Icon’s InstaPay Tracker highlights 43 active instant payments schemes globally
The InstaPay Tracker, sponsored by Icon Solutions, now identifies 43 active instant payment schemes around the world, up from 30 in 2017. Further, our Tracker also identifies 15 instant payment programs under development, with two expected to be live in the next 12-18 months.
Lauren Jones, Editor of InstaPay, a global intelligence hub for instant payments knowledge said:
“There can no longer be any debate as to whether instant payments will be the new normal. Our research shows that 27% of the world will have an instant payment system by the end of 2020. That’s without any new announcements being made regarding new system implementations. Financial institutions will want to see a return on the investment they have made deploying these systems, therefore we will naturally see a push for consumers to start using these new payment methods in various forms. Increased innovation in the payments space will harness the power of instant payments to ensure customers have the ability to pay with immediacy, security and confidence.”
Gene Neyer, Executive Advisor at Icon Solutions and member of the InstaPay Advisory Board also commented: “The InstaPay Tracker is an invaluable tool for tracking the progress of instant and real time payments adoptions around the world. The accelerating rate of take up highlights the recognition of the benefits instant payments delivers, in terms of improved customer experience, financial inclusion, reduction in crime and grey economy together with the opportunities for the API economy and Open banking.
The trend is mature enough that some geographies are now embarking on the next generation of Real Time payment schemes. Regions such as Europe and Asia are seeing a rapid increase in instant payment systems with regulators pushing for deeper payment system integration. There are also active discussions in Latin America and Sub-Saharan Africa on moving towards a more instant payment ecosystem. It is likely that by 2020, there may be more schemes than predicted and we will see serious work begin on cross-border real time payments at scale.”