India has become the global leader in real-time financial transactions with 41 million transactions per day, which is more than double that of the last year, says an international FIS global report.
According to the report released on Wednesday, six other countries also saw more than doubling of their real-time payment transactions year-over-year, while four saw at least a twofold increase in transaction value.
Highlights of FIS Report :
- 6 countries have seen a twofold or greater increase in the number of real-time payments processed over the past year including Bahrain (657%), Ghana (488%), Philippines (309%), Australia (214%), India (213%), and Poland (208%).
- Over the same time, 4 countries including Philippines (482%), Bahrain (311%), Australia (231%) and Ghana (222%) have seen a twofold or greater increase in the monetary value of real-time payments transactions.
- India remains as the leader in real-time payments, processing 41M real-time transactions per day, more than any other country.
- Vietnam & Hungary added real-time payments networks since last year, bringing the total number of countries with such schemes to 56.
- 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.
- In the U.S., more than 130 FIs are currently implementing real-time payments, a five-fold increase since September 2019.
- More than half (56%) of all European payments service providers have joined the pan-European SEPA Credit Transfer Instant Payments network, which brings cross-border & instant payments to 20 countries.