Latin america: a market with significant global growth potential in real-time payment transactions
Miami--(business wire)--the development of technology and the creation of new success stories in the electronic payments industry are driving higher volumes of real-time payments (rtp) globally. in 2022, rtp reached 195 billion transactions worldwide — an annual growth of 63.2% year on year, according to the 2023 prime time for real-time report, published by aci worldwide (nasdaq: aciw), a global leader in mission-critical, real-time payments software, in partnership with globaldata, a leading data and analytics company. latin america is a region with significant growth potential globally in terms of rtp, as it is estimated that the region will have 56% adoption by 2027, exceeding the individual levels expected for europe, asia pacific and the united states. with consumers and businesses demanding cheaper, faster and more efficient ways to pay, and merchant acceptance of rtp on the rise, consumer and business adoption via popular new use cases is heating up throughout latin america. this year’s prime time for real-time report analyzes rtp transactions per head of population per month for the first time, highlighting where consumers and businesses most actively use them. according to the report, rtp transactions are expected to grow from $33 billion in 2022 to $119.5 billion by 2027 in latin america. brazil leads the charge in the region, with a massive 228.9% growth between 2021 and 2022. the fastest-growing markets in the region are anticipated to be mexico, which ranks among the world's top rtp markets, as well as peru, argentina and colombia. "the prime time for real-time report shows that latin america has great potential in terms of the adoption of real-time payment transactions. we are seeing that incentives from governments and central banks in certain markets are helping to drive the adoption of instant payments as they make financial transactions more efficient, convenient and secure — something that is essential for modern digital economies to continue to grow and thrive," said leonardo escobar, senior vice president, head of latin america for aci worldwide. latin america regional highlights: brazil ranks second in global consumer adoption of rtp, behind india, accounting for 15% of all global volume in rtp transactions in the world. by 2027, brazil is expected to have 52 rtp transactions per capita per month. mexico, peru, argentina and colombia all figure as part of the top 10 key rtp growth markets in the world in the next five years. chile currently boasts 5.15 rtp transactions per head of household per month and is expected to continue to grow through 2027, due in part to the adoption of government regulations to help drive interoperability between digital payment methods. latin america has exceeded critical mass for mobile wallets in the region, with 65% of consumers owning and/or using a mobile wallet in 2022, compared to 58% in 2021 and 15% in 2018. aci’s inside real-time this year, aci launched inside real-time — a new, multi-channel media platform — as the definitive guide and go-to source for the world’s rtp stories, including exclusive content exploring the latest developments and opportunities in the world of rtp and how real‑time is empowering consumers, merchants, businesses and banks. aci’s prime time for real-time report is the foundation of this new platform. about aci worldwide aci worldwide is a global leader in mission-critical, real-time payments software. our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. we combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce. © copyright aci worldwide, inc. 2023 aci, aci worldwide, aci payments, inc., aci pay, speedpay and all aci product/solution names are trademarks or registered trademarks of aci worldwide, inc., or one of its subsidiaries, in the united states, other countries or both. other parties’ trademarks referenced are the property of their respective owners.
