A boost to real-time payments in pandemic with prolific innovations

Real-time payments (transfers of money from one bank account to another in near-real time) got a booster shot during the ongoing pandemic. India, which is slowly emerging as a global fintech innovation hub, has seen the number of real-time transactions double to over 41 million, ahead of any other country, according to the Flavor of Fast 2020 annual report by FIS, a provider of technology solutions for merchants and banks in India.

 

China, with an average daily volume of 38.3 million transactions, closely followed India. India continues to innovate, with the launch of extensive business services on a real-time basis, including IPO subscription, mandate management and invoice-in-the-box.

 

Globally, 56 countries are now live with real-time payments, while a few others are in the process of introducing them, the FIS report said.