India has witnessed the highest number of real-time online transactions in 2020, trumping China and United States with at least 25.5 billion real-time transactions.
That record is followed by 15.7 billion in China, 6 billion in South Korea, 5.2 billion in Thailand, followed by the United Kingdom with 2.8 billion transactions.
The United States barely made it to the top 10, staying at number 9 nine with 1.2 billion transactions.
Based on a report released by ACI Worldwide, a UK-based payments system company, India’s volume share was 15.6 per cent For instant payments while for other electronic payments, it stood at 22.9 per cent,.
Even then, paper-based payments remain important in India, with a 61.4 per cent share.
But there are projections that this will change by 2025 with Instant payments volume set to increase to over 37 per cent, while the share of other electronic payments is likely to grow to over 34 per cent.
As a result, the share of paper-based transactions is set to decline below 28 per cent. Real-time payments’ share is expected to exceed 50 per cent by 2024.
Pre-Paid Instruments (PPI) and the Universal Payment Interface (UPI) have helped make digitisation mainstream in India with UPI transactions continuing to grow in the country on a month-on-month basis.
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