Real Time Payments: Changing The Banking System For Better

In today’s fast-moving economy, everything is instant. The same is the case with payments as businesses adopt real time payments (RTP). There is mass adoption of RTP systems worldwide, enabling merchants, consumers, and businesses to make all types of transactions at the drop of a hat. In the U.S, 40 percent of the companies have adopted real time payments. The latest report from Grand View Research says that the global real time payments market size is expected to reach USD 13.54 billion in 2021, which was estimated at USD 10.64 billion in 2020.

Real time payments or digital payment systems offer 24/7 instant bank transfers. These are the interbank fund transfer services initiated through smart devices such as smartphones, digital wallets, tablets, and the web. It enables the interbank account to account payment and secure funds transfer with immediate notification features.

The growth in real time payment has built up a new standard among consumers. It is driving a change in traditional payments such as debit, credit, cheques, etc. Read more about how real time payments are changing the banking system for the better.