In 2020, more than 70.3 billion real-time payment transactions were processed worldwide. This is 41% more than in 2019. The trend of moving from cash and checks to digital payments has been dramatically accelerated by the COVID-19 pandemic. This is evidenced by a report prepared by ACI Worldwide and GlobalData.
According to the forecast of analysts, who summarized statistics from 48 countries of the world, in the period from 2020 to 2025 the average annual growth of payments in real time will be 23.6%.
As millions of people around the world have to change their lifestyle and work, as well as the way they make purchases and payments, the use of mobile wallets in 2020 has grown to an all-time high of 46%. An idea of the dynamics is given by the indicators for 2019 and 2018 – 40.6% and 18.9%, respectively. At the same time, the amount of transactions in real time increased by 32.8% compared to 2019, increasing from 69 to 92 trillion dollars. The expected average annual growth rate of this indicator in the period up to 2025 is 12%.
Analysts note that as the pandemic continues to affect consumer and business behavior, banks, merchants and intermediaries in the payment ecosystem are responding quickly, prioritizing digitalization to protect current revenue streams and seeking new ones through fully digitalized customer interactions.
India was the leader in the number of real-time transactions in 2020 with 25.5 billion transactions. In second place is China with 15.7 billion transactions, in third place is South Korea with 6.0 billion. The top five also include Thailand with 5.2 billion and the United Kingdom with 2.8 billion.
Nigeria follows with 1.9 billion transactions per year. In seventh place is Japan with 1.7 billion, in eighth – Brazil with 1.3 billion, in ninth – the United States with 1.2 billion transactions, and Mexico closes the top ten with 942 million transactions.
It should be added that real-time payment fraud is also gaining momentum. These are mainly theft on trust (12.5% of all cases of fraud in 2019, 13.7% in 2020), identity theft (6% and 11.6% in 2019 and 2020, respectively) and account hacking. digital wallet (4.4% and 6.2%).