Brazil and India are leading instant payment growth, with Pix and UPI accounting for over a third of total instant payments worldwide.
One of the most popular payment methods in Brazil, Pix is now set to take over online commerce too, a study by fintech EBANX shows.
The central bank of Brazil is gearing up to launch Pix Automatico, a form of direct debit through instant payment system Pix.
Instant payment system Pix has overtaken credit and debit cards as the most used means of payment in Brazil.
Pix achieved the milestone of 3 billion monthly transactions in March, up from a previous record of 2.8 billion by the end of last year.
Open Finance turns three years in Brazil, and data shows it is growing at a steady pace, with over 40 million consents granted by users.
While Brazil's PIX has achieved great success, it is not alone. UPI has thrived in India, ushering millions into the digital economy.
Fiserv's initiative in Argentina will make Pix available to Brazilians outside their home country for the first time.
FedNow's launch is imminent, but the U.S. is lagging behind the rest of the world on real-time payments. It may be an advantage.
According to Belvo, the new product will function as a gate for users to initiate payments directly inside third-party apps.