Real-time payments are reshaping global financial ecosystems, with developing economies racing ahead in adoption and innovation. In this issue's lead article, we delve into the remarkable strides made by countries like India, where real-time payment systems have transformed commerce and financial inclusion. With over 129 billion transactions in 2023, India alone accounted for nearly half of all global real-time payments, far surpassing other leading markets.
Meanwhile, the United States lags behind, grappling with challenges in scaling real-time payments networks like RTP and FedNow. As we stand at the cusp of further innovation, our lead feature examines how the lessons from global leaders can inform U.S. efforts, and explores what’s next in the race toward real-time payment ubiquity and its potential to redefine financial services worldwide.
Also shaping the future of finance is open banking, which has sparked innovation and controversy across Europe. One contributor to this issue points out that while successes like new financial products and widespread adoption are undeniable, challenges in collaboration and implementation offer crucial lessons for future initiatives and other world regions looking to learn from Europe's example. Other experts featured in this magazine have delved into such topics as: how evolving payment preferences, including alternative payment methods, in top holiday destinations are impacting tourists and posing challenges for the travel sector; pockets or opportunity for payments businesses in the new crypto era; how to keep your business sound when your processing partner is acquired, goes bankrupt or has another upheaval; how to help merchants prepare for success in 2025 with data-driven strategies, mobile optimization, social media engagement, multi-channel marketing and customer lifetime value insights.
In addition to the profiles and updates on recent milestones within the payments sphere included herein, we've spotlighted a selection of recent news stories: a survey by The Strawhecker Group and the Electronic Transactions Association highlighting a nuanced picture of holiday spending this year; pay-by-bank payments, powered by ACH and real-time payment networks, gaining momentum in the United States; pay later options becoming an indispensable tool for retailers as holiday shopping accelerates; a surge in fraud, with check fraud seeing dramatic increases; and Visa CEO Ryan McInerney's strong rejection of a U.S. Department of Justice lawsuit accusing the company of monopolizing the U.S. debit market.
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