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Real time digital payment report in 2021 From GlobalData

The following is the Real time digital payment report in 2021 From GlobalData recommended by recordtrend.com. And this article belongs to the classification: research report, mobile payment , financial technology.

GlobalData released the “second edition of real time digital payment” report, which continues to explore the biggest trends shaping digital payment and helps financial institutions plan for future opportunities and challenges.

Just two years ago, real-time payment infrastructure was seen as a luxury in many markets. All of this changed in 2020, as the new crown pandemic greatly accelerated the pre-existing but slow progress trend.

Countries with sound digital payment infrastructure perform better than those without in curbing the economic impact of the epidemic. Real time payment is an important part of infrastructure, because they serve the needs that traditional bank cards cannot meet. Real time payments enable governments to work with their financial institutions to accelerate the payment of much-needed capital and economic stimulus to citizens. They also provide real-time liquidity for businesses.

The pandemic’s focus on existing payment infrastructure highlights the importance of digital payment systems. Global trading volumes have risen dramatically, reducing innovation that takes ten years to complete to one year, and changing human behavior. These changes will not be reversed as we come out of the crisis. The accelerated adoption of mobile wallet, especially in developed markets such as the United States, has changed the way of cash flow.

Banks, traders, acquiring institutions and payment networks are facing greater pressure than ever before to modernize their payment systems to cope with this change. This means moving to modern data standards, launching new real-time systems and new value-added services. Once the infrastructure is in place, the next priority is for businesses to get more new payment services in real time.

It is clear from this year’s research and analysis that the pace of change has not slowed down. Even for historically depressed markets, 2020 is a catalyst. Financial institutions have to keep up with new volumes, services and demands. While meeting the existing needs of customers, managing the needs of rapid innovation requires an agile modern payment method.

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