Global Real-Time Payments Growth Sustainable As New Use Cases Push Transactions to Record Highs

India – 6th May 2024 – Global real-time payments growth has reached sustainable levels with 266.2 billion real-time payments transactions recorded in 2023—a year-over-year (YoY) growth of 42.2% —according to the 2024 Prime Time for Real-Time (hyperlink) report, published by ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, in partnership with GlobalData, a leading data and analytics company.

While previous reports highlighted the economic benefits of real-time payments and consumer uptake around the world, this year’s report—now in its fifth edition—takes a deep dive into some of the world’s leading real-time payments markets, highlighting the factors that have enabled those countries to build successful end-to-end real-time payments ecosystems. The report also reveals that many of the newer market entrants around the globe are quickly catching up, with lawmakers and central banks around the world pushing for adoption, determined to reap the economic benefits of real-time payments and drive financial inclusion for their citizens.

Key Findings at a Glance

• Globally, 575.1 billion real-time transactions are forecast by 2028, representing a 2023-2028 compound annual growth rate (CAGR) of 16.7%. By 2028, real-time payments are expected to account for 27.1% of all electronic payments globally.
• India continues to dominate the global real-time payments market, with 129.3 billion transactions in 2023 – more than the rest of the world’s top 10 real-time payments markets combined. Of all electronic payments made in India, 84% are now real-time.
• Brazil saw a remarkable YoY growth of 77.9% in 2023, with 37.4 billion real-time payment transactions. Brazil is the undisputed real-time payments leader in Latin America, responsible for 75% of all transactions in the region. Other Latin American countries are pushing ahead with real-time payment modernization initiatives, looking to replicate Brazil’s success. Peru and Colombia are predicted to have the highest 2023-2028 CAGRs in the region, with 51.2% and 42.6%, respectively.
• Asia Pacific (APAC) is the largest real-time payments market, with 185.8 billion transactions in 2023, representing 24.0% of all electronic payments in the region. With four of the top five real-time payments markets by volume, the APAC region is projected to see over 351.5 billion real-time transactions by 2028, a 2023-2028 CAGR of 13.6%.
• The Middle East is the fastest-growing real-time payments market globally. Oman, Kuwait, and Qatar all launched schemes in 2023, joining more established regional players like Saudi Arabia, Bahrain, and UAE. The 2023-2028 CAGR for the region is 28.8% – transactions are expected to rise from 855 million to 3.0 billion by 2028.
• The European Union (EU) Instant Payments Regulation, passed in February 2024, is expected to drive instant payments volume across the Single Euro Payments Area, including the 27 EU member states. By 2028, instant payments are forecast to account for 13% of all electronic payments in Europe, up from 8% in 2023.
• North America is a major growth market to watch—primarily due to the launch of the FedNow service in the U.S. in 2023—with a projected 2023-2028 CAGR of 27.1%.
• Nigeria is the undisputed real-time payments leader in Africa, another major growth market. The country recorded 7.9 billion transactions in 2023; real-time payments had an impressive 82.1% share of all electronic payments in 2023.

Market Deep-Dives: Lessons from the Most Successful Real-Time Payments Markets

For the first time, this year’s report (hyperlink) takes a deep dive into five of the most successful real-time payments markets worldwide—India, Brazil, Indonesia, Malaysia, and the Netherlands—analyzing the driving factors and use cases that have allowed those countries to develop thriving real-time payment ecosystems with the power to transform businesses and improve consumers’ lives.

• The Power of Collaboration: Whether by government mandate or industry consensus, real-time payment systems thrive through active collaboration. Financial institutions, payment service providers, central banks and government institutions, merchants, and third-party stakeholders must work together to build and operate successful real-time payment ecosystems.
• Open and Inclusive Payments Ecosystems: The most successful real-time payments markets are fostering fintech-rich environments. The research shows that fintechs and smaller banks play an increasingly significant role in the real-time payment ecosystems of the world’s leading markets. Larger banks will need to reevaluate strategies and forge new partnerships with fintechs to remain competitive in the rapidly growing real-time payments markets across the world.
• Strong Incentives for Merchants: Merchant adoption and uptake are crucial for real-time payment growth. The Indian government, for example, removed merchant discount rates and issued all merchants with QR codes for UPI acceptance, actively incentivizing merchants of all sizes to accept UPI payments.
  Constant Flow of New, User-Friendly Use Cases: Real-time payments thrive in countries where innovative use cases have found mass adoption by consumers or businesses. Whether utility or tax bills, transport tickets or road tolls, subscription payments, or the weekly grocery shop, consumers in the most successful markets are now paying in real-time.
• Cross-Border Real-Time Payments Links are the next Big Frontier: Efforts to extend real-time to cross-border payments are finally paying off, and Asian countries are leading the way. Payments using India’s popular UPI scheme can now be made in Malaysia, Indonesia, UAE, and France, and users of Malaysia’s DuitNow can now make QR code real-time payments from Indonesia, Singapore, Thailand, and China.
• Real-time payments fraud: Generative AI is changing the nature and scale of fraud attacks, but the industry is rising to the challenge. Consumer rights initiatives, education programs, and government interventions—combined with new AI-based anti-fraud technology and methods— are starting to make an impact.

“This year’s report highlights the key success factors that have allowed some countries to forge ahead with real-time payments modernization and reap enormous benefits for consumers and businesses,” said Craig Ramsey, global head of real-time payments, ACI Worldwide. “Modern real-time payments require collaboration, and they encourage a new generation of market entrants for banks to either compete or cooperate with – often both. The world’s most successful real-time payments schemes, notably those in India and Brazil, also feature use cases that have proved popular beyond imagination.”

“Real-time payments—and especially cross-border payments—are the future. They remove payments friction, provide greater liquidity in the financial system, and ultimately drive economic growth and financial inclusion,” said Debbie Guerra, chief product officer, ACI Worldwide. “Banks should consider whether they are truly maximizing the real-time rails in their market, and whether limiting their commitment to the minimum also means limiting their potential share of the future of payments.”

Disclaimer: This report is for informational purposes only. The views expressed are those of the author and not necessarily the organization. While efforts have been made to ensure accuracy, no guarantee is given. Readers are advised to conduct their research and seek professional advice. The author and the organization are not liable for any loss or damage resulting from the use of this report.

CtrlS Noida Datacenter Turns to Solar for 60% of its Power Requirement

New Delhi:6th May 2024: CtrlS Datacenters Ltd, Asia’s largest Rated-4 data center operator, has taken a significant stride towards sustainability by transitioning its Noida Datacenter – DC1 – to solar power. This move will enable the facility to meet 60% of its annual energy requirements through renewable sources.

Furthermore, CtrlS Datacenters will extend renewable energy credits to all customers hosted within this facility, reinforcing its commitment to environmental stewardship. This initiative aligns with the company’s sustainable charter, underscoring its dedication to reducing its carbon footprint and promoting the adoption of clean energy solutions.

Speaking on the announcement, Sridhar Pinnapureddy, Founder & CEO, of CtrlS Datacenters said, “CtrlS Datacenters has set its eyes on achieving Net Zero by 2030. In line with our commitment to provide sustainable data center facilities, CtrlS Datacenters has commissioned a solar power project for our Noida D1 data center.

This project is expected to generate 100GWh of electricity over its lifetime, offsetting 94,640 tonnes of CO2 emissions. This environmental impact is equivalent to planting 1,89,281 trees. And this is just one of the many green initiatives that we shall announce this year.”

To achieve its Net Zero goals by 2030, CtrlS Datacenters is also actively investing in developing its captive solar power projects across major markets in India. In addition, the company is embracing cutting-edge green technologies across its data centers to enhance energy efficiency and minimize environmental impact. Initiatives such as water recycling, direct-to-chip cooling (DTC), and liquid cooling are expected to significantly reduce energy consumption by up to 40 percent in the future.

TIG. Digital Expands Horizons with Fresh Commitment of USD 10 Million to Scale Venture Studio

India, May, 2024:TIG.Digital, a venture studio led by Samarjeet Singh, is pleased to announce a renewed commitment of USD 10 million to fuel its investment and venture-building focus in digital commerce services, SaaS (Software as a Service) solutions, and D2C (Direct-to-Consumer) brands.

Founded in 2007, TIG. Digital fosters an ecosystem built on three pillars: Create, Capitalize, and Collaborate. This unique approach empowers the venture studio to invest and build businesses in the digital commerce services and SaaS space, with a particular focus on the retail, CPG (Consumer Packaged Goods), and B2B (Business-to-Business) distribution sectors. TIG. Digital is also venturing beyond its core expertise to cultivate D2C channel-lead consumer product brands.

“We have committed to capitalizing Tig to 10 Mn USD to support our investing and venture-building focus in Digital Services, SAAS, and D2C brands.” said Samarjeet Singh.”We have created an ecosystem of Technology, Operations, Marketing, Strategy, and Support Services to support these businesses in all areas of business.”

TIG. Digital boasts a proven track record of success, having already established three prominent service-based businesses: Iksula, a leader in the e-commerce services space with over 1,000 employees and a business exceeding 100 crores; Brandfanatics, a digital-first creative agency; and Revboosters, a comprehensive marketplace services digital agency. Additionally, TIG. Digital has launched its own D2C brand, ShisenFox, a premium handcrafted Japanese precision eyewear brand.

“We are a vertical industry venture studio with a focus on building Digital Services and SAAS B2B business for Retail and CPG Business. In addition, we are looking to leverage our knowledge of Digital and its leverage to build D2C Brands”.commented Samarjeet Singh.

“We have already built 3 businesses in the Services space which is Iksula, Brandfanatics, and Revboosters. In addition, we have also started a D2C Brand Shisenfox” Singh added.

Annual General Meeting of Vitesco Technologies: “Expectations for 2023 exceeded

Mumbai, 6th May 2024: Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, headquartered in Regensburg, Germany, held its 2024 Annual General Meeting. The Annual General Meeting was hosted virtually this year from Gaszählerwerkstatt in Munich.

Clear consent to all agenda items

By way of individual votes, the shareholders approved the actions of all members of the Executive Board for their respective terms of appointment during 2023. The actions of all serving members of the Supervisory Board in 2023 were also approved for their respective terms of appointment. Furthermore, the Annual General Meeting approved all other agenda items.

“I would like to say thank you for the confidence you have placed in us in recent years. We can be proud of what we have achieved in 2023 and in previous years,” commented CEO Andreas Wolf.

Around 80 shareholders attended the Annual General Meeting virtually. At the time of the resolutions, around 37,9 million shares were represented, which equates to 95 percent of the approximately 40 million outstanding shares.

Approval of merger agreement

The merger agreement was also approved at the Annual General Meeting. It sets out the conditions of the merger of Vitesco Technologies Group AG into Schaeffler AG.

For the merger to become effective, it now requires the approval of Schaeffler AG’s Annual General Meeting on April 25, 2024, and the subsequent entry of the merger in the commercial registers of both companies. The merger is still expected to be completed in the fourth quarter of 2024.

Shareholder structure

The merger is part of the combination of the Vitesco Technologies Group and the Schaeffler Group, which was planned and initiated by Schaeffler AG. Together, the Schaeffler AG and the associated companies of the Schaeffler family control almost 90 percent of the shares in Vitesco Technologies. The planned merger will result in the creation of a restructured motion technology company with four focused divisions.

Andreas Wolf: “With the resulting larger company, we will be able to use and contribute our expertise even better – and join forces to take big steps towards cleaner mobility.”

The preliminary exchange ratio of 5 to 57 was confirmed for the remaining roughly 10 percent of Vitesco Technologies shares, meaning that Vitesco Technologies shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco Technologies share. The exchange ratio was confirmed as appropriate by a joint valuation expert appointed by both parties and the court-appointed merger auditor.

Fiscal year 2023: Profitability and cash flow beat expectations

2023 was another successful year at Vitesco Technologies. In fiscal year 2023, total order intake came to more than €12 billion. Roughly €8.3 billion of this was attributable to components for electric vehicles. As of December 31, 2023, Vitesco Technologies had a total order backlog of around €58 billion, of which more than half was related to electrification.

CEO Andreas Wolf: “2023 was a challenging but successful year. Our company achieved further profitable growth, won major orders, and advanced its leading position in the electromobility market.”

Comprehensive documentation relating to the 2024 Annual General Meeting is available in the ‘Annual General Meeting’ section of Vitesco Technologies’ website.

KARAM Safety Acquires Midas Safety India, Bolstering PPE Industry Leadership

Delhi…6th May 2024 …KARAM Safety, a leading global PPE player and fall protection solutions provider, is pleased to announce the successful acquisition of Midas Safety India, a prominent player in the hand protection safety products industry. This strategic move marks a significant milestone in KARAM Group’s journey towards expanding its presence and enhancing its product offerings. The acquisition of Midas Safety India strengthens KARAM Group’s position as a market leader in the safety industry, combining KARAM’s expertise in fall protection and personal protective equipment (PPE) with Midas Safety India’s extensive portfolio of hand protection safety products. This synergy will enable KARAM Group to offer customers a comprehensive range of high-quality safety solutions to meet their evolving needs.

The 25-year-old KARAM Group, with a turnover of INR 1000 crore, has acquired the operations of Midas Safety India having a top line of INR 110 crore through a slump deal. Hand protection products are a major revenue contributor to Midas Safety India which was established 16 years ago. Today, KARAM proudly carries out that tradition in delivering premier products under Midas’s brands, Ninja®, Techtion®, Valpro®, and Frontier®. The acquisition will be a good strategic and financial fit for KARAM Group and will open up significant market opportunities in the fast-growing PPE market in India. KARAM Group is growing at a CAGR of 15% year on year and is targeting a revenue of INR 1400 crore with this additional product portfolio by 2025.

While commenting on the acquisition, Hemant Sapra, President, Global Sales & Marketing, KARAM Group said, “With KARAM’s acquisition of Midas Safety India, two leading PPE industry players have united. We warmly welcome Midas Safety India to the KARAM family, aligning with our vision of global safety leadership and commitment to excellence. This union expands our product range, offering high-quality PPE to our customers. By joining forces, we bring together a rich history, talented people, and innovative products. We are dedicated to promoting indigenous manufacturing growth, contributing to India’s global manufacturing prominence in occupational health and safety. This acquisition combines our organizations’ strengths, creating a powerful entity to deliver exceptional value to stakeholders, customers, and employees. Through synergies in resources, technologies, and talents, we aim for greater scale, market presence, and product diversity. Together, we’re shaping the future of manufacturing in India and beyond.”

While expressing excitement, Sivakumar Krithivasan, Business Unit Head – India, Midas Safety India said, “Midas Safety India brings a wealth of experience and expertise to KARAM Group, with a strong presence in key markets across the country. The acquisition will enable KARAM Group to leverage Midas Safety India’s distribution network, manufacturing capabilities, and brand reputation to drive growth and innovation in the safety products market. We are excited about the opportunities that lie ahead as we integrate Midas Safety India into the KARAM Group. Together, we are well-positioned to capitalise on emerging trends and deliver value-added solutions to our customers across Industries.”

The acquisition of Midas Safety India underscores KARAM Group’s commitment to expanding its product offerings, enhancing customer service, and driving sustainable growth in the safety industry. The employees are the cornerstone of the company’s success, and their dedication and talent are instrumental in driving the business forward. Both organizations are fully committed to supporting the team members throughout this transition, providing them with the resources and opportunities they need to thrive going forward. The organizations will continue to uphold the highest standards of quality, integrity, and innovation, while also embracing new opportunities for growth and advancement.

The Indian Personal Protective Equipment (PPE) Market shows a bright future, expected to grow at a CAGR of 10.20% from USD 841.4 million in 2023 to USD 1482 million by 2029. The market is experiencing a surge due to numerous driving factors such as workplace safety regulations and industrialization as primary factors. With a significant increase in awareness around workplace safety and the pressing impact of the COVID-19 pandemic, there is a heightened demand for protective gear across various sectors, namely auto, healthcare, manufacturing, and construction. The emergence of health concerns and hygiene maintenance has notably influenced the PPE market space. Market players are countering through technological innovation, customization, and leveraging online procurement to enhance market accessibility.