Nigeria is one of the leaders of real-time payments in the world, with transactions worth $1.9bn, according to the Economist Intelligence Unit (EIU).
Real-time payments (RTP) are digital payments that can be initiated and completed immediately or near instantaneously.
RTP occurs when you send money through your online banking app, or when you carry out digital or online transactions.
According to the EIU, India leads the real-time payments market with transactions worth $25.5bn, China ranks second with transactions worth $15.7bn and Korea is next with $6.0bn.
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Other nations that rank highly for are: Thailand ($5.2bn), Great Britain ($2.8bn), Nigeria ($1.9bn), Japan ($1.7bn), Brazil ($1.3bn), the United States ($1.2bn) and Mexico ($0.9bn).
Thanks to smartphone proliferation and increasing internet penetration, especially across developing countries, mobile money markets or mobile payments have increased in popularity and usage since the onset of the COVID-19 pandemic.
Online sales have skyrocketed and there is a shift to digital ways of making payments and conducting transactions across most urban centers in Nigeria.
Real-time payments, mobile payments, digital payments, e-wallets and more, are now used interchangeably to mean one and the same thing.