A perspective on real-time payments for policymakers

In the coming years, real-time payments are set to increase exponentially and by 2026, are forecasted to account for 26% of the total electronic payments. Currently, there are more than fifty-six countries with active real-time payment rails and by the end of 2022, up to 72% of the world's population will live in an area with access to real-time schemes. With certain growth ahead,  governing bodies and payment regulators play a crucial role in advancing their country's payment systems to create an ecosystem that unlocks economic growth and benefits all system participants.

This paper provides a holistic approach for payment system regulators to assess their real-time payments readiness across various stages of their payments modernization journey. The merits and drawbacks of a regulatory-first approach are first discussed before diving into a real-time payments readiness framework accompanied by country-wide case studies. Through this, the report acts as a guidepost to help regulators both ensure smooth system implementation and maximize uptake across their country.