Asia Pacific Continues Growth Trajectory in Real-Time Payments Market, Leads the Way in Cross-Border Payment Linkages
May 29 2023 - 9:00PM
Business Wire
- According to ACI's 2023 Prime Time for Real-Time report,
real-time payments (RTP) transaction volumes in the region are
expected to grow from 49.2 billion in 2022 to 96.2 billion by 2027,
a compound annual growth rate (CAGR) of 14.1%
- Globally, 195 billion RTP transactions were made in 2022,
representing year-on-year growth of 63.2%
- Governments and central banks in the APAC region play a crucial
role in driving RTP adoption
- Advanced, user-friendly services and features such as QR-code
payments and mobile-native experiences are driving RTP adoption
among consumers in APAC, with eight out of the top 10 countries in
mobile wallet adoption being from the APAC region
Real-time payments (RTP) transaction volumes in the Asia Pacific
(APAC) region are expected to grow from 49.2 billion in 2022 to
96.2 billion by 2027, representing a CAGR of 14.1%, according to
the 2023 Prime Time for Real-Time 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. APAC is one of the most innovative RTP
markets globally, with advanced, user-friendly services such as QR
code payments and mobile-native experiences propelling RTP
adoption. Support from governments or central banks and their
investment in modern infrastructure is key to RTP adoption in the
region.
APAC leads the way in cross-border payments initiatives,
including live RTP integrations among the Association of Southeast
Asian Nations, and ACI has supported customers across the region to
deliver RTP services. The latest milestone is the launch of
cross-border QR code payments between Indonesia and Malaysia in May
2023. The increasing cross-border RTP linkages open doors to new
business opportunities and enhance trade by facilitating faster,
cheaper, transparent and inclusive cross-border payments. With the
rebound in international travel, the payment linkages are expected
to provide travelers greater convenience, benefiting both
economies' tourism and retail sectors.
"Real-time payments continue to be the cornerstone of modern
digital economies in APAC, moving money at unprecedented speed and
security, spurring trade and enhancing customer experience," said
Leslie Choo, Senior Vice President, Managing Director – APAC, ACI
Worldwide. "ACI has unrivaled experience supporting governments and
banks across APAC as they roll out real-time payments. We are
committed to helping our customers reap the full benefits of
real-time payments."
Country Spotlights:
Indonesia: A new entrant set for rapid
RTP growth
Indonesia is the most recent major country in the region to
adopt RTP and is set for rapid RTP growth at a CAGR of 81.9%
between 2022 and 2027. This makes Indonesia's BI-FAST one of the
world's fastest-growing and most successful RTP schemes. ACI
provides the ISO 20022-based, real-time central infrastructure for
BI-FAST, one of the world's largest and most modernized RTP
initiatives. When fully implemented, this will incorporate 135
banks, multi-tenant aggregators, merchants and payment service
providers, leveraging ACI Low Value Real-Time Payments
Solution.
Malaysia: Poised for continued growth
in RTP adoption
RTP volume in Malaysia is projected to increase at a CAGR of
19.7% from 2022 to 2027. Rising consumer awareness, growing
preference for mobile payments, increasing development of B2B use
cases, such as Request to Pay, and the growing cross-border QR-code
payment linkages forming between Malaysia and Indonesia, Singapore
and Thailand are the drivers behind the growth. Malaysia’s DuitNow
was introduced by the national payments network and central
infrastructure provider PayNet, in collaboration with ACI to
establish ISO 20022 across the banking community, creating a
unified gateway and harmonizing Malaysia's payments
infrastructure.
Thailand: Burgeoning RTP market driven
by consumer and mobile wallet adoption
Thailand was the fourth leading country in the world in terms of
volume of RTP transactions in 2022, with 13.9 billion transactions
on its RTP system, PromptPay. Thailand is also projected to be the
top country in APAC in consumer adoption of RTP. By 2027, every
Thai citizen is expected to make an average of 43.6 real-time
transactions per month. Thailand's National ITMX has also
successfully implemented real-time ISO 20022 bulk payments powered
by ACI. With the efficiencies and innovations brought about by ISO
20022 adoption, the continuing decline in cash, and the development
of regional linkages, Thailand's RTP market is projected to
continue its growth momentum.
New Zealand: Huge opportunity to unlock
the benefits of RTP adoption
New Zealand has yet to establish a domestic RTP system, but the
nation has laid out its ambition to follow the emerging trend of
payments modernization. In November 2022, Payments NZ released an
RTP discussion document designed to broaden the conversation
regarding RTP infrastructure. In early 2023, Payments NZ embarked
on delivering payment industry workshops designed to establish the
foundational requirements for real-time capability. As a late
adopter of the RTP central infrastructure and ecosystem, New
Zealand has the advantage of learning and adopting best practices
from other RTP initiatives in this region, such as Malaysia and
Indonesia. 2023 looks to be an exciting year for New Zealand's
payments industry.
ACI's Inside Real-Time
This year, ACI launched Inside Real-Time — a new, multi-channel
media platform — as the definitive guide and go-to source for the
world's RTP stories, including exclusive content exploring the
latest developments and opportunities in the world of RTP and how
real-time is empowering consumers, merchants, businesses and banks.
ACI's Prime Time for Real-Time report is the foundation of this new
platform. For more information on the ACI Worldwide Report, please
click here.
About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time
payments software. Our proven, secure and scalable software
solutions enable leading corporations, fintechs and financial
disruptors to process and manage digital payments, power
omni-commerce payments, present and process bill payments, and
manage fraud and risk. We combine our global footprint with a local
presence to drive the real-time digital transformation of payments
and commerce.
© Copyright ACI Worldwide, Inc. 2023
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and
all ACI product/solution names are trademarks or registered
trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in
the United States, other countries or both. Other parties'
trademarks referenced are the property of their respective
owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20230529005014/en/
Media:
Nick Karoglou I Head of Corporate Communications I
nick.karoglou@aciworldwide.com
Lyn Kwek I Corporate Communications Director, APAC/South Asia |
lyn.kwek@aciworldwide.com
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