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Real-time payments are transforming economies and lives: Initial evidences from select countries

Author

Listed:
  • Buckley, Andrew

    (Executive Vice President for New Payment Platform Products, Mastercard, USA)

  • Balakrishnan, Mahadevan

    (Consultant on Payment Topics, USA)

Abstract

Retail real–time payments — also known as fast payments or real-time payments — are becoming mainstream, with over 56 countries already having them and many others at various stages of implementation. Real-time payments are transforming economies by providing additional payment options for a variety of use cases, and its usage is gaining momentum. This paper analyses the reason for such wide acceptance of real-time payments using the Technology Acceptance Model (TAM), the economic impact of real-time payments in select countries, its impact on financial inclusion and concludes by providing some insights on how real-time payments are changing lives on the basis of ethnographic studies carried out in select countries.

Suggested Citation

  • Buckley, Andrew & Balakrishnan, Mahadevan, 2021. "Real-time payments are transforming economies and lives: Initial evidences from select countries," Journal of Digital Banking, Henry Stewart Publications, vol. 6(2), pages 149-160, September.
    • Handle: RePEc:aza:jdb000:y:2021:v:6:i:2:p:149-160
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    More about this item

    Keywords

    retail real-time payments; fast payments or real-time payments; implementation; additional payment options; technology acceptance model (TAM); ethnographic studies;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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