Current Affairs PDF

India Topped in Digital Payments with 25.5 Billion Real-Time Transactions in 2020: ACI Report 2021

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Digital payments will grow to (1)According to the report ‘Prime-Time for Real Time’-2021 launched by ACI Worldwide and GlobalData, India with 25.5 Billion transactions topped the list of countries with most number of real-time transactions in Digital Payments in 2020. It was followed by China (15.7 Billion) & South Korea (6.0 Billion).

i.The report further states that,

  • Digital Payments will account for 71.7% of all Transactions in India by 2025, while Cash, Cheques & other forms of payments will occupy only 28.3 %.
  • Globally, Total number of real-time transactions in 2020 was 70.3 Billion, an increase of 41% compared to 2019 (50 Billion Transactions).
  • The second installment of ‘Prime-Time for Real-Time,’ first launched in 2020, analyses global real-time, account-to-account payment volumes and forecasts across 48 global markets.

Global real-time payment growth

  • The real-time share of Global electronic transactions in 2020 was 9.8% (up from 7.6% in 2019). It is expected to reach 17.4% by 2025.
  • The value of real-time transactions from USD 69 Trillion to USD 92 Trillion (an increase of 32.8%). The expected Compound Annual Growth Rate (CAGR) by 2025 is 12%.
  • The fastest growing countries for real-time payments based on CAGR 2020-25 are Croatia, Colombia, Malaysia, Peru and Finland. The Fastest Growing Region is North America
  • Globally, the mobile wallet adoption increased from 46% in 2020 (up from 40.6% in 2019). Total mobile wallet transactions amounted to 102.7 Billion in 2020 and are expected to reach 2, 582.8 Billion by 2025.

Breakup of Global Payments

  • Break of overall payments in 2020 – Instant payments – 15.6%, electronic payments – 22.9% & paper-based payments – 61.4%.
  • By 2025, the same will change to Instant payments – 37.1%, Electronic payments – 34.6% & cash and other paper-based payments – 28.3%.
  • The share of real-time payments volume in overall electronic transactions will exceed 50% in 2024.

Recent Related News:

i.On January 1, 2021, RBI introduced the RBI-Digital Payments Index (DPI) to measure a growth in digital or cashless transactions across the country.

About ACI Worldwide

President – Odilon Almeida
Headquarters – Florida, USA