Real-time payments initiatives on the rise worldwide
Deployments of real-time payment systems are surging worldwide, according to new research from FIS.
In its fifth annual Flavors of Fast report, FIS identifies 40 active real-time payment programs worldwide, up from 25 in 2017, and nearly three times as many as the company's inaugural 2014 study.
Further, the report identifies five payments programs under development, plus another 16 expected to be live in the next 12 to 18 months — double the number of programs on the radar in 2017, according to a press release.
"We live in a now world. Consumers are demanding more transparency, certainty and immediacy when moving their money, and they won't settle for incremental innovation," Raja Gopalakrishnan, head of Global Payments for FIS, said in the release. "Financial institutions are responding in growing numbers — modernizing their payment infrastructures to provide real-time payment capabilities that demonstrate their value to customers."
The FIS research found that overlay services — chat, retail apps, instant loans and more — and open APIs provide innovations that encourage consumers and businesses to use real-time payments. For example, a supermarket chain in France implemented instant payments through its shop app; this simplified payments for shoppers and reduced card acquisition, processing fees and check usage for the company.
Meanwhile, India's Immediate Payment Service, which runs through the country's Unified Payment Interface, has allowed money transfer apps to feature chatting capabilities. This further encourages public use of real-time innovation, according to the release.