DinarDirham is pleased to introduce our latest infographic: Global Adoption Of Real-Time Payments, which discusses real-time payments, their global adoption, and how we got to this stage in the financial industry.
Real-time payments are one of the biggest crazes right now in the financial industry, and have a large opportunity to grow. Real-time payments are systems that enable instant payment and confirmation (usually 24/7) through digital wallets, tablets, smartphones, the web, etc. You’ll learn about the main aspects of real time payments in the graphic below.
These types of payment systems certify the payment from both sides of the transaction, make the funds for the transaction available, and settles the payment with funds to the payee and a transaction confirmation to the payor, all in a matter of seconds.
This infographic also discusses the history of a few payment systems, covering financial payment breakthroughs over the last 150 years, including the details of wire-transfers, EFT (Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and finally Real-Time Payment Systems.
We also cover where you can use real-time payments, including a list of current countries that have adopted them, the volume of global electronic payment transactions (which has been steadily rising since 2013 until 2017, and is estimated to continue rising through 2018-2019), the volume of worldwide non-cash transactions (also growing from 2015-2017, and estimated to grow through 2020 at least), and the growth rate of non-cash wholesale transactions based on region. Despite the fact that most countries still use the RTGS system, the list of countries we give is a good start.
The infographic includes quotes from experts in the industry, including Pat Patel, IPS Product Manager at VocaLink; Ian Sayers, Chief Technology Officer at Zapp; and Arai Ezzra, CEO & Co-Founder of DinarDirham & the BCMY digital wallet app. We also introduce you to some readily available real-time payment digital wallets, including the BCMY wallet, Open Ledger, and Exodus.
We hope you enjoy the infographic below.
Have a good day!
The DinarDirham team.