The Adoption of Real-Time Payments in the Global Payments Sector

2017 was the turning point for Real-Time Payment Solutions adoption in the international money transfer scene. The adoption trends were observed across sectors irrespective of B2B or B2C. The global pandemic put an unprecedented spanner in the adoption rate of real-time payments.

A cloud of uncertainty arose, and the international money transfer landscape was also thrown into disarray as most overseas transactions came from migrants who still dealt in cash. The whole world shutting down posed several problems to the industry.

The call for a contactless, secure, and instant money transfer solution gained significant momentum. This led to a remarkable rise in the adoption of real-time payment solutions across all sectors. Individuals and businesses alike demanded a viable solution to transfer funds across the border in a secure and efficient manner.

The impact of wide-scale adoption of Real-Time Payments cut across all industries and sectors. The leaders and torchbearers of the payments industry have all jumped on the β€˜instant payment’ bandwagon, and for good reasons.

What are the experts saying?

  • McKinsey, in a report titled Accelerating Winds of Change in Global Payments, predicted that the cash transfer and purchases would dip from 51% to 28% by the end of 2020
  • BUSINESS WIRE reported that more than 70.3 billion real-time payments were processed around the world in 2020, an increase of 41% as compared to the previous year
  • The adoption rate of mobile wallets rose to an unprecedented height of 46%
  • The expected Compound Annual Growth Rate (CAGR) value by 2025 of real-time transactions is 12%

The increased rate of adoption of Real-Time Payment systems in all sectors has been unparalleled. Several factors have contributed to the bump in the adoption rate. Some of these factors include:

  • Call for a viable, quick payment solution

People and businesses have been demanding a swift, scalable payment alternative that can instantly initiate and complete an overseas money transfer. For consumers globally, quick access to funds is a boon and vital for lower-income migrant workers.

  • Demand for Transparency in transactions

Most Real-Time Payment services offer clarity and visibility during every step of a transaction. An individual can track their payment going through all the phases of transactions and get notified on completion of the transaction.

  • Desire to gain a competitive advantage

Money transfer platforms have been trying to adapt to customer demands and make the customer journey smoother. A significant determining factor in enhanced customer experience is the availability of an instant-payment protocol.

Other factors such as a reduction in payment failures and an increase in accounting efficiency have all contributed to the rapid adoption of real-time payment methods in the finance market.

The need for innovation in the payments market has long existed; Real-Time Payments are just another advent in the long list of technological advancements. Most global money transfer platforms are slowly but surely drifting towards instant payment deliveries.

International payment services such as ATL Money Transfer provide unique features and adds value to deliver the best global money transfer platform for your use. ATL Money Transfer is a continuously developing company striving to make customers’ money transfer experience as valuable, functional, and effortless as possible. They are a regulated and authorised payment service with extensive security protocols put in place, and they handle hundreds of thousands of transactions a month. They transfer your money instantly to over 60 countries in Asia, Europe, Africa, and North America in three easy steps. With 24/7 service and customer support, none of your transactions has to fail. To know more, please visit our website at https://www.atlmoneytransfer.com/.

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