Payment Markets

Currency

ARS

Rail

Transferencias 3.0 (universal QR interoperability via CVU/CBU)

Regulator

BCRA + CNV

Card Pen.

~70% (Visa/MC/Cabal; installments deeply embedded)

Currency

AUD

Rail

New Payments Platform (NPP) / PayID

Regulator

Australian Prudential Regulation Authority

Card Pen.

~80%

Currency

BDT

Rail

NPSB (National Payment Switch Bangladesh) + MFS networks (bKash/Nagad/Rocket)

Regulator

Bangladesh Bank

Card Pen.

~15% (small; MFS-displaced)

Currency

EUR

Rail

Payconiq by Bancontact (mobile A2A QR); SEPA Instant Credit Transfer

Regulator

NBB — National Bank of Belgium

Card Pen.

Very high — near-universal Bancontact debit card ownership; international Visa/Mastercard co-badged

Currency

BRL

Rail

Pix

Regulator

Banco Central do Brasil

Card Pen.

~70%

Currency

CAD

Rail

Interac e-Transfer (proprietary); RTR (delayed, expected late 2026/early 2027)

Regulator

Bank of Canada

Card Pen.

~95% (Interac Debit + Visa/Mastercard)

Currency

CLP

Rail

Khipu (A2A) + interbank transfers via TEF (BancoEstado-anchored)

Regulator

CMF

Card Pen.

~85% (RedCompra 44% + Visa/MC)

Currency

CNY

Rail

CNAPS / NetsUnion

Regulator

People's Bank of China

Card Pen.

~55%

Currency

COP

Rail

Bre-B (launched September 2025; BR-operated, alias-based)

Regulator

Banco de la República

Card Pen.

~50% (Visa/Mastercard; installments common)

Currency

DKK

Rail

MobilePay (P2P and merchant A2A); Straksoverførsel (instant credit transfer via Nets)

Regulator

Finanstilsynet

Card Pen.

Very high — Dankort and international Visa/Mastercard co-branded cards dominant; 95.1% contactless rate in H1 2024

Currency

EGP

Rail

InstaPay (launched 2022)

Regulator

Central Bank of Egypt

Card Pen.

~40% (Meeza dominant for domestic; growing Visa/MC for cross-border)

Currency

EUR

Rail

Siirto (Finnish instant P2P, managed by Siirto Brand Oy); SEPA SCT Inst (EU Instant Credit Transfer)

Regulator

Finnish Financial Supervisory Authority

Card Pen.

Very high — Visa and Mastercard dominant; no strong domestic card scheme

Currency

EUR

Rail

SCT Inst via Wero (e-commerce live in France from January 2026)

Regulator

ACPR

Card Pen.

~85% (CB-dominant; 95%+ of cards co-badged with Visa/MC)

Currency

EUR

Rail

SCT Inst (SEPA Instant Credit Transfer), consumer-facing via Wero

Regulator

BaFin

Card Pen.

~40% (girocard-dominant; Visa/MC credit at ~8% of retail turnover)

Currency

GHS

Rail

MTN MoMo / Vodafone Cash (telco-led) + GhIPSS Instant Pay (bank rail)

Regulator

Bank of Ghana

Card Pen.

~25% (small; mobile-money-displaced)

Currency

HKD

Rail

Faster Payment System (FPS)

Regulator

Hong Kong Monetary Authority

Card Pen.

~85%

Currency

INR

Rail

UPI

Regulator

Reserve Bank of India

Card Pen.

~20%

Currency

IDR

Rail

BI-FAST

Regulator

Bank Indonesia

Card Pen.

~35%

Currency

EUR

Rail

SCT Inst via Bancomat Pay + Satispay (consumer A2A)

Regulator

Banca d'Italia for prudential; Consob for markets/conduct

Card Pen.

~95% (Bancomat dominant for domestic debit; Visa/MC for credit + cross-border)

Currency

JPY

Rail

Zengin System

Regulator

Financial Services Agency

Card Pen.

~70%

Currency

KES

Rail

M-Pesa (telco-led, dominant) + PesaLink (bank-to-bank, 2017)

Regulator

Central Bank of Kenya

Card Pen.

~15% (small; displaced by M-Pesa for most use cases)

Currency

MYR

Rail

DuitNow

Regulator

Bank Negara Malaysia

Card Pen.

~55%

Currency

MXN

Rail

SPEI

Regulator

Comisión Nacional Bancaria y de Valores

Card Pen.

~40%

Currency

MAD

Rail

Virement Instantané (launched June 2023, GSIMT-operated, <20s)

Regulator

Bank Al-Maghrib

Card Pen.

~30% (growing; CMI-mediated)

Currency

EUR

Rail

iDEAL 2.0 (open-banking A2A); SEPA Instant Credit Transfer

Regulator

DNB — De Nederlandsche Bank

Card Pen.

High — near-universal debit card ownership; Maestro phased out, replaced by Mastercard debit

Currency

NGN

Rail

NIBSS Instant Payment (NIP)

Regulator

Central Bank of Nigeria

Card Pen.

~25%

Currency

NOK

Rail

Vipps (P2P and merchant A2A payments)

Regulator

Finanstilsynet

Card Pen.

Very high — Visa/Mastercard and BankAxept co-branded cards dominate; ~12.6M cards in circulation

Currency

PKR

Rail

Raast (launched 2021)

Regulator

State Bank of Pakistan

Card Pen.

~25% (1Link domestic + Visa/MC; growing rapidly with Raast)

Currency

PEN

Rail

Yape-Plin interoperability + BCRP CCE (Cámara de Compensación Electrónica)

Regulator

Banco Central de Reserva del Perú

Card Pen.

~45% (Visa/Mastercard; wallet-displaced for daily)

Currency

PHP

Rail

InstaPay

Regulator

Bangko Sentral ng Pilipinas

Card Pen.

~30%

Currency

PLN

Rail

Express Elixir (KIR-operated) + BLIK (PSP-operated mobile layer)

Regulator

Narodowy Bank Polski

Card Pen.

~85% (Visa/Mastercard; no domestic scheme)

Currency

SAR

Rail

SARIE Instant (2021 instant retail layer over 1997 SARIE RTGS)

Regulator

SAMA

Card Pen.

~95% (Mada-dominant; co-badged with Visa/MC on most cards)

Currency

SGD

Rail

PayNow

Regulator

Monetary Authority of Singapore

Card Pen.

~92%

Currency

ZAR

Rail

PayShap (launched March 2023)

Regulator

Twin Peaks: SARB Prudential Authority + FSCA

Card Pen.

~80% (Visa/MC dominant; no domestic scheme)

Currency

KRW

Rail

Interbank Transfer (KFTC)

Regulator

Financial Services Commission

Card Pen.

~95%

Currency

EUR

Rail

Bizum (SCT Inst-based; e-com mature, NFC at POS from 18 May 2026)

Regulator

Banco de España

Card Pen.

~95% (94M cards in circulation / ~2 per adult)

Currency

LKR

Rail

LANKAQR (QR interoperability); JustPay (CBSL common payment interface); LankaPay CEFTS (Credit Card and Electronic Fund Transfer Switch)

Regulator

CBSL — Central Bank of Sri Lanka

Card Pen.

Low-moderate — Visa and Mastercard debit common for banked consumers; limited credit card penetration

Currency

SEK

Rail

Swish (P2P and merchant); Bankgirot BiR (Betalningar i Realtid)

Regulator

Finansinspektionen

Card Pen.

Very high — Visa and Mastercard dominant for in-store; Maestro phased out

Currency

CHF

Rail

TWINT (A2A mobile payments); SIC (Swiss Interbank Clearing, CHF RTGS and instant)

Regulator

FINMA — Swiss Financial Market Supervisory Authority

Card Pen.

High — Visa and Mastercard dominant; Maestro still in circulation; no EU IFR (Switzerland is not EU)

Currency

TZS

Rail

TIPS (Tanzania Instant Payment System, BoT) + mobile money networks

Regulator

Bank of Tanzania

Card Pen.

~15% (small; mobile-money-dominant)

Currency

THB

Rail

PromptPay

Regulator

Bank of Thailand

Card Pen.

~40%

Currency

TRY

Rail

FAST (Fonların Anlık ve Sürekli Transferi, launched January 2021)

Regulator

TCMB

Card Pen.

~95% (120M+ debit + 59M+ credit; Visa/MC 96% of card market)

Currency

AED

Rail

Aani

Regulator

Central Bank of the UAE

Card Pen.

~80%

Currency

GBP

Rail

Faster Payments

Regulator

Financial Conduct Authority

Card Pen.

~80%

Currency

USD

Rail

FedNow / RTP

Regulator

Federal Reserve, FinCEN, CFPB, state regulators

Card Pen.

~85%

Currency

VND

Rail

NAPAS 247

Regulator

State Bank of Vietnam

Card Pen.

~30%