What's next for real-time payments: Navigating the next wave

“Sophisticated payment systems are a driver of economic growth and inclusion.”

In the latest episode of “What’s Next In,” Mastercard’s podcast that informally explores technology, innovation and ideas, host Vicki Hyman chats with Peter Reynolds, Mastercard's executive vice president  for real-time payments, about the growth of real-time account-to-account payments, what is means beyond speed, and how it can help enable greater financial inclusion and well-being.

By 2028, more than a quarter of electronic payments globally will be made via real-time payments, Mastercard has been in the account-to-account business since 2017 and now underpins the critical national infrastructure in a dozen markets, including the U.K., U.S, Denmark, the Philippines and Peru, in addition to providing services to enhance and streamline payments.

Enabling instant, simple transactions can unlock basic banking access for underserved populations, especially women, young people and very low-income citizens, he says, and it also puts them on the road to financial well-being. “Being part of the digital world, part of the financial ecosystem then drives up financial literacy,” he says. “It drives up people’s track records that can also be used in terms of credit and lending.”

To hear more from Reynolds, stream “What’s Next In” in the player above and subscribe on Apple Podcasts, Spotify or your favorite streaming platform.