Infrastructure · 62 pages
The Real-Time Payments Global Atlas
FedNow, RTP, UPI, Pix, SEPA Inst and the next interconnects
Published October 1, 2025
Abstract
A country-by-country and rail-by-rail view of real-time payment volumes, use-case mix, and emerging interconnect projects.
Key findings
- ▍Real-time A2A volumes are growing faster than card volumes in most participating markets.
- ▍Disbursement and B2B use cases are migrating to real-time rails ahead of P2P in mature markets.
- ▍Cross-border interconnects are concentrated in Asia and Latin America.
- ▍Scam fraud remains the principal rate-limiting step for adoption in advanced economies.
Volumes and mix
Where real-time rails sit in the country-level payments stack and how use-case mix evolves over the adoption curve.
Interconnects
Bilateral and multilateral programs linking real-time systems across borders.
Fraud and consumer protection
What works for authorized push-payment scam - and what does not.
Sources & References
- Bank for International Settlements - Payments, Clearing & Settlement
- U.S. Federal Reserve - FedNow Service
- ISO - ISO 20022 Standard
- The World Bank - Payment Systems
External references are cited for context and discovery. CashlessTechnology.com is not affiliated with the listed organizations unless explicitly stated.