1、ITSPRIME TIMEFORREAL-TIME1ContentsIntroduction35Executive SummaryGlobal Real-Time Payments Adoption12Real-Time Payment Transactions per Month7CountryInsights14Asia Pacific14Europe26Middle East,Africa and South Asia47Latin America58North America64Global Top Ten7Asia Pacific8Europe9Middle East,Africa

2、and South Asia10Latin America11North America112IntroductionThe Next Phase of Real-Time Payments Growth Is HereReal-time payments are at the heart of the rapidly evolving payments ecosystem.Today,most major markets either already have real-time payment schemes in place or in development as government

3、s seek to unlock the economic benefits of more efficient payments,and the growth of real-time payments is accelerating across the globe.The numbers speak for themselves.Overall real-time transaction volumes around the world grew 63.2%in 2022 to reach a new high of 195.0Bi transactions and are foreca

4、sted to reach 511.7B by 2027,representing a compound annual growth rate of 21.3%.By 2027,real-time payments are expected to account for 27.8%of all electronic payments globally,up from 18%in 2022.Real-time payments are the backbone of modern economies.Those who have implemented real-time payments ha

5、ve profoundly changed the way consumers,businesses and governments make and receive payments and conduct their financial affairs.Governments that facilitate and drive real-time adoption show the highest growth rates of real-time payments as well as their economies.ACI Worldwide is pleased to present

6、 the fourth edition of our Prime Time for Real-Time report,the definitive view of real-time payments.In partnership with GlobalData,we are proud to provide critical insights into the factors that continue to drive adoption of real-time payments in 52 countries and the significant benefits that real-

7、time payments bring to global economies.New real-time payment players are leading the chargePrevious installments of ACIs annual Prime Time for Real-Time report tracked the proliferation of real-time payments around the world by measuring transaction volumes across key global markets.Last year,the r

8、eport explored the economic impact of real-time payments,revealing for the first time how real-time payments boost economic growth,prosperity and financial inclusion.As real-time payments enter a new phase of growth in 2023,were taking a closer look at consumer adoption in the markets that have foun

9、d the right formula to drive widespread consumer,merchant and corporate adoption by combining strong government mandates or industry-level collaboration with compelling use cases,from in-store and online QR-code payments to Request to Pay and bill payments.By 2027,Bahrain a country of just 1.5 milli

10、on people is forecasted to have the highest level of real-time payments consumer adoption,with 83.3 real-time transactions per head per month(TPHM)compared to 23 in 2022,taking the top spot from Thailand and keeping Brazil in second place both significantly larger economies.The larger Western econom

11、ies included in this years report have seen lower levels of consumer adoption,both globally and within their regions.The U.K.,Canada,Germany,the U.S.,Italy and France all top 10 global economies by GDPii placed 9th,19th,29th,33rd,36th and 41st,respectively,for TPHM in 2022.In our Global Top 10:Consu

12、mer Adoption of Real-Time,we instead find smaller European nations(Sweden,Denmark and the Netherlands)and four markets in Asia(Thailand,the Republic of Korea,India and Malaysia).The worlds major economies have rarely extended the use of real-time payments beyond peer-to-peer credit transfers.The goo

13、d news for these major economies:the TPHM achieved by our global top 10 illustrates the scale of potential growth they can still unlock.Diverse factors are driving consumer adoptionConsumers and businesses around the world are hungry for cheaper,faster and more efficient ways to pay.Payments are inc

14、reasingly becoming embedded,with todays customers looking for a hyper-connected,frictionless customer experience.As more consumers around the world expect to make and receive payments far more safely and at minimal cost,governments,banks and merchants aim to maximize adoption by launching or fine-tu

15、ning sophisticated value-added use cases on top of real-time payment rails.3This years Prime Time for Real-Time report uncovered three primary drivers for consumer adoption:A strong brand identity around real-time payments and compelling use cases targeted at overcoming the ingrained payment habits

16、of the general population.Merchant acceptance.Merchants have many incentives to accept real-time payments,from greater liquidity to substantial cost savings to reduced risk of fraud.Government implementation is key.In countries where governments make and accept real-time payments such as when disbur

17、sing benefits or collecting taxes we see much higher volumes and accelerated consumer adoption.Government interventions are on the riseBanks,governments and regulators aim to maximize adoption by launching or fine-tuning sophisticated value-added use cases to run on real-time payment rails.In market

18、s where consumer adoption is lower,governments and regulators are learning from real-time payment success stories like Brazil,where the government mandated banks to participate in the PIX real-time payments scheme.These governments and regulators see the economic dynamism that a modern payments ecos

19、ystem brings and are looking to spark adoption in their countries through equivalent interventions.At the time of writing,the EU Commission has proposed new legislation mandating banks in member states to offer instant payments at the same or lower cost than standard credit transfers.Such a law coul

20、d be highly disruptive in a market where charges of up to EUR 1.50 are common for instant payments and could help drive more use cases for customers to use instant payments.In the U.S.,a market where regulators strongly favor non-intervention,the Federal Reserve is launching its highly anticipated F

21、edNow system in July 2023 to expand real-time access in the U.S.a highly significant milestone for real-time.Throughout the Middle East and Asia,governments are also rolling out new mandates and regulations to boost the adoption of real-time.What banks can do nextBanks in markets that still have a s

22、trong opportunity for real-time payments growth should use this report to better understand the role of real-time payments in modern economies,today and in the future.Forecasts indicate continued growth in card transactions in the long-term,and in several years time,they will still make up the vast

23、majority of electronic payments in most countries.iii While they understand the staying power of credit cards,governments appear more committed than ever to making real-time payments the heart of their future economic strategies.Debbie GuerraChief Product OfficerACI Worldwidei GlobalDataii https:/da

24、ta.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=trueiii GlobalData4Executive SummaryThe Next Phase of Real-Time Payments Growth Is HereGovernment intervention and value-added use cases driving adoption worldwideGlobal Real-Time Payment Transactions Payment Transactions 195.0B transa

25、ctions2022YoY growthof63.2%Global Forecast 20272027511.7B51511.1.7 7B BCAGR of 21.3%between 2022 and 20272027fBy 2027,Real-TimePaymentsWill Account forPaymentsWill Account forof all electronic payments globally27.8%Top Five Real-Time Payment Markets GloballyTop Five Real-Time Payment Markets Globall

26、yIndiaIndia89.5B76.8%Real-Time Payment Transactions76.8YoY growthTop Five Real-Time Payment Markets GloballyTop Five Real-Time Payment Markets GloballyTop Five Real-Time Payment Markets GloballyBrazilBrazil29.2B228.9%Real-Time Payment Transactions8.9YoY growthChinaChina17.6

27、B0.9%Real-Time Payment Transactions0.9YoY growth.5B63.4%16.5B63.4%Real-Time Payment Transactions63.YoY growthYoY growth16 5B2022Thailand8.0B9.6%Real-Time Payment Transactions9.6YoY growthYoY growth8.0B2022South Korea Real-time payments are entering a new phas

28、e of growth.Consumer adoption is on the rise,as many countries have launched successful overlay or Request to Pay services,driving real-time volume growth to record highs,with India,Brazil and Bahrain taking the lead.Successful real-time services are reaching ubiquity and have profoundly changed the

29、 way consumers,businesses and governments make and receive payments and conduct their financial affairs.Other countries are taking notice of these success stories.There is likely to be continued pressure from governments and regulators to adopt real-time payments in many markets and regions,they are

30、 taking steps to drive greater adoption of real-time payments,because they see them as a path to drive economic growth.Our report shows that government mandates and incentives are key for successful real-time transformation of payment ecosystems.Targeted use cases drive consumer adoption,with consum

31、ers and businesses around the world hungry for cheaper,faster and more efficient ways to pay.Merchant adoption and acceptance of real-time payments is on the rise,as more merchants realize that real-time payments create significant efficiencies.Real-time payments are part of the digital proposition

32、of modern financial institutions they secure competitiveness and increase customer stickiness.That means banks need to make the most efficient use of their real-time rails to avoid falling behind any competitors that do adopt real-time payments and subsequently reap the benefits.12345Global Top 10:C

33、onsumer Adoption of Real-Time Rapid consumer adoption in countries like Bahrain,Brazil and Thailandillustrates the speed with which adoption can take off.Real-time payment transactions per month per head of population(age+15)GlobalTop 10:Mobile Wallet AdoptionMobile wallets are particularlypopular i

34、n Asia and the Middle East,as our league table shows.Mobile wallet users(%of survey sample)ThailandVietnamIndiaHong KongPhilippinesMalaysiaChinaIndonesiaSaudi ArabiaTaiwan92%91%90%89%88%86%84%82%80%78%Global Top10:FraudIncidence RateNewtypesoffraud suchasconfidencetricksareon therise,whil

35、eidentitytheftand card details theft are declining.Confidence tricks:Global Average 26.9%Identity theft:Global Average 11.6%Card details theft:Global Average 26.3%IndiaNigeriaSaudi ArabiaU.S.AustraliaThailandSingaporeCanadaNew ZealandIreland44.6%40.4%33.2%30.7%28.1%25.7%25.3%24.6%24.4%24.3%123456789

36、10India and Brazil Are the Undisputed Real-Time Payment LeadersIndia46%accounted for of all real-timetransactions worldwide in 202220222022Brazil15%accounted for of all real-timetransactions globally in 2022Brazilwas the third fastest growing real-time payments market in 2022,with a YoY growth of228

37、.9%Regional Comparison,2022-2027Middle East,Africa and South Asia is the top region for real-time payments volume and share of electronic payments due to India specifically.Latin America is the top growth market owing to Brazil,plus countries like Peru,Argentina and Colombia that are among the top 1

38、0 growth markets globally.95.749.233.013.23.972.2%11%33%7%2%249.896.2119.534.213.079.3%12%56%13%5%21.2%14.1%29.3%21%27.3%Middle East,Africa and South AsiaAsia PacificLatin AmericaEuropeNorth AmericaREGIONCAGR(2022-2027)20272022Real-Time Payments Volume(billions)Real-Time Payments Share of Electronic

39、 PaymentsTotal(%)Real-Time Payments Volume(billions)Real-Time Payments Shareof Electronic PaymentsTotal(%)BahrainBrazilThailandSouth KoreaNetherlandsSwedenIndiaDenmarkFinlandHong Kong83.351.843.621.921.718.918.215.515.215.0Forecast 2027 202220226The league tables on the following pages hi

40、ghlight the level of consumer adoption of real-time payments globally and across different regions.Our Global Top 10 for 2022 and 2027 show the positive impact on real-time payments adoption of strong government mandates and concerted industry collaboration,widespread merchant adoption,strong brand

41、recognition for a scheme or related digital wallets,and mobile-first experiences.Many markets,such as Bahrain,Brazil and Thailand are relatively recent enablers of real-time payments,illustrating the speed with which adoption can become widespread when conditions are right.Global Top Ten:Real-Time P

42、ayment Transactions per Head per Month(TPHM)Global Ranking 2022Global Ranking 2027ThailandBahrainSouth KoreaBrazilSwedenDenmarkIndiaNetherlandsU.K.Malaysia23.019.114.714.29.58.87.46.25.95.3BahrainBrazilThailandSouth KoreaNetherlandsSwedenIndiaDenmarkFinlandHong Kong83.351.843.6

43、21.921.718.918.215.515.215.0TPHMCountryTPHMCountryMethodologyAdult(age 15+)population data was taken from GlobalDatas Macroeconomic Database.Transactions per head were calculated on an average basis,with total number of transactions being divided by the number of adults over 15 for each country to c

44、alculate average real-time payment transactions per year,then divided by 12 to get the monthly average data.Real-Time Payment Transactions per MonthBy head of population over 15 years oldGlobalRankingGlobalRanking7Real-Time Payment Transactions per MonthBy head of population over 15 years oldAnalysi

45、sAcross the regions top five markets by TPHM,advanced user-friendly features are the norm for real-time payments,such as QR-code payments,mobile-native experiences and the ability to register using multiple aliases,including national ID,phone number or email.It is also common to find huge support fo

46、r,and investment in,modern infrastructure from governments or central banks.These conditions add up to the fact that on top of being the de facto standard for P2P money transfers in these nations,real-time payments are also widely used by government,businesses and merchants.Several cross-border real

47、-time payment integrations are live between the ASEAN nations and more are in development.India,the worlds largest real-time payments scheme in terms of volume by some margin,is third by TPHM.This illustrates how much scale there is still to unlock in this already huge market.Asia Pacific:Real-Time

48、Payment Transactions per Head per Month20222027TPHMCountryGlobalRanking3352RegionalRankingTPHMCountryGlobalRankingRegionalRankingThailandSouth KoreaMalaysiaHong KongAustraliaSingaporeTaiwanJapanChinaPhilippinesIndonesiaNew Zealand23.014.75.35.25.04.92.31.41.30.70.2-1

49、23456789394052ThailandSouth KoreaHong KongMalaysiaSingaporeAustraliaTaiwanIndonesiaChinaJapanPhilippinesNew Zealand43.621.915.012.310.99.94.33.52.01.51.4-8Real-Time Payment Transactions per MonthBy head of population over 15 years oldAnalysisUnlike the rest of the eurozone wher

50、e real-time payments are charged as a premium service for select customers,the Netherlands banks make them universally available and free to use.As a result,market penetration is already high and expected to grow strongly in the forecasted period.The same is true in the Nordic countries,where,like i

51、n the Netherlands,merchant acceptance in-store and in eCommerce scenarios is widespread.Government mandates are rare in the region,but the European Commissions motivation for proposing to mandate cheaper,more secure and more accessible real-time payments is clear:the four largest economies in the EU

52、 Germany,France,Italy and Spain are not featured in the regional top 10 for real-time payments market penetration in 2022 or 2027.Europe:Real-Time Payment Transactions per Head per Month20222027TPHMCountryGlobalRanking668942526282932353641454951RegionalRan

53、kingTPHMCountryGlobalRankingRegionalRankingSwedenDenmarkNetherlandsU.K.NorwaySwitzerlandTurkeyFinlandAustriaHungaryCzech RepublicBelgiumSpainGermanyGreecePolandItalyFrancePortugalCroatiaIreland9.58.86.25.94.54.22.92.72.62.21.81.51.31.31.10.70.60.30.10.01-668911121417

54、829343537424449NetherlandsSwedenDenmarkFinlandSwitzerlandNorwayBelgiumU.K.AustriaTurkeyCzech RepublicHungarySpainCroatiaGreeceGermanyFrancePolandItalyIrelandPortugal21.719.015.515.214.412.611.29.08.57.05.95.04.83.93.83.02.02.01.31.00.793454748501011Real-Ti

55、me Payment Transactions per MonthBy head of population over 15 years oldAnalysisBahrain is reaping the rewards of central bank mandates and the waiving of fees up to a certain threshold,which have contributed to a sudden uptake of the superapp-like BenefitPay,which supports cards and A2A real-time p

56、ayments.Real-time payments have penetrated all levels of the economy,including salary payments,P2P,C2B,in-store and online merchant payments,bill payments and QR-code payments.Saudi Arabia is making a fast start thanks to similarly strong government mandates,and U.A.E.will join them in 2023 with the

57、 launch of a new national scheme.Both schemes are relatively advanced compared to others in the region and will underpin a new wave of payments modernization built around value-added services.Saudi Arabias anticipated launch of open banking regulations in particular will be an exciting development f

58、or the market and will accelerate merchant adoption.Middle East,Africa and South Asia:Real-Time Payment Transactions per Head per Month20222027272464850BahrainIndiaNigeriaSaudi ArabiaSri LankaU.A.E.South AfricaOmanPakistanKenyaEgypt19.17.43.31.10.50.40.40.20.040.030.01TPHMCountryGlobalRan

59、kingRegionalRankingBahrainIndiaNigeriaSaudi ArabiaU.A.E.Sri LankaSouth AfricaEgyptPakistanOmanKenya83.318.25.03.21.51.41.11.00.80.80.1TPHMCountryGlobalRankingRegionalRanking10Real-Time Payment Transactions per MonthBy head of population over 15 years oldAnalysisCanadas Interac eTransfer service soon

60、 to be replaced by Interac Instant is easily accessible via an alias system built around email address and mobile phone number,and there is near-100%participation from the markets financial institutions.It is well adopted among consumers as a result and acceptance among smaller merchants is common.I

61、n the U.S.,the government will step into the instant payments space in 2023 with FedNow,which will also provide real-time payments access to smaller banks and is expected to solve for last mile connectivity that remains a challenge.It will feature new services such as Request for Pay from day one an

62、d has the potential to eventually make real-time payments as ubiquitous as cards.If the U.S.federal government begins using FedNow to issue payments and disbursements,then it should immediately generate substantial volumes for the new scheme and help to encourage adoption nationwide.That would move

63、the needle in the U.S.overall.North America:Real-Time Payment Transactions per Head per Month202220272022TPHMCountryGlobalRanking121933RegionalRankingCanadaU.S.2.90.9TPHMCountryGlobalRanking122631RegionalRankingCanadaU.S.4.03.4Latin America:Real-Time Payment Transactions per Head per MonthAnalysisBr

64、azils rapid ascension to global real-time payments leader has come on the back of PIXs support for all transaction types(P2P,P2B,B2P,P2G,G2P,B2G and G2P)and multiple use cases.These include:merchant payments,scheduled future payments,Request to Pay,bill payments and government payments.Mexico,the La

65、tAm regions earliest adopter of real-time payments,continues to post steady growth.While transactions are mandated to be free,banks and financial institutions are reluctant to promote the scheme and develop new use cases,which has impacted wider adoption.Meanwhile,Chiles central bank is taking an ac

66、tive role to drive interoperability between digital payment methods and is working on a“Fintech Law”to stimulate innovation and accelerate further adoption.2022TPHMCountryGlobalRanking404447RegionalRankingBrazilChileMexicoPeruArgentinaColombia14.25.22.30.40.10.032022TPHMCountryGlobalRanki

67、ng324650RegionalRankingBrazilChileMexicoPeruArgentinaColombia51.88.73.93.20.90.211Global Real-Time Payments AdoptionCountryReal-Time Payments MethodStatusYearCanadaInterac e-Transfer Live2002U.S.RTP and ZelleLive2017FedNowPlanned2023CountryReal-Time Payments MethodStatusYearAustraliaNew P

68、ayments Platform(NPP)Live2018 New ZealandNo scheme in placePlannedTBDNorth AmericaCountryReal-Time Payments MethodStatusYearCambodiaReal-Time Fund Transfer(RFT)Live*2019ChinaIBPSLive2010Hong Kong(Special Administrative Region)Faster Payment System(FPS)Live2018IndonesiaBI-FASTLive2021JapanZengin Syst

69、emLive1973KazakhstanISMTPlanned*2025MalaysiaDuitNowLive2018Interbank Funds Transfer(IBFT)Live2006MyanmarNo scheme in placePlanned*TBDAsia PacificCountryReal-Time Payments MethodStatusYearPhilippinesInstaPayLive2018SingaporeFASTLive2014PayNowLive2017South KoreaCD/ATMLive1988Electronic Banking System(

70、EBS)Live2001TaiwanFinancial XMLLive2003Interbank ATM funds transfer system Live1987ThailandPromptPayLive2016VietnamNAPAS Quick Money Transfer ServiceLive*2016*NotincludedinreportNo scheme inplace*LivePlanned*PlannedLive*12CountryReal-Time Payments MethodStatusYearAustriaSCT InstLive2017AzerbaijanIPS

71、Live*Live*2020BelgiumSCT InstLive2019BulgariaBorica Instant Payments2021CroatiaNKSInstLive2020Czech RepublicInstant PaymentLive2018DenmarkStraksclearingLive2014EstoniaSCT InstLive*2014FinlandSiirtoLive2017SCT InstLive2018FranceSCT InstLive2018GermanySCT InstLive2017GreeceIRISLive2017HungaryAzonnali

72、fizetsi rendszer(AFR)Live2020IcelandCBILive*2020IrelandSCT Inst(only few banks are offering)Live2020ItalySCT InstLive2017LatviaEKS ZibmaksajumsLive*2017LithuaniaCENTROlinkLive*2017LuxembourgBILnetLive*2020CountryReal-Time Payments MethodStatusYearNetherlandsSCT InstLive2017NorwayStraksbetalingerLive

73、2011Vipps Live2015PolandExpress ElixirLive2012BlueCashLive2012PortugalSCT InstLive2018RomaniaPlati InstantLive*2005RussiaFPSLive*2019SerbiaIPSLive*2018SlovakiaNo scheme in placePlanned*SloveniaFlikLive*2020SpainSCT InstLive2017BizumLive2016SwedenBIRLive2012SwitzerlandTWINTLive2016TurkeyRetail Paymen

74、t System(RPS)Live2012FASTLive2021U.K.Faster PaymentsLive2008UkraineIn progressTBDTBDEuropeCountryReal-Time Payments MethodStatusYearBahrainFawri+LiveLive2015EgyptIPN2022EthiopiaEATSLive*2011GhanaGhIPSS Instant Pay(GIP)Live*2007IndiaIMPSLive2010UPILive2016IranNo scheme in placeTBDIsraelNo scheme in p

75、laceTBDKenyaPesaLinkLive2017KuwaitNBK Quick PayLive*2018LebanonZakyLive*2020Middle East,Africa and South AsiaCountryReal-Time Payments MethodStatusYearMoroccoNo scheme in placePlanned*TBDNigeriaNIPLive2011OmanMPCSSLive2017PakistanRaastLive2021QatarQMPLive*2020Saudi ArabiasarieLive2021South AfricaRTC

76、Live2006Sri LankaCEFTS(LankPay)Live2015TanzaniaTanzania Instant Payments System(TIPS)Live*2019U.A.E.Immediate Payment Instructions(IPI)Live2019CountryReal-Time Payments MethodStatusYearArgentinaDEBINLive2017PEILive2016Transfers 3.0Live2020BrazilSITRAF Live2002PIXLive2020ChileTEFLive2008ColombiaTrans

77、fiyaLive2019Latin AmericaCountryReal-Time Payments MethodStatusYear*Not included in reportHondurasSIPLive*Live*2008MexicoSPEILive2004PeruImmediate Interbank TransfersLive2016UruguayACH Transferencias Inmediatas2021VenezuelaLBTRPlanned*TBDPlanned*13AustraliaThe New Payments Platform(NPP)is the nation

78、al real-time payments infrastructure in Australia.It was developed by SWIFT in collaboration with 13 members of Australias financial services industry including Reserve Bank of Australia,collectively represented by NPP Australia.It was launched for public use in February 2018 by NPP Australia and as

79、 of last year,the system has been made available to almost 90 million customer accounts,with more than 110 banks,credit unions,building societies and fintech companies now offering NPP-enabled services to their customers.Despite this wider coverage,real-time payments accounted for just 6.1%of the to

80、tal payments volume of transactions in 2022.Key constraints continue to hinder the overall growth of real-time payments in the country.Australians continue to prefer payment cards,with contactless payments(from a card,phone or watch)being the norm,and there are limited use cases for NPP.28.1%28.1%Pa

81、yments Fraud RateTop 3 Payment Fraud Types16.6%Card details stolen online15.2%Card details stolen/skimmed in person21.4%Confidence trickLearn More About Global Real-Time Fraud Trends(from a card,phone or watch)being the norm,and there are limited use cases for NPP.Real-Time Transactions1.3B2.7B16.3%

82、Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202780.6%1.3%89.8%2.2%18.1%7.9%Transactions2022202784.1%5.8%81.2%10.1%6.1%12.7%However,with NPP now expanding its use cases from not just PayID,but also with the launch of new overlay service

83、s such as PayTo,which is a digital way for merchants,businesses and corporates to initiate real-time payments from customers bank accounts,the real-time volume is expected to gradually increase,recording a CAGR of 16.3%from 2022 to 2027.To help drive adoption of the service,we need big players to ge

84、t on board like utilities,supermarkets and telcos.This will definitely help to accelerate the adoption of PayTo and thus,increase real-time transaction volumes.The retirement of Australias direct entry batch processing system in the next five to six years might also help drive additional growth if a

85、nd when the NPP participating members migrate their direct entry payments,typically submitted in bulk files today,over to the NPP.To enhance competition and create a more coordinated organization in the Australian payments space,in 2022,the three domestic payment providers,NPP Australia,eftpos and B

86、PAY,merged to form Australian Payments Plus.Initiation/Authorization Methods 4EmailMobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends46.9%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile wallet and have used itint

87、hepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-TimePaymentsLaunch2018Real-TimePaymentsSchemeNPP2018Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electroni

88、c payment transactions volume0%2%4%6%8%10%12%0%0%0%0.6%1.9%3.9%5.7%7.0%8.0%8.8%9.6%10.2%10.7%Region:Asia Pacific14ChinaChina launched its real-time payments system,called the Internet Banking Payment System(IBPS),in 2010 to strengthen its banking infrastructures and boost non-cash payments.In 2022,i

89、t was ranked as the third country in the world in terms of volume of real-time payment transactions,processing a 21.5 billion volume of transactions in 2022 but this is solely due to the sheer size of the Chinese market;it is still far behind the market leader India which processed 166 billion in vo

90、lume of transactions.In 2022,real-time payments represented only a 4.5%share of total payments volume,with a 7.2%share of total payments spend.2027 projections are expecting real-time payments to barely grow its market share in volume of transactions,as it is expected to slightly increase to 4.6%,in

91、creasing at a CAGR of 10.5%.10.7%10.7%Payments Fraud RateTop 3 Payment Fraud Types14.6%Card details stolen/skimmed in person10.3%Identity theft35.8%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions17.6B29.1B10.5%With the high mobile wallet adoption in China,there i

92、s a lot of room for real-time payments to grow and growth in the Chinese market is a huge opportunity to drive up revenue due to the size of the overall Chinese payments market.This growth could be driven by the introduction of the central bank digital currency,the e-Yuan.The e-Yuan is still going t

93、hrough pilot tests,but it is already available in 23 cities across China through the e-Yuan app that was launched in 2022.Both Alipay and WeChat Pay reported accepting the e-Yuan as a payments option.However,so far real-time payments have not made much headway into the Chinese mobile payments market

94、.Initiation/Authorization Methods 20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends84.4%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last

95、 four yearsReal-Time PaymentsLaunch2010Real-Time PaymentsSchemeIBPS2010Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202787.9%1.4%90.1%2.7%10.8%7.2%Transactions2022202785.5%9.9%77.5%4.6%4.5%17.9%3MobileBank AccountQR CodeReal-Time Paymen

96、ts Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume7.9%9.3%12.1%11.2%8.4%8.4%6.9%5.5%5.0%5.0%5.1%4.9%4.9%14%12%10%8%6%4%2%0%Region:Asia Pacific15Hong KongHong Kong launched its ins

97、tant payments system Faster Payment System(FPS)in September 2018.Unlike several other instant payment systems globally,FPS connects both banks and payment service providers,allowing interoperable transfers between bank accounts and mobile wallets.The increasing preference for mobile payment solution

98、s,coupled with the adoption of a nationwide common QR-code standard,supported real-time payments growth in the country.16.2%16.2%Payments Fraud RateTop 3 Payment Fraud Types14.8%Card details stolen online12.7%Card details stolen/skimmed in person23.8%Confidence trickLearn More About Global Real-Time

99、 Fraud TrendsReal-Time Transactions407M1.2B24.2%The growing acceptance of electronic payments amid the COVID-19 pandemic has also increasingly supported the adoption and use of real-time payments.While real-time payments accounted for a 10.8%share of total payments volume in 2022,they accounted for

100、a 20.0%share in terms of value.This signifies that the real-time payments in Hong Kong are mainly used for low-volume,high-value transfers.However,with consumers increasingly shifting from cash to mobile-based payments to meet their day-to-day purchases,the gap will significantly reduce with instant

101、 payments volume set to record a 24.2%CAGR from 2022 to 2027,compared to 12.3%in terms of value.4EmailMobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends89.2%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile wallet

102、and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-Time PaymentsLaunch2018Real-Time PaymentsSchemeFPS2018Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202715.2%51.1%20.5%59.6%33.6

103、%20.0%Transactions2022202732.2%42.4%32.1%25.4%10.8%57.2%Initiation/Authorization Methods Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.6%3.9%11.4

104、%19.0%25.1%30.4%41.4%44.1%34.6%38.1%50%45%40%35%30%25%20%15%10%5%0%Region:Asia Pacific16Indonesia Indonesia became the most recent entrant into the real-time payments space with the launch of BI-FAST instant payments system in December 2021.The system went live with 21 banks,starting with individual

105、 credit transfer services.Other functionalities such as bulk credit,direct debit and Request for Payment services are set to be added in a phased manner.As of August 2022,with four aggregators powered by ACI Worldwide,there were 106 participants in the BI-FAST system.22.2%22.2%Payments Fraud RateTop

106、 3 Payment Fraud Types10.6%My card was lost or stolen10.4%Digital wallet account hacked39.9%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions470M9.4B81.9%Although cash has traditionally been the preferred payments instrument in Indonesia,electronic payments have be

107、en steadily gaining ground over the past few years,supported by government initiatives,a rise in the banked population and improvements in payments infrastructure.The COVID-19 pandemic also further accelerated the shift towards digital payments in the nation.All these factors provide favorable condi

108、tions for the success of real-time payments in the country.320222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends81.7%Real-Time Acceptance2BanksP2PScheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud i

109、n the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202765.9%2.9%91.0%6.0%31.2%3.1%Transactions2022202722.8%63.8%20.4%13.4%0.8%78.8%Initiation/Authorization Methods Real-Time PaymentsLaunch2021Real-Time PaymentsSchemeBI-FA

110、ST2021MobileBank AccountEmailReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f%of total electronic payment transactions volume0.0%0.0%0.0%0.0%3.8%7.7%14.3%23.1%37.1%30.9%40%35%30%25%20%15%10%5%0%20252024202320272026202220218Region:Asia Pacific17JapanJ

111、apans Zengin System is the worlds oldest real-time payments system,having launched in 1973,but it is not one of the most developed,even in the Asia-Pacific region.In 2022,real-time payments represented only a 3.1%share of total payments volume,and this share is not expected to materially change by 2

112、027.In terms of payments volume,Japanese consumers still overwhelmingly prefer paper-based payments,as their market share represented 67.1%of total payments volume in 2022.3.3%3.3%Payments Fraud RateTop 3 Payment Fraud Types14.7%Card details stolen onlineConfidence trick11.8%My card was lost or stol

113、en32.4%Learn More About Global Real-Time Fraud TrendsReal-Time Transactions1.8B1.9B1.0%By 2027,paper-based payments will see its payments volume market share decrease to 59.1%,but this decrease will benefit only non-real-time payment electronic payments,mostly card-based payments.For the past severa

114、l decades,the Japanese market has consistently proven to be very slow to change from its entrenched cultural preference for cash(and to a lesser extent cards),and no major shifts appear to be on the horizon for this market at present even the regional popularity of mobile-based payments has yet to p

115、enetrate the Japanese market,despite the strength of eCommerce in Japan.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends39.6%Scheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four y

116、earsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202710.1%3.7%7.1%5.6%86.2%87.3%Transactions2022202737.8%59.1%29.8%3.1%3.1%67.1%Real-Time PaymentsLaunch1973Real-Time PaymentsSchemeZengin System1973Initiation/Authorization Methods 1Bank

117、AccountReal-Time Acceptance3BanksMerchantsP2PReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume14.8%13.9%13.0%11.6%10.8%10.8%10.1%9.5%9.0%8.5%8.1%7.8%7.7%16%14%12%

118、10%8%6%4%2%0%Region:Asia Pacific18MalaysiaReal-time payments in Malaysia have been available for many years through Interbank Funds Transfer system.Withthe vision to create a modern payments system,a new instant payments system dubbed DuitNow was introduced by national payments network and central i

119、nfrastructure provider PayNet,in collaboration with ACI Worldwide,in December 2018.DuitNow has become a major player in the electronic payments space in the country,having integrated a wide variety of new functions and consolidated legacy systems such as Jompay and FPX into itself.In addition to fun

120、d transfers,the system now supports online payments,QR code-based in-store payments,future-dated and recurring payments,as well as,more recently,Request to Pay,eMandates and QR code-based cross-border payments.20.9%20.9%Payments Fraud RateTop 3 Payment Fraud Types11.1%Identity theft9.4%Card details

121、stolen online34.6%Confidence trickLearn More About Global Real-Time Fraud Trendscross-border payments.cross-border payments.Real-Time Transactions1.6B3.9B19.7%Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202778.2%4.5%81.9%7.5%17.4%10.6%

122、Transactions2022202734.5%53.1%21.8%12.5%6.7%71.5%Despite these developments,real-time payments accounted for only a 6.7%share of the total payments volume of transactions in 2022,due to the traditional preference for paper-based payment instruments,which accounted for a 71.5%share.However,the real-t

123、ime payments volume will gradually increase at a CAGR of 19.7%from 2022 to 2027,supported by increasing consumer awareness,growing preference for mobile payments,increasing development of B2B use cases for DuitNow and the growing cross-border QR-code payment linkages forming between Malaysia-Thailan

124、d and Malaysia-Indonesia.The COVID-19 pandemic also accelerated the shift towards electronic payments,which will further drive the adoption and use of real-time payments in the nation.Initiation/Authorization Methods 20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends86%Real-Time Acce

125、ptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262

126、022202015%of total electronic payment transactions volume0%5%10%15%20%25%30%4.1%5.8%7.8%11.0%15.7%19.2%21.8%23.4%24.8%25.1%25.7%26.5%26.5%3MobileBank AccountQR CodeRegion:Asia PacificReal-TimePaymentsLaunch2018Real-TimePaymentSchemesIBFT2006DuitNow201819PaymentsFraudRateTop 3 P

127、ayment Fraud TypesCard details stolen onlineCard details stolen/skimmedin personConfidence trickLearn More About Global Real-Time Fraud TrendsPopulationwho reported beingavictim of fraud in the last four yearsNew Zealand2023 is an exciting year for New Zealands payments industry.While no real-time c

128、apability is currently in place,New Zealands industry governance organization,Payments NZ,has recently embarked on delivering payment industry workshops designed to establish the foundational requirements for real-time capability for New Zealand;an exercise anticipated to span multiple years.The exp

129、ansion of payment forms and providers in New Zealand continues at pace.Last year saw the Dosh digital wallet launched for instant fund transfers and payments to merchants using mobile phone numbers or scanned QR codes.Since then we have seen the emergence of a new player in the digital wallet space

130、from local web operator Immersve who has partnered with Mastercard to give consumers the ability to use cryptocurrency directly from their web wallet to make digital,physical or even metaverse purchases.Worldline New Zealand isnt far behind,with plans for a digital wallet in the works,too.Real-Time

131、TransactionsMobile Wallet Trends36.1%ofadults whohave amobile wallet and have used itinthepastyear(2022)The countrys payments space is dominated by electronic payments,which occupy 59.9%of the total payments transaction volume in 2022,only a small increase from 2021 at 58.7%.However,the percentage o

132、f adults who have a mobile wallet and used it in the last year has increased from 26.0%to 36.1%in 2022,which is no surprise as contactless builds momentum in New Zealand with consumers preference for a streamlined checkout process.21.3%20.9%13.9%24.4%Real-Time Payments Volume and Its Share in Overal

133、lNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%100%90%80%70%60%50%40%30%20%10%0%Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpayment

134、sSpend(USD)Transactions99.1%0.9%98.7%1.3%67.0%4.4%59.9%8.3%2022202720222027Region:Asia Pacific2023 Prime Time for Real-Time20Philippines The Philippines introduced its real-time payments scheme InstaPay in 2018,which is an interbank fund transfer service launched by Bangko Sentral ng Pilipinas.The e

135、conomy of the Philippines is still heavily fragmented(due to its geography)and reliant on paper-based transactions.That same geographic separation of communities by water,however,gives it a lot of potential for real-time payments(and electronic payments in general)to enable quick transfers between c

136、ommunities in the market,potential that has yet to be realized.20.8%20.8%Payments Fraud RateTop 3 Payment Fraud Types16.4%Digital wallet account hacked9.1%Identity theft36.4%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions625M1.5B18.7%In 2022,paper-based transacti

137、ons represented a 98.4%share of payments volume while for the same period,real-time payments only represented a 0.7%share of payments volume.Real-time payments are expected to reach 1.7%by 2027,growing at a CAGR of 18.7%between 2022 and 2027.This market has yet to see its inflection point and stands

138、 out in the Asia-Pacific region as a real-time payments laggard.However,changes are happening in this market the launch of InstaPay 2.0 has moved the market to the ISO 20022 messaging standard,which will improve the speed and interoperability of the service.Further,the launch of a bill payment servi

139、ce at the end of 2022 will improve the functionality and appeal of real-time payments to consumers.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends88.4%Real-Time Acceptance4BanksMerchantsBillersP2P%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who re

140、ported being avictim of fraud in the last four yearsReal-Time PaymentsLaunch2018Real-Time PaymentsSchemeInstaPay2018Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202713.1%63.8%11.8%78.7%23.1%9.5%Transactions202220271.3%97.1%0.9%1.7%0.7%9

141、8.4%Initiation/Authorization Methods 4EmailMobileBank AccountQR CodeScheme MessagingISO20022Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0%10%20%30%40%50%60%0

142、.0%0.0%0.0%0.4%3.9%25.3%37.6%43.3%47.2%50.3%52.7%54.9%56.9%Region:Asia Pacific21Singapore Singapore has two well-developed real-time payment systems.The first one is FAST,launched in 2014:an interbankfund transfer service that enables customers of participating banks to transfer funds from one bank

143、to another.Its second service is PayNow,an overlay service launched in 2017 to build on the existing FAST infrastructure.Real-time payments volume of transactions represented an 8.6%share of total payments volume in 2022.Real-time payment systems volume of transactions is due to grow by a CAGR of 18

144、.3%between 2022 and 2027,reaching a 15.2%share of total payments volume in 2027.While real-time payments volume remains third behind electronic payments(excluding real-time payments)and paper-based payment volumes,real-time payment systems spend will overtake both electronic payments(excluding real-

145、time payments)and paper-based payments by 2027.25.3%25.3%Payments Fraud RateTop 3 Payment Fraud Types13.8%Card details stolen/skimmed in person12.9%Identity theft26.7%Confidence trickLearn More About Global Real-Time Fraud Trendsovertake both electronic payments(excluding real-time payments)and pape

146、r-based payments by 2027.Real-Time Transactions283M656M18.3%Real-time payments share of total spending is expected to reach 48.9%by 2027,while electronic payments(excluding real-time payments)and paper-based payments will reach 31.1%and 20%,respectively.The Monetary Authority of Singapore(MAS)has be

147、en actively expanding the reach of PayNow by linking its platform to other real-time payment platforms in the region.In 2021,it linked PayNow to Thailands PromptPay,which enabled cross-border transactions between both countries.In 2022,the MAS announced it started working on cross-border QR-code lin

148、kage with the Bank of Indonesia,with the linkage due to be launched in mid-2023.In February 2023,MAS went live with their linkage with Indias UPI-based real-time payments scheme.These cross-border linkages will continue to increase the prominence of real-time payments in Singapore.20222027fF5YrCAGR2

149、023 Prime Time for Real-TimeMobile Wallet Trends77.9%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-Time PaymentsLaunch2014Real-Time Payment SchemesFAST2014PayNow2017Shares of Volumes by Payments Instrument

150、Paper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202731.1%20.0%44.1%29.5%48.9%26.5%Transactions2022202759.1%25.7%54.6%15.2%8.6%36.8%Initiation/Authorization Methods 3Scheme MessagingISO20022QR CodeMobileBank AccountReal-Time Acceptance4BanksMerchantsBillersP2PReal-Time Payments V

151、olume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume2.6%3.2%4.0%5.1%6.8%10.0%12.6%13.5%14.8%16.1%17.6%19.1%20.4%25%20%15%10%5%0%Region:Asia Pacific22South Korea South Korea has the seco

152、nd oldest real-time payments system globally after Japan and ranked fifth globally in 2022 in terms of transaction volume of all real-time payment systems,as it processed a volume of transactions equal to 8.4 billion.South Koreas real-time payments represented an 18.3%share of total payments volume

153、in 2022,second to electronic payments(excluding real-time payments),which represented 68.9%,but ahead of paper-based payments,which were at 12.9%in 2022.6.2%6.2%Payments Fraud RateTop 3 Payment Fraud Types15.6%My card was lost or stolen12.5%Card details stolen online28.1%Confidence trickLearn More A

154、bout Global Real-Time Fraud TrendsReal-Time Transactions8.1B12.1B8.4%Real-time payments volume is forecasted to grow at a CAGR of 8.4%from 2022 to 2027,reaching a 21.9%share of transaction volume by 2027.Real-time payments are mainly being used for more expensive transactions than for daily expendit

155、ures,and this trend is not expected to change into the longer term,as real-time payments share of value of transactions is only set to increase in the forecasted period.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends61%ofadults whohave amobile wallet and have used itinthepastyear(

156、2022)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)202220276.4%8.1%8.5%12.3%85.4%79.2%Transactions2022202771.3%6.8%68.9%21.9%18.3%12.9%Initiation/Authorization Methods 1Sch

157、eme MessagingProprietaryBank AccountReal-Time PaymentsLaunch1988Real-Time Payment SchemesCD/ATM1988EBS2001Real-Time Acceptance4BanksMerchantsBillersP2PReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total

158、electronic payment transactions volume18.1%17.6%17.3%18.0%18.4%20.0%21.0%21.0%21.8%22.4%22.9%23.2%23.5%25%20%15%10%5%0%Region:Asia Pacific23TaiwanTaiwan was one of the earliest to adopt real-time payments.Currently there are two instant payment schemes operating in the country under Financial Inform

159、ation Service Company(FISC)a multipurpose fund transfer system that processes a range of electronic fund transfers through several sub-systems.While the Interbank ATM funds transfer system allows customers to conduct various transactions including fund transfers and payments in real time at ATMs and

160、 via online banking channels,Financial XML facilitates interbank fund transfers between businesses in real time.13.4%Payments Fraud RateTop 3 Payment Fraud Types13.4%Digital wallet account hacked11.9%Other40.3%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions570M1.

161、1B13.4%Despite the availability of real-time payments since 1987,they still only accounted for a 7.3%share of the total payments volume of transactions in 2022.This can be attributed to limited use cases of current real-time payments and increasing popularity for payment cards and mobile wallets.Fut

162、ure prospects for real-time payments look timid,with real-time volume share to reach 9.5%in 2027,as the use cases for real-time payments in the country are still not focused around low-volume everyday expenditures.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends78.1%ofadults whohav

163、e amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202777.6%6.4%80.9%8.2%16.0%10.9%Transactions2022202755.5%35.0%43.6%9.5

164、%7.3%49.1%Initiation/Authorization Methods Scheme MessagingReal-Time Acceptance3BanksP2PProprietary3MobileBank AccountBillersReal-Time PaymentsLaunch1987Real-Time Payment SchemesInterbank ATM funds transfer system1987Financial XML2003Real-Time Payments Volume and Its Share in OverallNon-Paper-Based

165、Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume11.2%11.5%12.0%12.4%12.6%13.4%14.3%14.3%14.1%14.2%14.6%14.3%14.5%16%14%12%10%8%6%4%2%0%QR CodeRegion:Asia Pacific24ThailandThailand has a more mature real-time payments infrastruc

166、ture compared to Western countries like the U.S.and the U.K.Thailand was the fourth leading country in the world in real-time payments volume of transactions in 2022,with 13.9 billion transactions on its real-time payments system PromptPay.In 2018,PromptPay was launched to promote financial inclusio

167、n in the country.In 2022,real-time payments accounted for a 34.1%share of total payments volume,making it the second most popular payments tool in Thailand after paper-based payments,which represented a 46.5%share of total payments volume.25.7%Payments Fraud RateTop 3 Payment Fraud Types12.1%Digital

168、 wallet account hacked12.1%Identity theft36.2%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions16.5B31.8B14.1%The share of real-time payments volume is expected to continue growing at a CAGR of 14.1%between 2022 and 2027,making it a high-growth market in a global c

169、ontext,even though it is also one of the most mature markets for real-time payments.By 2027,real-time payments are expected to reach a 49.4%share of total payments,which will make it the dominant payments tool in the country in terms of volume of transactions,overtaking paper-based payments,which wi

170、ll be at 33.2%.As cash continues to decline in Thailand and as regional real-time payment linkages continue to develop we should expect the real-time payments market in this country to grow rapidly.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends92%ofadults whohave amobile wallet a

171、nd have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202748.5%10.7%54.0%21.4%40.8%24.6%Transactions2022202717.4%33.2%19.4%49.4%34.1%46.5%Init

172、iation/Authorization Methods Scheme MessagingReal-Time AcceptanceISO20022Real-TimePaymentsLaunch2016Real-TimePaymentsSchemePromptPay20164EmailMobileBank AccountQR Code4BanksMerchantsBillersP2PReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262

173、022202015%of total electronic payment transactions volume0.0%0.0%3.0%22.9%36.9%47.4%55.8%63.7%68.1%70.4%71.8%72.9%73.9%80%70%60%50%40%30%20%10%0%Region:Asia Pacific25AustriaAustria was among the first countries to adopt the pan-European SCT Inst scheme in November 2017.Although

174、 the adoption remained slow initially,Austria observed increased participation from banks and payment service providers over the years,to 401 participants by November 2022,the second-highest number in Europe only trailing after Germany.However,real-time payments still accounted for a 3.5%share of to

175、tal payments transaction volume in 2022,compared to a 51.1%share held by other electronic payments.This is a result of increased preference for payment cards,particularly contactless,with their usage gaining further traction amid the COVID-19 pandemic.Nevertheless,instant payments will continue thei

176、r uptrend,increasing at a CAGR of 27.2%in terms of volume from 2022 to 2027.This acceleration in adoption will likely be further increased by the proposed pan-European regulation requiring all PSPs to offer real-time payments to their customers at fixed,low prices.Learn More About Global Real-Time F

177、raud TrendsReal-Time Transactions242M805M27.2%Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202792.4%1.2%96.0%1.9%6.4%2.2%Transactions2022202753.1%36.1%51.1%10.8%3.5%45.4%Initiation/Authorization Methods 4EmailMobileBank AccountQR Code20

178、222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022Real-TimePaymentsLaunch2017Real-TimePaymentsSchemeSCT Inst2017Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202

179、015%of total electronic payment transactions volume0%0%0%0%1.2%2.4%4.1%6.4%8.9%11.3%13.4%15.2%17.0%18%16%14%12%10%8%6%4%2%0%Region:Europe26BelgiumBelgium enabled real-time payments in the country with the adoption of the pan-European instant paymentsscheme SCT Inst in March 2019,which was

180、 developed by the European Payments Council(EPC).The usage of real-time payments is still at a nascent stage,accounting for 2.3%of the total payments volume in 2022.However,these payments are catching on fast in Belgium and are expected to grow at a CAGR of 49.8%from 2022 to 2027 in terms of volume.

181、As with all SCT Inst markets,the proposed new pan-European regulation that would require PSPs to offer real-time payments to all consumers could result in even more rapid change here.11.6%11.6%Payments Fraud RateTop 3 Payment Fraud Types16.7%Bank account hacked15.0%Card details stolen online26.7%Con

182、fidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions177M1.3B49.8%Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202791.3%0.4%98.4%0.5%8.3%1.2%Transactions2022202763.5%21.9%69.7%14.6%2.3%28.1%Initiation/Authori

183、zation Methods 4EmailMobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends32%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud i

184、n the last four yearsReal-TimePaymentsLaunch2019Real-TimePaymentsSchemeSCT Inst2019Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0%0%0%0%1.3%2.1%2.4%3.1%4.4%6.

185、4%9.3%13.3%18.6%20%18%16%14%12%10%8%6%4%2%0%Region:Europe27CroatiaCroatia is among the recent entrants to the real-time payments space with the launch of NKSInst in October 2020.Continuous developments,such as the launch of a proxy lookup service in March 2021,and an increase in participation from b

186、anks,will support the growth of real-time payments over the next few years.Between 2022 and 2027,instant payment transactions are anticipated to grow at a CAGR of 210.9%,by which time they are expected to amount to 5.4%of all electronic payments.The accelerated shift towards electronic payments amid

187、 the COVID-19 pandemic will also contribute to the growth.Learn More About Global Real-Time Fraud TrendsReal-Time Transactions0.5M159M20222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time PaymentsLaunch2020Real-Time PaymentsSchemeNKSInst2020Shares of Volumes by Payments InstrumentPaper-based payme

188、ntsElectronicpaymentsReal-timepaymentsSpend(USD)2022202785.8%2.3%96.5%3.4%11.9%0.0%Transactions2022202737.5%57.0%34.0%5.4%0.0%66.0%Initiation/Authorization Methods 3EmailMobileBank AccountScheme MessagingISO20022Real-Time Acceptance4BanksMerchantsBillersP2P210.9%Real-Time Payments Volume and Its Sha

189、re in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.1%0.4%1.8%12.6%5.6%9.3%14%12%10%8%6%4%2%0%Region:Europe28Czech RepublicCzech Republic enabled real-time payments in the

190、country with the launch of a domestic instant payments service inNovember 2018,which is operated via the CERTIS(Czech Express Real-Time Interbank Gross Settlement)system.Despite the limited participation and use cases,instant payments gradually gained traction in the country andaccounted for a 3.3%s

191、hare of the total volume of payment transactions in 2022.The high levels of cash usage and moderate reliance on payment cards provide further growth prospects for real-time payments,helping it to increase both in terms of volume and value at respective CAGRs of 27.5%and 31.6%from 2022 to 2027.Learn

192、More About Global Real-Time Fraud TrendsReal-Time Transactions189M634M20222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time PaymentsLaunch2018Real-Time PaymentsSchemeInstant Payment2018Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)20222027

193、90.4%0.7%96.6%0.9%8.9%2.5%Transactions2022202752.7%38.1%48.9%9.2%3.3%47.9%Initiation/Authorization Methods 1Bank AccountScheme MessagingProprietaryReal-Time Acceptance3BanksMerchantsP2P27.5%Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f20252024202320272026202

194、2202015%of total electronic payment transactions volume0.0%0.0%0.0%0.0%0.5%3.9%4.9%6.3%7.8%9.5%14.9%11.3%13.1%16%14%12%10%8%6%4%2%0%Region:Europe29DenmarkIn 2022,real-time payments represented an 11.4%share of payments volume,putting it behind paper-based payments at 15.4%and n

195、on-real-time payments electronic payments at 73.2%.Real-time payments are predicted to continue growing as they will represent 17.1%of all payments in the market by 2027,growing at a CAGR of 12.5%between 2022 and 2027.This growth will partially come as a result of a decline in cash,but also a declin

196、e in the share of other types of electronic payments,showing that real-time payments are the main beneficiary to the push towards a more digital economy in Denmark.18.0%18.0%Payments Fraud RateTop 3 Payment Fraud Types15.8%Card details stolen online10.0%Card details stolen/skimmed in person30.0%Conf

197、idence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions520M937M12.5%Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202796.9%0.3%98.1%0.3%2.8%1.6%Transactions2022202771.7%11.3%73.2%17.1%11.4%15.4%Real-time payments

198、 are also due to grow with the launch of the P27 initiative,which will create a real-time payments cross-border infrastructure between Denmark,Sweden and Finland.In addition,Danske Bank-owned mobile application MobilePay itself a platform for real-time payments both between consumers and for purchas

199、es is in the process of merging with Norways mobile payments Vipps.Both projects will facilitate real-time payments cross-border transactions and thus increase the volume of transactions.Initiation/Authorization Methods 3MobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile W

200、allet Trends41%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-Time PaymentsLaunch2014Real-Time PaymentsSchemeStraksclearing2014Real-Time

201、 Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume3.2%4.2%5.1%10.0%11.5%11.8%12.1%13.5%14.8%16.0%17.2%18.2%19.2%25%20%15%10%5%0%Region:Europe30FinlandFinland has two instan

202、t payment schemes in place.The first one is Siirto,the domestic instant payments system launched in March 2017.The second is the pan-European SCT Inst,which was adopted in June 2018.Growth in real-time payments has been slower than anticipated due to limited adoption,with Siirto having two participa

203、nts and SCT Inst with eight as of November 2022.10.9%10.9%Payments Fraud RateTop 3 Payment Fraud Types12.3%Card details stolen/skimmed in person10.5%Other43.9%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions153M877M41.8%However growth is expected to accelerate ove

204、r 2022 to 2027 both in terms of volume and value,registering CAGRs of 41.8%and 52.5%,respectively.Finland is also part of the P27 Nordic Payments Platform,which aims to provide cross-border real-time payments for individuals in the Nordic region.The platform is set to launch in 2023.The launch of P2

205、7 will boost the growth of real-time payments in the country.4EmailMobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends32.5%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)

206、Population who reported being avictim of fraud in the last four yearsReal-Time PaymentsLaunch2017Real-Time Payment SchemesSiirto2017SCT Inst2018Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202768.1%0.4%94.9%0.6%31.4%4.5%Transactions2022

207、202766.7%16.8%74.8%16.4%3.5%21.7%Initiation/Authorization Methods Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.1%0.4%1.7%2.8%4.5%6.8%9.7%12.7%16

208、.2%19.7%25%20%15%10%5%0%Region:Europe31FranceFrance adopted SCT Inst in 2018,implementing real-time payments into its domestic network.SCT Inst was developed by the EPC with the aim to create a real-time payments network within the eurozone though so far,the development towards a truly pan-regional,

209、real-time payments network within the EU has been very slow.Real-time payments have very small usage in France,representing a 0.5%share of total payments volume in 2022.There is,however,an EU regulation in the works that will require allpayment service providers to make instant payments available to

210、 all their customers at standardized,low prices while ensuring security in the transactions.A top-down mandate of this type has proven effective in galvanizing real-time payments in marketssuch as Brazil and India.This move could rapidly change the real-time payments market in France,quickly scaling

211、 up the tiny sharereal-time payments held in total payments volume in 2022.15.0%15.0%Payments Fraud RateTop 3 Payment Fraud Types19.4%Card details stolen online18.8%Bank account hacked19.4%Confidence trickLearn More About Global Real-Time Fraud Trendsreal-time payments held in total payments volume

212、in 2022.real-time payments held in total payments volume in 2022.Real-Time Transactions202M1.4B47.8%The payments industry in France is heavily dominated by card and“slow”transfer payments,but paper-based payments still represent an almost 30%share of total payments volume in the market.Under current

213、 market conditions,by 2027 it is projected that real-time payments volume market share in France will reach 3.4%,with the market growing at an impressive CAGR of 47.8%.This growth will be attributed to the new eInvoicing regulation and a decline in paper-based payments whose share is expected to dec

214、rease from 28.8%to 21.7%by 2027 though card-based payments will be the biggest beneficiary of this drop.4EmailMobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends24.4%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022%ofadults whohave amobile

215、 wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-Time PaymentsLaunch2018Real-Time PaymentsSchemeSCT Inst2018Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202797.7%0.9%98

216、.3%1.5%1.5%0.2%Transactions2022202774.9%21.7%70.7%3.4%0.5%28.8%Initiation/Authorization Methods Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.0%0

217、.1%0.2%0.4%0.8%1.2%1.8%2.5%3.3%4.3%4.5%4.0%3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%Region:Europe32Germany Germany adopted the pan-European SCT Inst payments scheme in 2017.By integrating it,it gained access to the European instant payments scheme,today providing real-time transfers not only among participat

218、ing financial institutions in Germany,but also with any participating financial institution in any other country in the eurozone.Despite this regional link being in place,real-time payments represent only a small part of total payments volume and spending in Germany.In 2022,real-time payments volume

219、 was 2.5%of total payments volume,whereas other forms of electronic payments represented 66.4%and paper-based payments represented 31.1%.14.8%14.8%Payments Fraud RateTop 3 Payment Fraud Types14.2%Card details stolen/skimmed in person11.5%Card details stolen online31.8%Confidence trickLearn More Abou

220、t Global Real-Time Fraud TrendsReal-Time Transactions1.1B2.7B18.9%Real-time payment volumes are forecasted to reach 5.4%of total payments volume by 2027,growing at a CAGR of 18.9%between 2022 and 2027.However,the major shift in the German market will be the increase in non-real-time payment electron

221、ic payments as cash slowly declines in the forecasted period.With Germany being a cash-preferring market,the clear opportunity for real-time payments in the market is to exploit the fact that cash is expected to decline by 10 percentage points in terms of total market share from 2022 to 2027.As in a

222、ll SCT Inst markets,the proposed pan-European regulation that would require PSPs to offer real-time payments to all consumers could kick-start a major change here.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends29.8%ofadults whohave amobile wallet and have used itinthepastyear(2022

223、)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202794.2%0.4%98.1%0.5%5.5%1.4%Transactions2022202772.8%21.8%66.4%5.4%2.5%31.1%Initiation/Authorization Methods Scheme Mes

224、sagingReal-Time Acceptance4BanksMerchantsBillersP2P4ISO20022Real-TimePaymentsLaunch2017Real-TimePaymentsSchemeSCT Inst2017EmailMobileBank AccountQR CodeReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total

225、 electronic payment transactions volume0.0%0.0%0.0%0.6%1.5%2.2%2.8%3.7%4.6%5.3%6.9%6.0%6.6%8%7%6%5%4%3%2%1%0%Region:Europe33GreeceGreece launched its instant payments system IRIS Online Payment system in May 2017,which enabled instant payments through internet banking systems using account numbers o

226、r IBANs.Later in June 2017,it launched IRIS Mobile Payment,allowing real-time payments through mobile banking channels using recipients email addresses,mobile phone numbers,company VAT numbers or QR codes.The growth in real-time payments has been slow in Greece.However,with paper-based transaction v

227、olume amounting to a 61.9%share in 2022,Greece presents a huge potential for real-time payments growth.Instant payments volume is expected to increase at a CAGR of 27.8%from 2022 to 2027.Real-Time Transactions120M410M27.8%20222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time PaymentsLaunch2017Real

228、-Time PaymentsSchemeIRIS2017Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202788.3%8.2%87.0%12.0%3.5%1.0%Transactions2022202744.0%50.1%36.1%5.9%2.0%61.9%4EmailMobileBank AccountQR CodeInitiation/Authorization Methods Learn More About Glo

229、bal Real-Time Fraud TrendsReal-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingProprietaryReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f%of total electronic payment transactions volume0.0%0.0%0.0%0.6%1.3%3.1%4.1%9.7%10.8%11.8%5.2%6.8%8.4%14%12%10%8%6%

230、4%2%0%202520242023202720262022202015Region:Europe34HungaryAzonnali fizetsi rendszer(AFR)is Hungarys domestic instant credit transfer scheme launched in March 2020 incompliance with SCT Inst standards.Despite being less than two years old,the share of real-time payments of the t

231、otal payments transaction volume stood at 5.0%in 2022.This can be attributed to AFR supporting different kinds of payments including individual P2P,bulk and recurring payments,and proving the convenience of making payments using mobile phone number,email address or tax identification number.The cent

232、ral bank requires all the Hungarian banks to offer real-time payments via AFR,which also supported the growth.The rally in both real-time payments volume and value will continue at the expense of cash,registering CAGRs of 17.8%and 28.6%respectively from 2022 to 2027.The increased preference for elec

233、tronic payments amid COVID-19 will also support this trend.Learn More About Global Real-Time Fraud TrendsReal-Time Transactions222M504M17.8%Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202785.3%0.7%94.5%0.8%13.9%4.6%Transactions20222027

234、52.7%39.2%41.7%8.2%5.0%53.2%Initiation/Authorization Methods 3MobileBank AccountEmail20222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022Real-TimePaymentsLaunch2020Real-TimePaymentsSchemeAFR2020Real-Time Payments Volume and Its Share in

235、OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.0%0.0%7.5%9.1%10.7%12.2%13.2%13.5%13.7%13.6%16%14%12%10%8%6%4%2%0%Region:Europe35IrelandA real-time payments domestic scheme has not been laun

236、ched at a country level in Ireland,although a handful of banks offer this service via SCT Inst as well as offering future alternative P2P payment services through mobile propositions like Synch.Electronic payments are widely used in the country,with their share accounting for 67.3%of the total payme

237、nts transaction volume in 2022.The large banked population and high awareness of electronic payments will act as key contributing factors if an instant payments system is launched at the country level.It is possible that,as with other EU markets,the proposed pan-European regulation requiring PSPs to

238、 give consumers low-cost access to real-time payments will accelerate adoption in this market.Given the very slow pace of adoption in Ireland thus far,it is likely that this market will be the single biggest beneficiary of the proposed regulation among the EU markets.Real-Time Transactions2023 Prime

239、 Time for Real-TimeShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202799.0%0.5%99.0%1.0%0.5%Transactions2022202775.9%23.0%67.3%1.1%32.7%Real-Time PaymentsLaunchNot Formally LaunchedReal-Time PaymentsSchemeSCT InstNot Formally Launched24.3

240、%24.3%Payments Fraud RateTop 3 Payment Fraud Types18.0%Card details stolen online15.2%Bank account hacked23.0%Confidence trickLearn More About Global Real-Time Fraud TrendsInitiation/Authorization Methods 4EmailMobileBank AccountQR CodeMobile Wallet Trends49.7%Real-Time Acceptance4BanksMerchantsBill

241、ersP2PScheme MessagingISO20022Expected%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f%of total electronic payment transacti

242、ons volume0.0%0.0%0.0%0.0%0.0%0.1%0.2%0.6%1.1%1.4%1.6%1.4%1.2%1.0%0.8%0.6%0.4%0.2%0.0%200224202520262027Region:Europe36Italy Italy is among the few nations which adopted the pan-European SCT Inst scheme in the early stage in November 2017.Despite the head start and wider partic

243、ipation from banks and payment service providers(287 participants as of November 2022),the growth in adoption and usage of real-time payments has been slow due to high preference for cash and the initially higher fees requested by financial institutions.11.9%11.9%Payments Fraud RateTop 3 Payment Fra

244、ud Types19.3%Confidence trick15.1%Card details stolen online21.0%Card details stolen/skimmed in personLearn More About Global Real-Time Fraud TrendsReal-Time Transactions364M787M16.7%While real-time payments accounted for just a 1.4%share of total payments transaction volume in 2022,paper-based tran

245、sactions occupied a 71.5%share.However,with the COVID-19 pandemic now accelerating the shift towards digital payments,real-time payments volume is set to grow at a CAGR of 16.7%from 2022 to 2027.This acceleration in adoption will likely be further increased by the proposed pan-European regulation re

246、quiring all PSPs to offer real-time payments to their customers at fixed,low prices.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends52.7%Scheme MessagingISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the

247、 last four yearsReal-Time PaymentsLaunch2017Real-Time PaymentsSchemeSCT Inst2017Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202790.8%3.7%91.9%5.5%5.5%2.6%Transactions2022202734.1%62.9%27.1%3.0%1.4%71.5%Real-Time Payments Volume and Its

248、 Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.2%0.7%2.0%3.5%4.9%6.1%6.9%7.5%7.8%8.2%9%8%7%6%5%4%3%2%1%0%Initiation/Authorization Methods 4EmailMobileBank AccountQR CodeReal-Time

249、Acceptance4BanksMerchantsBillersP2PRegion:Europe37NetherlandsThe Netherlands introduced a real-time payments infrastructure when banks adopted SCT Inst in 2017.SCT Inst is a pan-European real-time payments scheme that was developed by the European Payments Commission.It provides instant payment tran

250、sfers within any countries that are part of the eurozone.In 2022,real-time payments market share of total payments volume reached 9.4%,overtaking paper-based transactions,which had an 8.3%share of total payments volume.However,this is still far from the share of non-real-time payment electronic paym

251、ents,which had 82.3%share of total payments volume.11.2%11.2%Payments Fraud RateTop 3 Payment Fraud Types15.5%Card details stolen online13.8%Identity theft19.0%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions1.1B4.0B29.3%Shares of Volumes by Payments InstrumentPap

252、er-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202787.6%96.8%12.4%3.2%Transactions2022202769.3%4.4%82.3%26.3%9.4%8.3%By 2027,real-time payments are expected to have a 26.3%share of total payments volume,growing at a CAGR of 29.3%,while both electronic payments(excluding real-time

253、payments)and paper-based payments will respectively decline to 69.3%and 4.4%share of total payments volume.The Netherlands is thus a market to watch for the future and will become a European leader in real-time in the coming years even independently of the boost real-time payments will likely gain f

254、rom the proposed new pan-European regulation requiring PSPs to offer real-time payments to all consumers.Initiation/Authorization Methods 4EmailMobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends31.6%Real-Time Acceptance4BanksMerchantsBillersP2PScheme Messagin

255、gISO20022%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsReal-TimePaymentsLaunch2017Real-TimePaymentsSchemeSCT Inst2017Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f20252

256、0242023202720262022202015%of total electronic payment transactions volume0%5%10%15%20%25%30%0.0%0.0%0.0%0.0%9.0%9.0%10.3%4.4%12.6%16.2%20.3%24.0%27.5%Region:Europe38NorwayNorway is one of the closest markets to being fully electronic in the world,with only 2.5%of transaction vo

257、lume in the market being paper based in 2022.Real-time payments represented a 6.5%share of total payments volume in 2022,a distant second behind non-real-time payments electronic payments,which was at 91%.Real-time payments volume is forecasted to grow at a CAGR of 23.9%from 2022 to 2027,reaching a

258、15.1%share of overall payments volume.This growth is unusual for the region,coming not only at the expense of cashs share of payments volume but also other forms of electronic payments,showing that consumers are actively moving away from card and“slow”transfers to real-time payments in this market.2

259、023 Prime Time for Real-TimeReal-Time PaymentsLaunch2013Real-Time PaymentSchemesStraksbetalinger2011Vipps2015Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202796.6%0.1%99.1%0.1%3.3%0.8%Transactions2022202783.5%1.4%91.0%15.1%6.5%2.5%10.7%

260、10.7%Payments Fraud RateTop 3 Payment Fraud Types18.2%Card details stolen/skimmed in person16.4%Confidence trick18.2%Card details stolen onlineLearn More About Global Real-Time Fraud TrendsNorways largest payments application Vipps allows consumers and merchants to complete real-time payment transac

261、tions between bank accounts in Norway,based on a mobile UX.Vipps is in the process of merging with Danske Bank-owned MobilePay to create an ecosystem that would enable real-time payments cross-border transactions between Norway,Denmark and Finland.The merger received approval from the EU Commission

262、in late 2022.Real-time payments volume and spends are expected to grow in Norway once this merger is completed.Initiation/Authorization Methods 3Mobile Wallet Trends32.3%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingProprietary%ofadults whohave amobile wallet and have used itinthepast

263、year(2022)Population who reported being avictim of fraud in the last four yearsReal-Time Transactions244M713M23.9%20222027fF5YrCAGRMobileBank AccountQR CodeReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of t

264、otal electronic payment transactions volume0.0%0.0%0.0%1.8%3.6%4.7%5.4%6.7%8.6%10.8%12.6%14.1%15.3%18%16%14%12%10%8%6%4%2%0%Region:Europe39Poland Poland was one of the earliest adopters of real-time payments in Europe and has two systems in place,both launched in 2012.The Express Elixir real-time pa

265、yments scheme was launched by Krajowa Izba Rozliczeniowa,Polands payments clearing system,and BlueCash was launched by the Blue Media company.Both platforms enable real-time transfers between bank accounts,operate 24/7/365 and are available to both individuals and businesses.The main difference betw

266、een Express Elixir and BlueCash is that the former only allows transfers between accounts of participating banks,whereas with BlueCash,either the sender or the receiver only must be a user of the BlueCash platform.Real-Time Transactions2023 Prime Time for Real-TimeReal-Time PaymentsLaunch2012Real-Ti

267、me PaymentsSchemesBlueCash2012Express Elixir20129.8%9.8%Payments Fraud RateTop 3 Payment Fraud Types12.2%Card details stolen/skimmed in person10.2%Card details stolen online32.7%Confidence trickLearn More About Global Real-Time Fraud Trends257M794M25.3%In 2022,real-time payments represented a 1.2%sh

268、are of total payments volume,making up a very small share of payment tools compared to electronic payments(excluding real-time payments)which were at 60.4%and paper-based transactions which were at 38.4%.Future projections for real-time payments are pointing towards a general increase in activities.

269、Real-time payments volume is expected to reach 2.7%in 2027 growing at a CAGR of 25.3%from 2022 to 2027 and real-time payments spending will grow at a similar CAGR of 30.1%over the same period.Even so,by 2027 Poland will still be a relatively underdeveloped real-time payments market.20222027fF5YrCAGR

270、Mobile Wallet Trends55.5%Real-Time Acceptance4BanksMerchantsBillersP2P%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymen

271、tsSpend(USD)2022202799.3%0.3%99.5%0.4%0.4%0.1%Transactions2022202770.2%27.0%60.4%2.7%1.2%38.4%Initiation/Authorization Methods 2MobileBank AccountScheme MessagingISO20022Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f20252024202320272026202220218201

272、720162015%of total electronic payment transactions volume0.1%0.1%0.1%0.3%0.4%0.7%1.2%1.9%2.6%3.6%3.7%3.1%3.4%4.0%3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%Region:Europe40Portugal Portugal does not have a domestic real-time payments scheme.The Portuguese interbank clearing systemSICOI enabled SCT Inst transfer

273、s in Portugal in September 2018.With SCT Inst initially available for domestic transactions,Portuguese banks started offering cross-border transfers from October 2020.The real-time payments market in the country is still in its nascent stage,with real-time payments accounting for just a 0.2%share of

274、 the total payments transaction volume in 2022.However,with the preference for electronic payments on the rise,the further prospects of real-time payments look promising,with their volume anticipated to record a CAGR of 50.3%from 2022 to 2027.This acceleration in adoption will likely be further incr

275、eased by the proposed pan-European regulation requiring all PSPs to offer real-time payments to their customers at fixed,low prices.10.2M78.4M50.3%20222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time PaymentsLaunch2018Real-Time PaymentsSchemeSCT Inst2018Shares of Volumes by Payments InstrumentPap

276、er-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202790.2%3.8%93.7%5.5%6.1%0.8%Transactions2022202757.1%41.5%50.9%1.5%0.2%48.9%Learn More About Global Real-Time Fraud TrendsInitiation/Authorization Methods 4EmailMobileBank AccountQR CodeReal-Time Acceptance4BanksMerchantsBillersP2PS

277、cheme MessagingISO2002210.278420222027fReal-Time TransactionsReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0%0.5%1.0%1.5%2.0%2.5%3.0%0.0%0.0%0.0%0.0%0.1%0.3%0.

278、3%0.4%0.6%0.9%1.3%1.9%2.6%Region:Europe41SpainSpain launched its domestic instant payments system Bizum in October 2016 and later adopted SCT Inst in November 2017.The adoption and use of real-time payments in the country has been on a gradual rise,supported by increasing participation from banks an

279、d financial institutions.While Bizum had 32 participants,SCT Inst was adopted by more than 90 banks in Spain as of November 2022.13.4%13.4%Payments Fraud RateTop 3 Payment Fraud Types14.9%Confidence trick13.5%Card details stolen/skimmed in person28.4%Card details stolen onlineLearn More About Global

280、 Real-Time Fraud TrendsReal-Time Transactions643M2.4B30.4%The increasing demand for electronic payments amid COVID-19 has also supported the growth.The trend is likely to continue,with real-time payments set to record a CAGR of 30.4%from 2022 to 2027,in terms of volume.Consequently,the share of real

281、-time payments of the total volume of electronic payments will increase to 8.2%in 2027 from 2.6%in 2022.This acceleration in adoption will likely be further increased by the proposed pan-European regulation requiring all PSPs to offer real-time payments to their customers at fixed,low prices.2022202

282、7fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends42%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(U

283、SD)2022202793.3%2.2%96.0%3.2%4.5%0.8%Transactions2022202751.5%40.3%44.7%8.2%2.6%52.7%Initiation/Authorization Methods Scheme MessagingReal-Time PaymentsLaunch2016Real-Time Payment SchemesBizum2016SCT Inst2017Real-Time Acceptance4BanksMerchantsBillersP2PISO200223MobileBank AccountQR CodeReal-Time Pay

284、ments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0.0%0.0%0.0%0.3%0.9%2.1%4.1%5.5%7.2%9.1%13.7%10.9%12.5%16%14%12%10%8%6%4%2%0%Region:Europe42SwedenIn 2022,real-time payments a

285、ccounted for a 14.1%share of total payments volume,putting it ahead of paper-based payments,which was at 10.6%,but second to non-real-time payment electronic payments,which was 75.2%.But when looking at share of value of transactions,real-time payments only represented 2.1%of total payments spend wh

286、ile electronics payments(excluding real-time payments)were at 97.2%and paper-based payments at 0.7%.This suggests that real-time payments are being used for everyday expenditures and have been made accessible to Swedish consumers through the Swish payments service,which is tracking to transition to

287、the new RIX-Inst payment rails shortly.From 2022 to 2027,real-time payments volume is expected to grow at a CAGR of 15.6%,while spending should grow further at a CAGR of 21.2%during the same period.18.2%Payments Fraud RateTop 3 Payment Fraud Types15.1%Card details stolen/skimmed in person11.3%Identi

288、ty theft25.8%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions982M2.0B15.6%Paper-based payments are expected to gradually decline,with a market share of total payments volume dropping from 10.6%to 7.8%by 2027.Sweden is slowly preparing to transition to a cashless e

289、conomy within the next 10 years.This would be an opportunity for real-time payments to gain more market share and replace paper-based payments.Sweden is also part of the P27 initiative which will create a real-time payments,cross-border infrastructure between Sweden,Denmark and Finland.P27 reported

290、in June 2022 that 13 Swedish banks already connected to the P27 initiative,with this expected to impact usage of real-time payments into the longer term.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends54.4%ofadults whohave amobile wallet and have used itinthepastyear(2022)Populatio

291、n who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202795.2%0.5%97.2%0.7%4.3%2.1%Transactions2022202767.8%7.8%75.2%24.4%14.1%10.6%Initiation/Authorization Methods Scheme MessagingRea

292、l-Time Acceptance3BanksMerchantsP2PISO200223MobileBank AccountQR CodeReal-TimePaymentsLaunch2012Real-TimePaymentsSchemeBIR2012Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transa

293、ctions volume0%5%10%15%20%25%30%1.9%3.5%5.5%7.3%9.4%11.2%13.3%15.8%18.3%20.6%22.7%24.6%26.4%Region:Europe43Initiation/Authorization Methods 3MobileBank AccountQR Code377M1.4B29.1%20222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO20022Real-T

294、imePaymentsLaunch2016Real-TimePaymentsSchemeTWINT2016Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202798.2%0.8%98.5%1.1%1.1%0.4%Transactions2022202750.9%29.1%52.5%19.9%6.5%41.0%Real-Time Payments Volume and Its Share in OverallNon-Paper

295、-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transactions volume0%5%10%15%20%25%30%0.0%0.0%0.1%1.0%2.2%3.7%6.8%10.9%16.1%20.3%23.6%26.3%28.1%Real-Time TransactionsLearn More About Global Real-Time Fraud TrendsGrowth has also been influe

296、nced by the popularity of the TWINT mobile overlay service for the Swiss near-real-time payments system in 2021,TWINT had 3.5 million users in the market(out of a population of 8.7 million)with growing adoption as the service is further rolled out.Further developments in cross-border payments are on

297、 the horizon for TWINT,which will further boost its adoption and popularity.Finally,with the upcoming EU mandates for financial institutions to adopt the SEPA Inst payments scheme,Swiss banks that offer euro accounts will also need to adopt the scheme if they wish to continue doing so.Many are turni

298、ng to Switzerlands Central Infrastructure(SIX)to provide support in meeting these requirements,as well as the SIC5 scheme,as broader adoption via a centralized service will significantly mitigate costs and investment for Tier 2 and 3 banks.377M1.4B2 29 9Shares of Volumes by Payments InstrumentSpend(

299、USD)98.2%98.5%1.1%0.4%Transactions50.9%52.5%19.9%6.5%Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f%of total electronic payment transactions volume20%25%30%20.3%3773771.1.4 420222027fReal-Time TransactionsSwitzerlandIn 2022,real-time payments represented a 6.

300、5%share of total payments volume,a smaller payments tool compared to electronic payments(excluding real-time payments),which own the largest market share at 52.5%of total payments volume,and paper-based payments owning a 41%share.With the upcoming launch of the new Swiss instant payments scheme SIC5

301、 in 2024,future projectionsfor real-time payments share are positive.It is expected to reach 19.9%of total payments volume by 2027 at a CAGR of 29.1%between 2022 and 2027(potentially higher,when all other financial institutions are mandated to switch to SIC5 by 2026).SIC5 isexpected to have a huge i

302、mpact on the market,and the top five banks have already begun testing in preparation for its launch.Recentgrowth in the market is also due to a seismic shift to cloud infrastructure to deliver a broader spectrum of digital payment solutions.Many of the banks are leveraging the cloud to offer richer

303、products to their customers while at the same time significantly reducingassociated costs around payments technology.Region:Europe44TurkeyThe Central Bank of the Republic of Turkey introduced real-time payments in the country with the launch of Retail Payment System(RPS)in December 2012.The system s

304、upports individual P2P,C2B and B2B transfers,and also bulk transfers such as salary payments.However,transfers through RPS were only limited to business hours.12.2%Payments Fraud RateTop 3 Payment Fraud Types18.2%Confidence trick15.2%Identity theft22.7%My card was lost or stolenLearn More About Glob

305、al Real-Time Fraud TrendsReal-Time Transactions2.3B6.1B21.3%This prompted the central bank to launch a new instant payments system called Instant and Continuous Transfer of Funds(FAST)in January 2021,making real-time payments available 24/7.The new system supports payments using mobile phone number,

306、ID number,email address and QR code.The instant payments volume is set to record a 21.3%CAGR from 2022 to 2027.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends67.2%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in t

307、he last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)202220277.9%2.5%4.8%2.9%89.7%92.3%Transactions2022202745.5%39.1%37.7%15.5%8.7%53.6%Initiation/Authorization Methods Scheme MessagingReal-Time AcceptanceProprietary3EmailMobileBa

308、nk Account4BanksMerchantsBillersP2PReal-Time PaymentsLaunch2012Real-Time Payment SchemesRetail Payment System2012FAST2021Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f202520242023202720262022202015%of total electronic payment transaction

309、s volume0%5%10%15%20%25%30%7.7%8.3%8.9%9.5%9.9%13.2%17.0%18.7%20.5%22.1%23.3%24.5%25.5%Region:Europe45U.K.The payments industry in the U.K.is strongly tied to card payments infrastructure.Real-time payments in the U.K.are expected to represent a 10.1%share of total payments volume in 2022,which is a

310、bove the regional average.However,considering the U.K.s Faster Payments system was a regional pioneer launched in 2008,its position in the region is not as strong as might be expected,with Sweden and Denmark notably ahead in terms of real-time payments share of overall payments volume.However,this s

311、hould change with the planned launch of the New Payments Architecture(NPA)in 2025,which will replace the aging 17-year-old Faster Payments scheme with a modern infrastructure designed to improve access,innovation and efficiency.16.0%16.0%Payments Fraud RateTop 3 Payment Fraud Types14.4%Card details

312、stolen/skimmed in person14.2%Card details stolen online24.3%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions4.0B6.1B9.1%Supporting an extensive payments message based on the ISO 20022 financial messaging standard deployed by the most modern payment systems worldwi

313、de,NPA will allow for interoperability across both domestic the U.K.high-value payments system CHAPS is moving to ISO 20022 in June and international payment schemes.By 2027,real-time payments will have overtaken paper-based payment transactions,reaching 12.5%share of total payments volume,while ele

314、ctronic payments and paper-based payments will be at 78.6%and 8.9%,respectively.This speaks more to the rapid decline of cash in the market than the growth of real-time payments,though the U.K.remains a card-dominated market.20222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends37.9%ofad

315、ults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202793.2%0.2%96.9%0.2%6.6%2.9%Transactions2022202778.6%8.9%

316、76.3%12.5%10.1%13.6%Initiation/Authorization Methods Scheme MessagingReal-Time PaymentsLaunch2008Real-Time PaymentsSchemeFaster Payments2008Real-Time Acceptance4BanksMerchantsBillersP2P2ISO8583MobileBank AccountReal-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f20

317、2520242023202720262022202015%of total electronic payment transactions volume5.5%5.8%6.2%6.9%7.6%9.3%10.7%11.7%12.6%13.2%13.7%13.4%13.5%16%14%12%10%8%6%4%2%0%Region:Europe46BahrainBahrain is one of the larger real-time payment markets in the MEASA region(not counting India),with

318、 instant payments accounting for 46%of total payments volume in the country,and the majority of all electronic payments.Real-time payments are thus a major component of the overall market,following a major upswing in its usage during 2020.Previously,Bahrain was a cash-dominated market.The future for

319、 real-time payments also looks positive for the market,with the share of overall payments volume accounted for by these services expected to reach 73.4%of all transactions in the market by 2027.This makes Bahrain one of the most established real-time payment markets in the region,if not the largest

320、by volume.Learn More About Global Real-Time Fraud TrendsReal-Time Transactions276M1.3B35.5%Initiation/Authorization Methods 3MobileBank AccountQR Code20222027fF5YrCAGR2023 Prime Time for Real-TimeReal-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingUnavailableReal-TimePaymentsLaunch2015Real-

321、TimePaymentsSchemeFawri+2015Shares of Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202757.1%9.7%67.2%19.2%33.2%13.6%Transactions2022202720.0%6.7%31.8%73.4%46.0%22.3%Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,20

322、15-27f202520242023202720262022202015%of total electronic payment transactions volume0%0.3%0.6%1.2%6.7%31.9%48.6%59.1%67.9%73.6%75.8%77.4%78.6%90%80%70%60%50%40%30%20%10%0%Region:Middle East,Africa and South Asia47Egypt In March 2022,the Central Bank of Egypt(CBE)launched the in

323、stant payment solution Instant Payment Network(IPN),which allows instant fund transfers through digital channels,including internet and mobile banking,as well as the InstaPay app.InstaPay is a mobile app licensed by the CBE as a payment service provider via the IPN.The solution allows customers of t

324、he participating banks to transfer funds between different accounts,the Meeza cards and Meeza digital wallet.Customers can transfer funds by selecting the recipients registered mobile phone numbers or instant payment addresses(IPA)linked to their bank accounts.2023 Prime Time for Real-TimeShares of

325、Volumes by Payments InstrumentPaper-based paymentsElectronicpaymentsReal-timepaymentsSpend(USD)2022202713.4%41.3%44.5%55.1%45.3%0.4%Transactions2022202719.8%45.4%35.3%34.9%0.3%64.4%Real-Time Payments Volume and Its Share in OverallNon-Paper-Based Transactions,2015-27f20252024202320272026202220212020

326、20192018%of total electronic payment transactions volume0.0%0.0%0.0%0.0%0.8%6.4%22.7%63.8%36.5%50.8%70%60%50%40%30%20%10%0%5M910M20222027fF5YrCAGR178.0%Real-TimePaymentsLaunch2022Real-TimePaymentsSchemeIPN2022Initiation/Authorization Methods 2MobileBank AccountReal-Time Acceptance3MerchantsBillersP2

327、PScheme MessagingUnavailable591020222027fReal-Time TransactionsLearn More About Global Real-Time Fraud TrendsIPA is a simplified address for the customers account which can be used to send and receive money instead of using the full bank account details(nameInstaPay).The service is available 24/7,an

328、d the transaction limit is set at EGP50,000($3,183.30)per transaction,EGP60,000($3,819.97)per day and EGP200,000($12,733.22)per month.As of February 2023,there are 10 participants including Arab Bank,Commercial International Bank,EG Bank,National Bank of Egypt,QNB Alahli,AlexBank,Banque Misr,SAIB Ba

329、nk,Arab African International Bank and Banque du Caire.Region:Middle East,Africa and South Asia48IndiaThe Indian real-time payments market is the most advanced in the world by far,ahead of developed and developing markets alike.Real-time payments were available in India since the launch of Immediate

330、 Payment Service(IMPS)in November 2010.However,the Unified Payments Interface(an overlay payments system launched in April 2016 based on IMPS)is the one which disrupted the payments space in the country,enabling real-time payments using QR codes,mobile numbers and virtual IDs.44.6%44.6%Payments Frau

331、d RateTop 3 Payment Fraud Types16.1%Identity theft15.5%Card details stolen/skimmed in person25.0%Confidence trickLearn More About Global Real-Time Fraud TrendsReal-Time Transactions89B235B21.3%The wider adoption of UPI-based mobile payment apps,growing acceptance of QR-code payments among merchants

332、and increasing preference for digital payments amid the COVID-19 pandemic all contributed to real-time payments accounting for a 44.6%share of total payments transaction volume in 2022.With consumers increasingly shifting from cash to mobile-based real-time payments,skipping payment cards,the share

333、of real-time payments of total payments volume is forecasted to rise to 67.1%in 2027.320222027fF5YrCAGR2023 Prime Time for Real-TimeMobile Wallet Trends90.4%Real-Time Acceptance4BanksMerchantsBillersP2PScheme MessagingISO8583%ofadults whohave amobile wallet and have used itinthepastyear(2022)Population who reported being avictim of fraud in the last four yearsShares of Volumes by Payments Instrume