Flavours Of Fast
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GROWTH AND ADOPTION

Transaction volumes and usage increased dramatically in some parts of the world

The faster payment rail on its own is not transformative; the overlay services that run on top bring additional value to the end user, and for the bank and other parties attached to the scheme.

- Andrew Hewitt

FIS Director Payment & Data Solutions

 

INDIA’S ADOPTION CONTINUES

Since launching the Immediate Payment Service (IMPS) in 2010, India has cultivated one of the most evolved and sophisticated public digital payments infrastructure in the world. In 2018, daily faster payment transaction volume in the country is 2.8 million, up from two million daily transactions just one year prior.

Faster payments adoption in the second most populous country in the world has partly been driven by its embrace of smartphones as a payment vehicle, but primarily fueled by overlay services on IMPS, offered through the Unified Payments Interface (UPI). Google’s Tez, Facebook’s WhatsApp and more than 70 bank apps now use this interface, which equips application developers to enable the initiation and collection of payments.

2.8 million
Daily Faster Payment Transaction Volume as of 2018
40%
Year Over Year Increase in Daily Transaction Volume
$ 1 trillion
Digital Payments Volume Predicted in India by 2023

CHINA SPEEDS FORWARD

Faster payments usage has surged from 12 million payments per day in 2017, to 25 million this year. Growth has been heavily influenced by QR code- initiated payments that allow users to scan QR codes at the point of sale with a mobile device; it links to their bank account for immediate payment. This empowers instant payments with many merchants— including taxis and street vendor who can simply print their QR code on a sign, or even their shirt—no POS device required.

1.4 billion
Market size (people)
+ 90%
of payment transactions in China are on a mobile device
¥ 165.9 trillion
Forecasted QR Code Settlements in 2018