Real Time Payments (RTP)

When we talk about instant payments, we are talking about a payment method that links up and pulls money straight from a bank account and into a customer’s, in real time. If users already have a linked bank account, offering instant payments allows for a much quicker checkout process, and payment is reflected immediately. As an example, digital wallets need registration, a deposit of funds, and a possible KYC (know your customer) procedure before allowing payment.

Real-time payment will continue to grow worldwide for years to come. The global real-time payments transaction value for 2023 sits at USD$97 billion, with forecasts of its 2030 transaction value hitting USD$376 billion.

Most used options

How real-time payment’s work

When it comes to account-to-account (a2a), each real-time payment system has its own process.

With some services, your customer will initiate the payment through their banking app and scan the QR code on the checkout page, or use tap-to-pay technology at point-of-sale.

Others work similarly to a standard checkout, redirecting to the app or website of the real-time payment provider, with the transaction information prefilled. The user will enter their chosen verification method (biometric or OTP), and the payment will be made!

Key features and benefits of transacting using real-time payments

Instant

funds are pulled 24/7, 365 days per year unlike traditional payment methods. The payment is reflected immediately
Affordable

There is no surcharge for making an instant payment
Varied transactions

instant payments can be utilized peer-to-peer (p2p), customer-to-business (c2b), and business-to-business (b2b).
One account

Hold all your accounts under one profile

Benefits of accepting real-time payments for your business

Real-time payments are a win for global businesses and their customers. In countries with low financial inclusion and high unbanked populations, real-time payments help with integration with banks, making cross-border e-commerce transactions more accessible and convenient.

Speed

Receive funds in real-time, and pay partners more reliably.
Coverage

In regions where the government is involved in the payment methods implementation, the majority of banks and businesses in the area will utilize the instant payment option.
Improved liquidity management

Instant clearing and settlement reduces the amount of money locked in processing.
Secure

Eliminates the risk of card fraud and chargebacks.
Varied transactions

instant payments can be utilized peer-to-peer (p2p), customer-to-business (c2b), and business-to-business (b2b).
Instant

funds are pulled 24/7, 365 days per year unlike traditional payment methods. The payment is reflected immediately.