The globe is now headed towards instant payments due to the great benefits that they provide. Instant payments, also referred to as retail payments, faster payments, or immediate payments, enable money to be sent, cleared and settled within seconds.

Not only do instant payments promote financial inclusion, but they also help financial institutions mitigate risks and illegal activities, and with a prediction of massive growth rates in the next 5 years, let’s find out why banks should engage in instant payments.

of SMEs fail due to poor cashflows (1)

of businesses are willing to pay a fee to receive money instantly (1)

instant payments growth from 2021 to 2026 (2)

of B2B and consumer payments will be instant in 2026 (2)

Instant Payments Market Growth by Region (3)

Instant payments operate on

Instant payment transactions are completed within

Instant payments support all types of transactions such as

  1. Real-time Payments: 3 Key Reasons Why Banks Need To Get On Board
  2. Instant Payment Transaction Values to Exceed $27 Trillion Globally (
  3. Real-Time Payments Market | 2021 - 26 | Industry Share, Size, Growth - Mordor Intelligence

You May Also Like

A Turning Point in Financial Inclusion

A Turning Point in Financial Inclusion

A turning point in financial inclusion is on the horizon, according to ProgressSoft’s Carole Elias, and its benefits will be reaped by central banks, financial institutions and all end users. Discover the driving force behind this radical change in the industry.

How Open APIs Revolutionize Banking Services

How Open APIs Revolutionize Banking Services

How can banks offer new and improved financial services, what is next for the banking industry, and what is needed to thrive in a payments landscape that is becoming more competitive by the day? Here are the insights you need to know from ProgressSoft’s Senior System Architect.