The number of real-time payment systems in use around the world increased 35% over the past year, and nearly four times since 2014, according to new research released by FIS.
FIS, the Jacksonville, Fla.-based provider of technology solutions for merchants, banks and capital markets published its “Flavors of Fast” report, which presents data on the global adoption of real-time payments. FIS identified 54 countries with active real-time payment programs, up from 40 in 2018. Leading contributors to this increase were new programs launched in Asia and the expansion of Europe’s Single Euro Payments Area Instant Credit Transfer scheme.
The report defined real-time or faster payments as funds transferred from one financial institution account to another with payment confirmation in one minute or less.