New York, NY – October 15th, 2022 – BNY Mellon, a leading global investment management company, has joined forces with Datos Insights, a prominent research firm, to publish a comprehensive report indicating a significant increase in the adoption and growth of real-time payments within the global financial ecosystem.
Real-time payments have revolutionized traditional banking systems, enabling individuals, businesses, and institutions to conduct immediate transactions that occur within seconds. This digital transformation of payment processes has led to increased efficiency, reduced costs, and enhanced consumer experiences.
The report, based on data collected over a two-year period, highlights the accelerating shift towards real-time payments across various regions and industries. It sheds light on the factors driving this growth and explores its implications for the future of global finance.
Key Findings:
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Real-time payment transactions have grown by an astounding 150% globally since 2020, demonstrating a clear shift in consumer preferences towards faster and more convenient payment methods – a trend predicted to continue its upward trajectory.
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Developed economies, especially those in Europe and North America, have experienced the most significant surge in real-time payments, while emerging economies in Asia and Africa are rapidly catching up, driven by increasing smartphone penetration and digital payment infrastructure advancements.
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The retail sector has been at the forefront of this growth, with a remarkable 200% increase in real-time payment adoption among consumers. On the other hand, the business-to-business (B2B) sector has shown considerable improvements, primarily driven by smaller and medium-sized enterprises seeking quicker settlement and cash flow optimization.
Rapid advances in technology, including the increased availability of mobile banking applications, immediate funds transfer capability, and the utilization of blockchain technology, have significantly contributed to the expansion of real-time payments.
“Real-time payments represent an essential part of our commitment to a digitally connected future,” said John Smith, CEO of BNY Mellon. “This report solidifies the growing importance and potential of real-time payment systems worldwide.”
The report concludes by stating that the trajectory of real-time payments is poised to shape the future of the financial services industry, fostering innovation, inclusivity, and improved global economic stability. As individuals and businesses continue to demand instantaneous transactions, banks, financial institutions, and technology providers will play a pivotal role in facilitating the growth and security of real-time payments.
For more information and to access the full report, please visit the BNY Mellon or Datos Insights websites.