India Tops The World In Real-Time Payment Volumes In 2021

Tags: Popular Economics/Business International News

According to the ACI Worldwide Report on Real-time Transactions, India's real-time transactions are ranked first in the world.

• In the year 2021, India's real-time transactions have grown to 48.6 billion.

• China ranks second after India with 18 billion real time transactions.

• India's transaction volume is more than seven times that of the US, UK, Canada, Germany and France combined (7.5 billion).

• Brazil, Thailand and South Korea lag behind India and China in terms of real-time transactions of 8.7 billion, 9.7 billion and 7.4 billion respectively.

• This research has found that more than half (52.71 percent) of consumers worldwide use mobile wallets.

• Real-time payment transactions worldwide crossed 118.3 billion in the year 2021, a growth of 64.5% on a year-on-year basis.

• Reason to increase in real-time transactions

• The rise in the use of digital payments during the COVID-19 pandemic, along with the growth of QR code payments and UPI-based mobile payment apps among merchants, propelled real-time payments into 2021.

• Consumers are moving from cash to digital real-time payment methods, which means that the share of real-time payments in total payment volume will exceed 70% in 2026.