At 48 billion, India accounts for largest number of real-time transactions in the world
According to a report by ACI Worldwide, India accounted for the largest number of real-time transactions in the world in 2021, nearly three times that of nearest challenger China (18 billion transactions), and 6.5 times that of the US, Canada, the UK, France, and Germany, combined.
Real-time payments accounted for 31.3% of the overall payments transaction volume in India in 2021, thanks to merchant acceptance of UPI-based mobile payment apps and QR code payments, as well as increased use of digital payments during the Covid-19 pandemic.
In 2021, real-time payments are estimated to have saved Indian businesses and consumers US$ 12.6 billion, resulting in US$ 16.4 billion in economic production, or 0.56% of the country's GDP and the output of about 2.5 million jobs.
Governments who advance real-time modernization of their national payments infrastructure create a win-win situation for all stakeholders in the payments ecosystem: consumers and businesses benefit from fast, frictionless, and hyper-connected payments services; financial institutions future-proof their businesses in a highly competitive environment by speeding up cloud-first and data-centric modernization; and national governments boost economic growth.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.