Instant payment transactions to surpass $58 trillion globally by 2028; competing with card payments
April 30, 2024
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A new study from Juniper Research found the instant payments market will grow by 161%, up from $22 trillion in 2024. This substantial growth will be driven by the increased popularity of A2A (Account‑to‑Account) wallets, such as iDEAL and Twint, along with the rising popularity of Open Banking.
Open Banking allows digital wallets to leverage bank payments without requiring partnerships with individual banks; boosting access significantly. The report forecasts the ability to quickly and securely access bank accounts through Open Banking, alongside bank-backed A2A wallets, will increase consumer instant payment transaction volume from 252 billion in 2024, to over 600 billion by 2028.
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