Total Transaction Volume of Real-Time Payments to more than Double and Hit $575 Billion by 2028

Real-time payments have skyrocketed over the past years. In 2023, the entire market hit a record-breaking high of 266.2 billion transactions, or 42% more than a year before. While this huge double-digit increase already shows sustainable growth levels, the market projections for the following years are even more optimistic.

According to data presented by Stocklytics.com, the total transaction value of real-time payments is expected to more than double and hit $575 billion by 2028.

Real-Time Payments to Make 30% of All Electronic Payments by 2028, up from 17% Last Year

Real-time payments are cheaper, faster, and more convenient and accessible. With RTPs, businesses can receive funds immediately after a transaction, significantly improving cash-flow management. Consumers also benefit from the RTP’s speed and flexibility, allowing them to complete last-minute or emergency payments. Governments and regulators support them because they bring economic benefits and better transparency. All these advantages have helped the global real-time payments market to snowball in recent years.

According to ACI Worldwide 2024 Real-Time Global Payments Report, the total transaction value of RTPs was around $50 billion just four years ago. Over the next two years, this figure tripled to over $150 billion and continued rising. Last year, consumers and businesses made $266.2 billion worth of real-time payment transactions, the highest figure in the market’s history, while RTPs made roughly 17% of all electronic payments.

However, these figures are expected to double in the next four years. With consumers and businesses in both developed and developing countries embracing RTPs, the total transaction volume will continue growing by a CAGR of 16.7% and hit $575.1 billion in 2028. RTPs’ share in electronic payments will also increase significantly, rising to over 30% in the next four years.

India, Brazil, Thailand, China, and South Korea Lead in Real-Time Payment Adoption

Although real-time payments have grown across the world, there are still significant differences between the regions and countries.

Analyzed by regions, Asia Pacific is the largest RTP market, with four of the top five real-time payment markets by volume. Last year, this region saw more than 185 billion RTP transactions, making 24% of all electronic payments. By 2028, the total transaction volume in Asia Pacific is expected to jump over 351 billion.

Most of these transactions will come from India, which dominates the global real-time payments space. India’s Unified Payments Interface (UPI), launched in 2016, has turned it into an RTP giant, paving the way for other countries.  Statistics show India hit 130 billion real-time payments last year, 49% of the world’s total and more than the following ten markets combined, while RTPs made 84% of all electronic payments in the country. This figure is projected to jump by 90% and hit 248 billion by 2028.

Brazil, the world’s second-largest instant payments market, will grow by a whopping 215% by 2028, resulting in 118.5 billion RTP transactions, up from 37.4 billion last year.

Although far behind the two countries in transaction volume, Thailand, China, and South Korea, the next three largest RTP markets, will also see double-digit growth. Thai RTP transactions are forecasted to grow by 60% and hit 32.8 billion by 2028. The Chinese and South Korean markets follow with 72% and 37% growth rates and 29.7 billion and 12.5 billion transactions in the next four years, respectively.