1 in 2 consumers use RTPs for international shopping

Approximately 63% also use RTPs to transfer money.

About 51% of consumers are using cross-border real-time payments (RTPs)  to pay for goods and services, according to the 2024 Financial Services Consumer Survey by GlobalData.

The report said that 63% of global consumers also use RTP services to send money to family and friends.

The G20 has set a roadmap to enhance cross-border payments by 2030, aiming to improve speed, access, transparency, and cost. However, the Financial Stability Board's October 2023 update reveals that the progress is lagging. 

The report indicates a shortfall in the proportion of retail services making funds available within an hour (42% vs. the target of 75%) and within one business day (76% vs. the target of 100%).

“Real-time payments have become commonplace among domestic payment services,” said Benjamin Hatton, Banking and Payments Analyst at GlobalData.

“Not only are they considered superior to traditional methods because of their speed, but these services are typically available 24/7, reduce transaction costs, and ease liquidity management for businesses,” he said.

Hatton also said that digitalising consumer payment methods will be crucial for reducing costs and speeding up transfers.

“Simplicity and speed of the transfer process is the most important factors for consumers when choosing a cross-border payment provider,” he said.

“Whilst progress has been tangible, there is clearly scope to improve these measures and further reap the rewards from delivering these services,” noted Hatton.