Insights for Innovation: Five Global Instant Payment Facts To Shape the Future of Faster Payments in the UK
The UK’s Faster Payments Scheme in 2024 is not that different from the version launched 16 years ago.
The much anticipated new vision for payments in the UK will undoubtably have the Faster Payments rails at the centre as a key catalyst for the delivery of change and innovation in the payments landscape.
dLocal were speaking about Instant Payments at the Merchant Payments Excellenceconference in Berlin this morning. Here’s five global instant payment facts that they shared which might help form our global view on instant payments and guide our thinking on the future innovation themes for Faster Payments in the UK.
1: Recurring Payments with Pix Automatico
With 60% annual growth PIX is seeing some of the fastest adoption rates around the world and in October 2024 Pix will see the launch of Pix Automatico which will facilitate recurring payment business models.
2: Super App – Peru has 15 million ‘Yaperos’
From an adult population of 24 million people in Peru there are 15 million ‘Yaperos’ (users of the Yape app) and 11 million of these are active monthly users.
With real-time payments, 24/7 availability and free to use the future of payments in Latin America is truly instant via the Yape app introduced by Banco de Credit del Peru in 2017.
3: A new level of maturity for real-time payments in Asia
The UK’s Faster Payments scheme was launched in 2008 as an initiative to help enable mobile, internet, telephone and standing order payments to move quickly and securely between UK bank accounts, 24 hours a day.
The UK may have led the way with (Near) Real Time Payments but India, Thailand, Hong Kong, South Korea and Singapore have seen significant levels of real time payment adoption.
4: Digital inclusion in areas of weak internet connection
India’s United Payments Interface (UPI) is introducing UPI Lite X which is designed to make digital transacts even if they don’t have a strong internet connection.
5: UPI is going global
From 10 countries in 2021 UPI has now been adopted in 20 countries.
