Real-time payments have gained significant traction worldwide, revolutionizing how consumers and businesses conduct financial transactions.
Many countries have successfully implemented real-time payment systems to enhance efficiency and meet the growing demands of businesses and consumers. Each country’s implementation may differ significantly regarding infrastructure, technology and regulatory frameworks. Still, the common goal is providing faster, more convenient and secure payment experiences while stimulating economic growth and fostering innovation.
Some real-time payment schemes have run into significant friction before they even launch. Canada, for instance, delayed the rollout of its Real-Time Rail system to validate it’s end-to-end integration.