Real-time payments in 2021 saved $1.8 billion for Asia-Pacific

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Real-time payments in 2021 saved consumers in Asia-Pacific US$1.8 billion. (Photo by Simon Wohlfahrt / AFP)

  • Asia-Pacific remains the most developed real-time payments market in the world, with Thailand leading the way in terms of volume and economic growth.
  • Globally, 118.3 billion real-time payment transactions were made in 2021, representing a growth of 64.5%, and this is expected to reach US$427.7 billion in 2026, according to GlobalData. .

Real-time payment systems have been driving the change since traditional means of payment— credit, debit, prepaid — as consumers generally expect faster payment times. As it revolutionizes commerce around the world, changing the global financial landscape, no part of the world is as advanced in real-time payments as Asia-Pacific.

According to Prime-Time from Globaldata for real-time 2022 report, recently published by ACI Worldwide and the Center for Economics and Business Research (Cebr), Asia-Pacific remains the most developed global real-time payments market, with Thailand leading the way regionally in terms of volume and economic growth.

“Thailand recorded 9.7 billion real-time transactions, the fourth largest country in the world. Widespread adoption of real-time payments has resulted in estimated cost savings of $1.3 billion for businesses and consumers in 2021, unlocking $6 billion in additional economic output, or 1. 12% of the country’s GDP,” ACI Worldwide said in a statement. statement.

As for Singapore, real-time payment transactions reached 256 million and achieved approximately $105 million in cost savings for businesses and consumers, while adding $349 million in incremental economic output, or 0.10 % of GDP. “Real-time payment transactions are expected to reach 603 million in 2026, CAGR of 18.7% – net savings for consumers and businesses are expected to reach $231 million, generating additional economic output of $573 million, or 0.15% of GDP,” the report says.

Malaysia, on the other hand, recorded a higher amount real-time payment transactions in 2021 compared to Singapore at 1.1 billion transactions, representing estimated cost savings of $434 million for businesses and consumers. This had indirectly unlocked US$364 million in additional economic output, or 1.11% of GDP.

“Cebr projects real-time transactions to grow to 3.6 billion in 2026, a CAGR of 26.9%, with net savings for consumers and businesses expected to reach US$637 million in 2026, driving production additional economic growth of US$954 million, or 0.2% of GDP,” according to the report.

Meanwhile, Indonesia, which only recently launched its first national real-time payments network in December last year, BI-FAST, real-time transactions are expected to reach 1.6 billion in 2026 – with net savings to consumers and businesses expected to climb to US$222 million, helping to generate an additional US$747 million in economic output.

The most interesting revelation of the report is the fact that India had the largest number real-time transactions (48 billion) worldwide last year, three times that of the nearest China (18 billion transactions) and 6.5 times that of the United States, Canada, the United Kingdom United, of France and Germany united.

To top it all off, real-time payments accounted for 31.3% of the overall payment transaction volume in India in 2021, mainly due to merchant acceptance of UPI-based mobile payment apps and code-based payments. QR, as well as the increased use of digital payments during the Covid-19 pandemic.





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