Systems Over Signals
ProjectsPayments in NumbersReal-time paymentsChart story28 October 2026

Pix passed 100 payments per person in its second year

Aligned by years since launch, Brazil's system outran every other instant system in the set.

Instant payments per person, aligned by years since launchNine small panels on a log scale. Pix reaches 45 payments per person in year 1 and 299 in year 4. UPI reaches 119 in year 8. Hong Kong passes 50 in year 4, Australia in year 6, Sweden in year 7, Singapore in year 9, the UK in year 13. US RTP and FedNow are near 1 in year 7.Instant payments per person per year (log scale), by years since launchPix, Brazilyear 4: 299110100151015Pix, Brazil, year 1: 45.0 per personPix, Brazil, year 2: 114.3 per personPix, Brazil, year 3: 197.8 per personPix, Brazil, year 4: 299.2 per personUPI, Indiayear 8: 119151015UPI, India, year 1: 0.7 per personUPI, India, year 2: 3.9 per personUPI, India, year 3: 7.8 per personUPI, India, year 4: 13.5 per personUPI, India, year 5: 27.4 per personUPI, India, year 6: 52.0 per personUPI, India, year 7: 81.8 per personUPI, India, year 8: 118.7 per personFPS, Hong Kongyear 6: 95151015FPS, Hong Kong, year 1: 5.9 per personFPS, Hong Kong, year 2: 18.5 per personFPS, Hong Kong, year 3: 35.6 per personFPS, Hong Kong, year 4: 53.3 per personFPS, Hong Kong, year 5: 70.4 per personFPS, Hong Kong, year 6: 95.2 per personSwish, Swedenyear 12: 95110100151015Swish, Sweden, year 1: 0.3 per personSwish, Sweden, year 2: 2.1 per personSwish, Sweden, year 3: 8.1 per personSwish, Sweden, year 4: 16.9 per personSwish, Sweden, year 5: 27.4 per personSwish, Sweden, year 6: 38.7 per personSwish, Sweden, year 7: 50.9 per personSwish, Sweden, year 8: 60.2 per personSwish, Sweden, year 9: 74.5 per personSwish, Sweden, year 10: 87.5 per personSwish, Sweden, year 11: 94.8 per personSwish, Sweden, year 12: 95.2 per personFAST, Singaporeyear 11: 83151015FAST, Singapore, year 2: 3.4 per personFAST, Singapore, year 3: 4.8 per personFAST, Singapore, year 4: 6.9 per personFAST, Singapore, year 5: 10.6 per personFAST, Singapore, year 6: 16.4 per personFAST, Singapore, year 7: 25.9 per personFAST, Singapore, year 8: 41.4 per personFAST, Singapore, year 9: 51.8 per personFAST, Singapore, year 10: 64.3 per personFAST, Singapore, year 11: 82.8 per personFaster Payments, UKyear 16: 73151015Faster Payments, UK, year 4: 12.7 per personFaster Payments, UK, year 5: 15.1 per personFaster Payments, UK, year 6: 17.0 per personFaster Payments, UK, year 7: 19.2 per personFaster Payments, UK, year 8: 21.7 per personFaster Payments, UK, year 9: 25.1 per personFaster Payments, UK, year 10: 30.8 per personFaster Payments, UK, year 11: 36.6 per personFaster Payments, UK, year 12: 42.7 per personFaster Payments, UK, year 13: 51.0 per personFaster Payments, UK, year 14: 58.2 per personFaster Payments, UK, year 15: 65.7 per personFaster Payments, UK, year 16: 73.5 per personNPP, Australiayear 7: 61110100151015NPP, Australia, year 1: 3.0 per personNPP, Australia, year 2: 10.8 per personNPP, Australia, year 3: 22.2 per personNPP, Australia, year 4: 36.5 per personNPP, Australia, year 5: 44.6 per personNPP, Australia, year 6: 52.4 per personNPP, Australia, year 7: 60.9 per personFAST, Türkiyeyear 4: 54151015FAST, Türkiye, year 1: 8.6 per personFAST, Türkiye, year 2: 21.7 per personFAST, Türkiye, year 3: 38.5 per personFAST, Türkiye, year 4: 54.1 per personRTP and FedNow, USyear 7: 1.0151015RTP and FedNow, US, year 6: 0.7 per personRTP and FedNow, US, year 7: 1.0 per personx axis: years since launch (year 1 = first calendar year with nine or more months of operation). Dotted line: 50 per person.
Instant payments per person per year by years since launch, log scale. Year 1 is the first calendar year with nine or more months of operation. Sources: BIS CPMI cashless statistics (fast payments) for Brazil, Hong Kong, Australia, Singapore, Sweden and Türkiye; BIS CPMI payment systems statistics for UPI, the UK and the US; World Bank population.
Evidence grade: A

Brazil's Pix recorded 45 instant payments per person in 2021, its first full year, and 114 in 2022. Aligned by years since launch, the other systems in this set took far longer to reach half that level. Hong Kong's FPS passed 50 payments per person in its fourth year, Australia's NPP in its sixth, Sweden's Swish in its seventh, Singapore's FAST in its ninth and the UK's Faster Payments in its thirteenth. In the United States, RTP and FedNow together carried about one payment per person in 2024, seven years after RTP opened.

UPI has a different shape. Among systems with first-year data, only Swish started lower. UPI then multiplied almost ninefold between its fourth and eighth years and reached 119 payments per person in 2024, ahead of every system for which eighth-year data exists. Its acceleration followed merchant QR acceptance, large consumer apps and a zero merchant fee set in law from January 2020. The design changed after launch, and the curve changed with it.