Thanks to the pandemic, the country has become the global leader in real-time financial transactions with 41 million transactions per day, which is more than double that of the last year, says an international report.
The COVID-19 pandemic has seen India doubling its every day real-time transactions at 41 million, says the latest report from FIS, which is a leading provider of technology solutions for merchants, banks and capital markets firms globally.
According to the report released on Wednesday, six other countries also saw more than doubling of their real-time payment transactions year-over-year, while four saw at least a twofold increase in transaction value.
But in terms of the growth rate, the list is topped by Bahrain with 657% growth, followed by Ghana clipping at 488%, the Philippines growing at 309% , Australia at 214% , and Poland at 208%.
India’s growth was 213%, handling 41 million transactions a day, according to the report.
India leads global real-time payments, processing 41 million real-time transactions per day, more than any other country in the world, says the report, adding the country continues to innovate with the launch of extensive business services on the real-time rails including IPO subscriptions, mandate management and invoice-in-the-box.
South Korea reported the highest number of real-time transactions per capita, with 75 transactions annually processed. In the U.S., over 130 financial institutions are currently implementing real-time payments, a five-fold increase since September 2019.
Over half (56%) of all European payments service providers have joined the pan-European Sepa Credit Transfer Instant Payments Network, which brings cross-border and instant payments to 20 countries.
Vietnam and Hungary added real-time payments networks since last year, bringing the total number of countries with such schemes to 56.
According to FIS, the request to pay (R2P), cross-border payments, and corporate treasury business-to-business payments are driving adoption of real-time payments networks globally. R2P systems offer a convenient and flexible way for people, businesses and governments to request a payment from a third-party.
FIS supports real-time payments across the globe, processing instant transactions in 24 countries including Australia, Britain, China, India, and the U.S.
The current pandemic has highlighted the critical importance of instantly getting funds, whether for individuals or businesses said Raja Gopalakrishnan, the head of global real-time payments at FIS.