Global Value of Cross-border Instant Payments to Rise from $5 Trillion in 2024, to $17 Trillion in 2028.
Global Value of Cross-border Instant Payments to Rise from $5 Trillion in 2024, to $17 Trillion in 2028
Hampshire, UK – 23 rd July 2024 : A new study from Juniper Research , the foremost experts in fintech and payments markets, has found that by connecting national instant payment schemes, the cross-border instant payment market will increase by 223% globally by 2028; resulting in a 29% share of all global instant payment transactions by 2028.
This change will be driven by the reduction in transaction friction.
Juniper Research defines instant payments, also known as real-time payments, as any payment where funds can be received within 10 seconds.
An extract from the new report, Global Instant Payments Market 2024-2028 , is now available as a free download .
Connecting Domestic Rails Opens Up Cross-border Payments
Streamlining cross-border instant payments will increase trade and investment between participating nations. To capitalise on this, the report urges governments across the world to back these projects through investment and regulation to connect their instant payment systems.
Project Nexus
The report identified key schemes, such as Project Nexus, as key frameworks that accelerate the integration of multiple payment networks. These schemes do this by aggregating the integration process across multiple networks rather than separate integrations for individual rails.
Report author Michael Greenwood added, “ These schemes create a positive feedback loop. As more countries connect to an instant payments network, the network’s value increases; incentivising further countries to participate .”
Boosting International Trade
The report forecasts that as cross-border instant payment availability grows, more businesses will leverage these rails to enhance international trade. By leveraging these networks, businesses take advantage of the improved payment processing speed and availability of value-added services, such as enhanced transaction data, to improve their cashflow.
About the Research Suite
The new market research suite offers the most comprehensive assessment of the Instant Payments market to date; providing analysis and forecasts of 15,000 datapoints across 60 markets over five years. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.
Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers .
For further details please contact Sam Smith, Press Relations
- T: +44(0)1256 830002
- E: sam.smith@juniperresearch.com
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