Summary
This report presents the findings of a market survey conducted during a BAI-hosted panel discussion in May 2023, focusing on the interest and perceptions of financial institutions regarding real-time payments. The survey included 34 respondents, comprising 25 banks and 9 credit unions. Results indicated that 54.55% of participants believe real-time payments could provide a revenue opportunity, while 45.45% disagreed. Additionally, 58.82% of respondents reported that their customers are at least somewhat interested in instant payments. The report highlights that the global real-time payments market was valued at 17.57 billion in 2022, with a projected compound annual growth rate of 35.5% from 2023 to 2030. Furthermore, 93.75% of respondents are either connected to or planning to connect to real-time payment rails, indicating a growing trend in the adoption of these payment systems among financial institutions. The findings suggest a need for further education on the benefits of real-time payments.
