Top 10 countries leading in real-time payments

With the advent of cheap, many countries are trying to go cashless. Full digitization will also help the government better track their money. Almost every country has developed its own payment app. After the pandemic, there were around 70 billion digital transactions in 2020 alone. Meanwhile, many people have turned to online shopping. Because of this, there has been an increase in digital buyers in every country.

But what are real-time payments you might be asking, real-time payments are platforms or networks that allow online payments to be made 24/7.

So let’s look at the countries with the most real-time payments. These countries have produced significant innovations in their digital payments space. This has made it possible for the common man to conduct transactions digitally.

India
United States of America
China
South Korea
United Kingdom
Brazil
Thailand
Japan
Nigeria
Mexico
FAQ

India

India has the most real-time payments. It seems that India has successfully developed payment technologies that can be used by the common man. India has a number of apps that are reliable for digital payment.

Companies like Paytm and Google Pay pioneered digital payments in India. You have made digital payment accessible to ordinary people. The most important game changer was UPI. This has led to such high levels of digital transactions. Paytm has also made QR-based payments possible for every type of small business. That is why anyone could pay anyone digitally. After the pandemic, there was a significant increase in online shopping and this resulted in digital contactless payment.

United States of America

The United States of America also has a huge amount of online transactions in the world. In the US, companies like PayPal and Google Pay are leaders. You have redefined banking and made banking a lot easier. After the pandemic, the United States also saw a significant increase in online transactions. The United States has the most online transactions after India today.

China

China has a huge amount of online transactions and there are a number of online payment apps out there. AliPay has more transactions than any other company. There is also a huge customer base for Taobao. Many companies are completely digital. The companies that operate with AliPay also act digitally.

South Korea

South Korea is another country that has digitized all kinds of banking and peer-to-peer transactions on a large scale. Apps like Amex, Kakao Pay and has many transactions in South Korea. There are other apps like Toss Pay, Payco, T-money, Cashbee, Visa Payment. After the pandemic, many companies went online and started accepting payments online. This led to an increase in online payments.


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United Kingdom

The UK also has a lot of digital transactions. There are a number of options for digital wallets in the UK. PayPal is one of the leading companies offering all types of banking. After the pandemic, online payments in e-commerce are increasing enormously. There are also other fintech companies coming into the room to offer solutions in this sector.

The UK is trying to build a very robust online payment system and people’s adoption of digital pathways is also increasing.

Brazil

Brazil is also making great strides in the transition to online payment. Although people in Brazil currently use cash to make 40% of their transactions, many people are switching to online funds. There are a number of fintech companies that have sprung up to provide services in this area. Pix, a fintech software introduced by the Brazilian central bank, is being used extensively in this country.

Thailand

Thailand is another country that is doing a lot in the online payment field. They developed a payment platform called Prompt Pay. Before the pandemic, Thailand had around 7 million transactions, now it has 14.5 million transactions across the country. There are also other startups that are moving forward and developing solutions to make digital payment more feasible.

Japan

Although Japan is a very technologically advanced country, large amounts are still only transacted in cash. Experts say the scenario will change as much of the younger population begins to transact online. Japan also saw a significant increase in digital transactions after the pandemic.

Nigeria

Nigeria is another country that has tried to implement digital payment methods on its territory. There are many apps like Tingg, Paga, Mobile Money. After the pandemic, the spread of digital payments is very high. Although there are other challenges like a bad internet, many business owners come forward to offer solutions in this area.

Mexico

Mexico is recently switching to digital payment methods, but there is still a lot to be done in this area. Currently, around 85% of transactions are made with cash. The strange behavior of the Mexican people is that they think cash is more reliable than online payments. Even if they buy something in e-commerce, they prefer cash on delivery. Other than that, banks aren’t very innovative either.


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Covid 19 has given real-time payment applications a massive boost as people were locked in their homes and opted for a cashless solution.

FAQ

Which country has the most digital payments?

India is the leading country with 25.5 billion real-time payment transactions.

In how many countries are there instant payments?

54 countries have activated real-time payment systems.

Which country does not use cash?

Sweden is a country where around 80 percent of Swedes use cards, with 58 percent of payments being made by card and only six percent being in cash, according to the Swedish Central Bank.

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