Countries Covered: Australia, China, India, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand
Publication Date: 19/01/2021
Questions Covered in the report:
- How is the volume of real-time transactions forecasted to change in China by the year 2024?
- What is the expected volume of real-time transactions in South Korea in 2024?
- How did InstaPay’s transaction value change in 2020 in the Philippines during the pandemic?
- How did COVID-19’s impact affect PromptPay’s activity in Thailand?
- What are the shares of different credit payments handled by the New Payment System in Australia?
COVID-19 has accelerated adoptions of real-time payments in Asia
Real-time payments boosted in selected Asian counties with the outbreak of COVID-19
As the pandemic was announced resulted from the COVID-19 virus spread, some countries in the region of Asia underwent significant improvements in the adoption rates of the local real-time payment solutions. For example, in Japan, the Core Time System saw the largest value of instant transactions in March 2020, compared to five months before and seven after. Another winner was the Philippine IstaPay that between January 2020 and June 2020 saw three-digit growth rates in transaction values in volumes. Meanwhile, India has been experiencing lower values, volumes, and year-on-year growth rates via their IMPS and UPI real-time payment solution than other nations in the region, though even there, the numbers are gradually stabilizing onwards. This was despite some core differences in India’s payment systems, as detailed in the yStats.com report.
Asia is forecasted to grow rapidly in terms of real-time payments in the near future
The upward trend in the adoption of real-time payment solutions is expected to go by leaps and bounds in Asia, according to the yStats report. In Singapore, for instance, the share of immediate payments in the total value of transactions is expected to rise by close to ten percentage points annually through 2024. China, the largest economy in the region, is forecasted to increase the volumes of real-time transactions by about one-fifth each year by 2024. At the same time, currently developing Malaysia is forecasted to have even higher growth rates. Moreover, Sri Lanka has already accomplished to transfer most non-cash payments into its Real-Time Gross Settlement System.