Instant payments transactions to exceed $27 trillion globally by 2026

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A new study has found the transaction value of instant payments will exceed $27.7 trillion in 2026, from just $4.8 trillion in 2021.

The research identified that this extraordinary growth of over 470% will be driven by improved cost and transparency for instant payment schemes versus legacy payment schemes, such as ACH or CHAPS.

The research predicts instant payment schemes will increasingly disrupt both domestic and cross-border channels by offering payments that are faster to process, cheaper to both facilitate and initiate, and easier to track and reconcile.

However, instant payments will take time to proliferate, given the fragmented nature

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Why more and more people prefer to pay straight from their online bank

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Trustly is a world leader in account-to-account payments with an unmatched banking network and consumer reach of over half a billion. Here’s their view of the increasing popularity of Online Banking Payments. And, why more and more people are opting for fast, direct and more flexible digital payment methods. Trustly’s VP of Partnerships, Ciaran O’Malley, breaks down why.

A shift in consumer behaviour

During the pandemic, consumers started to abandon cash for contactless. Cashless and mobile payments, more online debit card usage, as well as the growth in e-commerce, were around before the coronavirus hit.

Yet Covid-19 has accelerated the

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India leads real-time payments globally

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Across the world, digital payments are now synonymous with mobile payments, with the rate of adoption directly linked to access to smartphones and telecoms networks.

The furious growth in digital payments in developing countries, especially in Asia, demonstrates the impact of the coronavirus (Covid-19) pandemic in advancing online retail sales, as well as the role that governments and regulators play in facilitating the spread of new payments systems.

A new piece of research by the Economist Intelligence Unit shows how the digital-payment revolution is transforming business in different parts of the world.

Governments have a crucial role to play in

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What’s the current status of Open Banking in the UK?

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Open Banking provides an opportunity for merchants to offer a better customer experience at a lower cost. To achieve that, there are a few essentials you need to know about Open Banking vendors.

What’s the status of Open Banking in the UK?

Key takeaways

  • Working with an Open Banking provider that collect funds enables greater capabilities
  • To minimise reconciliation costs, merchants need batch settlement and detailed reporting
  • Choosing a provider that offers instant refunds will improve your customer experience
  • Only a provider with an in-the-flow-of funds collection model can support cross-border transactions

As consumer interest in Open Banking takes off

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