2021 Key Trends of the Payment Industry: Real-Time Payments in Europe

2021 Key Trends of the Payment Industry: Real-Time Payments in Europe

Europe is increasingly adopting real-time payments, says new yStats.com publication

Europe is further digitalizing payment methods by developing infrastructure for real-time fund transfers amid COVID-19

The shift to digital payments has accelerated even further due to the nature of the health crisis. According to the yStats.com report, Western Europe is expected to rapidly adapt to real-time payments and account for one-fifth of the total value in the world by 2025. What is more, the European Central Bank intends to include all payment providers in the system of real-time payments across the euro area by the end of 2021.

The COVID-19 crisis further strengthened the trend of real-time payments in Europe

Amid the pandemic, most European markets experience significant growth in volumes and values of real-time fund transfers. For example, the United Kingdom has seen the largest year-on-year growth rates during the Autumn months of 2020, and the Netherlands underwent a four-digit percentage rise. Additionally, the countries of Northern Europe have created a plan of action to introduce real-time payments in the framework of the P27 program, starting from mid-2021.

• Main Drivers and Challenges for Real-Time Payments Adoption, December 2020
• Values of real-time Payments, in USD trillion, and Share of West Europe in the World’s Total, in %, 2020 & 2025f
• Profile of Real-Time Payments, and Objectives of the European Commission for 2021, December 2020
• Share of SCT Inst in All SEPA Credit Transfer Transactions, October 2019 – September 2020
• Average Daily Transaction Value via RT1 real-time Payments, in EUR million, and Month-on-Month Change, in %, January 2020 – November 2020
• TIPS Profile and 2021 Objectives, December 2020
• Share of SEPA Payment Service Providers that Support SEPA real-time Payments, in %, October 2020
• P27 Payment Service Profile, December 2020
• P27 Current News, December 2020
• Share of Daily Real-Time Payments via the Bankgirot System, in % of Total, 2020
• Number of Processed Transactions in the Bankgirot Real-Time Payment System, in millions, and Year-on-Year Growth, in %, January 2020 – November 2020
• Availability of Real-Time Payments Option, by Selected Banks, September 2020
• Value of Real-Time Payments via the Swiss Interbank Clearing (SIC) System, In CHF billion, and Year-on-Year Change, in %, January 2020 – October 2020
• Shares of Real-Time Payments in Total Single Credit Transfers, in %, November 2020
• Volume of Real-Time Payments, in thousands, February 2019 & October 2020
• Value of Faster Payments via Pay.uk, in GBP billion, and Year-on-Year Change, in %, December 2019 – December 2020
• Shares of Faster Payments in Total Payments, in %, November 2019 & November 2020
• Volume and Value of Payments via the Hungarian Real-Time Credit Transfer Scheme (AFR), in millions, and in HUF trillion, March 2020 & September 2020
• Volume of Transfers via Express Elixir Real-Time Payment System, in PLN billion, and Volume, in millions, November 2019 & November 2020
• Real-Time and Continuous Transfer of Funds (FAST), December 2020
• Share of Consumer Fund Transfers via the Faster Payment System, in % of Total, December 2020
• Awareness of the Fast Payment Service offered by the Central Bank, in % of Respondents, September 2020
• Average Daily Value of Payments via the Faster Payment System, in RUB million, January 2020 & September 2020

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