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    Home»News»Value of instant payment transaction to reach $27 Trillion globally by 2026
    News 2 Mins Read

    Value of instant payment transaction to reach $27 Trillion globally by 2026

    mmBy ITPulseAugust 24, 2021
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    New research by Juniper Research has revealed that the value of instant payment transactions will exceed $27 trillion globally by 2026 from just $4.8 trillion in 2021; driven by improved cost and transparency.

    The research identified that this extraordinary growth of over 470% will be driven by improved cost and transparency for instant payment schemes versus legacy payment schemes, such as ACH or CHAPS.

    According to the research findings, instant payment schemes will increasingly disrupt both domestic and cross-border channels by offering payments that are faster to process, cheaper to both facilitate and initiate, and easier to track and reconcile.

    However, instant payments will take time to proliferate, given the fragmented nature of payments regulation within key markets like the US, and the uneven roles regulators have played internationally in payments innovation.

    An instant payments scheme is any electronic retail payment system available on a 24/7/365 basis with transactions processed in under 10 seconds.

    Meanwhile, the research ‘Instant Payments: B2B & Consumer Payments Analysis and Forecasts 2021-2026’, also noted that the lack of interoperability is restricting cross-border instant payments.

    It found that over 70% of the overall transaction value of instant payments will be domestic in 2026, with instant payment schemes lacking cross-border interoperability.

    The research acknowledged joining instant domestic schemes together to power cross-border payments as challenging, despite ISO 20022 adoption. The report predicts that CDBCs (Central Bank Digital Currencies) could have a significant role to play in harmonising cross-border payments due to their clean slate nature, meaning they can be designed with cross-border use cases in mind from the start. However, this will require prioritisation by regulators.

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