Summary
In 2022, account-to-account (A2A) payments continued growing across the globe, with the expansion of real-time payment (RTP) systems helping to deliver faster, safer, more convenient payments for consumers at the checkout, according to Global Payments Report 2023.
The Global Payments Report 2023 examines how consumers pay today, in-store and online, across 40 global markets. It shows that, in 2022, there were almost 70 RTP schemes providing high-speed payment rails. These helped drive A2A payments to the point where they account for $525 billion in global e-commerce transaction value, up 13% from $463 billion in 2021.
A2A payments already have business-to-business and person-to-person use cases. The report found A2A increasingly a force in person-to-business payments. Payments flow directly, often instantly, from the consumer’s account to the merchant’s, driving down their cost of acceptance.
Worldpay Merchant Solutions president Jim Johnson said ‘It’s not hard to see why A2A payments are gathering momentum. While it is significantly more convenient for consumers, it also brings a host of benefits for merchants. A2A payments can reduce the cost of payment acceptance compared with cards while offering instant settlement of funds and boosting cash flow. Some merchants are even offering customers incentives to pay with A2A.’
Mirroring the global upward trend, A2A payments now account for 9% of US e-commerce transaction value.
Links: https://www.paymentscardsandmobile.com/global-payments-report-2023/
https://www.fisglobal.com/en/global-payments-report