Instant payments are expected to account for 22% of all non-cash transaction volumes by 2028 globally, according to the Capgemini Research Institute’s World Payments Report 2025.
Account-to-account payments and instant payments are set to spark a new wave of innovation, as the report reveals an industry set to be reimagined with account-to-account and instant payments.
Since the inaugural World Payments Report in 2004, the payments industry has undergone a dramatic transformation over the past two decades. Digital technologies, such as wallets, peer-to-peer (P2P) payments and contactless payments, have become increasingly prevalent. Regulations have also played a crucial role in driving innovation and ensuring consumer protection.
As a result, according to Capgemini, the payments ecosystem is now more connected, harmonized, efficient, and secure than ever before.
Non-cash transactions boom; APAC leading adoption
Non-cash transaction volumes rose to 1,411 billion in 2023 and are on track to reach 1,650 billion in 2024. With today’s customers preferring to embrace a frictionless payment experience, this trend is expected to continue as non-cash transactions are forecast to reach 2,838 billion by 2028.
Today, Asia-Pacific (APAC) stands out as one of the fastest growing regions for non-cash transactions with a 20% YoY increase in 2024 compared to Europe (16%) and North America (6%).
A2A payments are a challenger for traditional card schemes
Account-to-Account (A2A) instant payment solutions present a faster and cost-effective way to pay, bypassing expensive card networks. According to the report, the rise in their popularity threatens to challenge the dominance of traditional payment cards, with estimates suggesting they could offset 15-25% of future card transaction volume growth.
With interchange fees and interest charges being a key profit source, financial institutions could view this as a significant risk with the potential to cost incumbents in the industry billions in lost revenue.
"The continued surge in non-cash transactions is a watershed moment for banks and payment service providers. The data indicates an inevitable shift to a future of payments that is instant and open," says Jeroen Hölscher, Global Head of Payment Services at Capgemini.
Consequently, banks need to jump on the instant payment adoption wave; however, concerns about fraud – echoed by the majority of payment executives in the report – deter much progress. With banks lacking robust defenses, and the potential for liquidity concerns, many opt to receive but not send instant payments.
Today, based on the survey, only 25% of banks can receive instant payments and 53% are fully capable of sending and receiving them. For this report, Capgemini evaluated survey results across diverse business and technology parameters1 to understand banks’ preparedness for the adoption of instant payments.
The report also finds only 5% of banks showcase high business and technology readiness to solidify their position as instant payment adoption leaders.
By pioneering open banking, it has paved the way for today’s growing open finance movement. The report emphasizes how open finance empowers consumers and businesses, catalyzing the adoption of instant payments. Despite its immense potential to reshape the financial landscape, progress is currently limited due to differences in regulatory frameworks and market initiatives.
