Cross-border instant payment market is expected to jump by 223% globally by 2028, resulting in a 29% share of all global instant payment transactions that year, according to a new study from Juniper Research.
The change will be driven by the reduction in transaction friction, according to a press release, defining instant payments, or real-time payments, as any payment where funds can be received within 10 seconds.
Connecting Domestic Rails Opens Up Cross-border Payments
Streamlining cross-border instant payments will increase trade and investment between participating nations. To capitalise on this, the report urges governments across the world to back these projects through investment and regulation to connect their instant payment systems.
Project Nexus
The report identified key schemes, such as Project Nexus, as key frameworks that accelerate the integration of multiple payment networks. These schemes do this by aggregating the integration process across multiple networks rather than separate integrations for individual rails.
Boosting International Trade
The report forecasts that as cross-border instant payment availability grows, more businesses will leverage these rails to enhance international trade. By leveraging these networks, businesses take advantage of the improved payment processing speed and availability of value-added services, such as enhanced transaction data, to improve their cashflow.
