A2A Payments Make Progress

Account-to-account payments (A2A) have been talked about for some time. There is some evidence that they are beginning to fulfil their promise. The latest 2023 Worldpay Global Payments Report from FIS says there are now 64 real-time payment schemes in operation providing high-speed payment rails for A2A payments. While this is only up from 60 in 2021, A2A transaction value has risen 13% to $525 billion.

This growth has been helped by a number of key payment systems being A2A capable. Brazil’s Pix payment system doubled the share of e-commerce A2A transaction values between 2021 and 2022. India’s Unified Payments Interface succeeds based on its seamless interoperability with Paytm, PhonePe and GooglePay. Thailand’s PromptPay service, based on real-time proxy payments, is driving innovations such as corporate identification proxy, QR retail payments and request-to-pay functionality.