
15.3 billion in 2019 to a staggering 52.8 billion in 2024.
- Additional key countries and regions to watch for real-time
payments growth include the U.S. (42.1% CAGR growth), the Nordic
countries of the P27 initiative (20.9% CAGR growth), ASEAN (39.0%
CAGR growth) and Europe; these countries and regions already have
one or more of the above indicators in place.
- Among the countries relatively new to real-time payments,
Malaysia, Finland and Belgium are predicted to have the most
exponential growth in the next five years, with an expected CAGR of
176.5 percent, 90 percent and 67.9 percent, respectively.
“Our research reveals that despite vastly different cultural,
economic and technological factors, there are a number of traits
that determine if real-time transaction volumes will see a rapid
upward trajectory, and within what timeframe,” commented Craig
Ramsey, global head of real-time payments, ACI Worldwide.
“Recognizing the key indicators of real-time adoption (or further
real-time growth) is critical to getting ahead of the competitive
curve. These indicators suggest what needs to be done to unleash
the potential of real-time payments and will empower stakeholders
to make the right decisions.”
To download a copy of Prime Time for Real-Time, please click
here or visit www.aciworldwide.com/primetime.
Methodology
*Using a global sample of 30 markets, ACI and Global Data have
presented the developmental state of the market based on the
various dynamics at play in each country. We’ve identified the
total transactional size of real-time payments transactions per
country in 2019, and provided our forecast for 2024, as well as the
future five-year CAGR. We’ve detailed share of volume—both
transactional and dollar—as well as other statistics contributing
to real-time adoption. Each country profile includes details about
the scheme(s) in place and a timeline for real-time payments
development in market. Finally, we’ve provided analysis and insight
into what the presented factors mean for each of the countries
profiled.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers
electronic payments for more than 5,100 organizations around the
world. More than 1,000 of the largest financial institutions and
intermediaries, as well as thousands of global merchants, rely on
ACI to execute $14 trillion each day in payments and securities. In
addition, myriad organizations utilize our electronic bill
presentment and payment services. Through our comprehensive suite
of software solutions delivered on customers’ premises or through
ACI’s private cloud, we provide real-time, immediate payments
capabilities and enable the industry’s most complete omni-channel
payments experience. To learn more about ACI, please visit
www.aciworldwide.com. You can also find us on Twitter
@ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2020
ACI, ACI Worldwide, the ACI logo, ACI Universal Payments, UP,
the UP logo and all ACI product/solution names are trademarks or
registered trademarks of ACI Worldwide, Inc., or one of its
subsidiaries, in the United States, other countries or both. Other
parties' trademarks referenced are the property of their respective
owners.
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PR Contacts Katrin Boettger E-mail:
katrin.boettger@aciworldwide.com Phone: 0044 (0)7776 147 910 Dan
Ring E-mail: dan.ring@aciworldwide.com Phone: 781-370-3600
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