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Asia-Pacific Real-Time Payment Market 2023

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Description

Countries Covered: Australia, China, India, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand.

Pages: 43

Publication Date: 04/04/2023

Questions Covered in the Report:

  • What is the forecasted total value of real-time payments globally by 2028?
  • What is the forecasted number of transfers via real-time payments in India as of 2027?
  • What is the forecasted number of real-time payment transfers in China as of 2027?
  • What is the total number of forecasted real-time payment transfers in South Korea as of 2027?
  • What was the total value of transactions via InstaPay in the Philippines in 2022?

Key Findings:

Real-time Payments forecasted to surge between 2022 and 2028, with countries in Asia-Pacific at the forefront to develop their own real-time payment system: new yStats.com report

Real-time payment methods are evolving in Asia-Pacific, with Singapore taking the lead in developing real-time cross-border payments.

The post-pandemic world saw increased use of digital modes of payment such as BNPL, one-click payments as well as real-time payments. By reducing the costs of transactions and increasing the success rate of payments, real-time transfers proved to be beneficial for consumers and businesses alike. Thus, the market size of real-time payments is forecasted to see a double-digit CAGR from 2022 through 2028, with the value reaching billions of euros by 2028, as spelled out by the new yStats.com report. Real-time payments came into existence when Japan introduced its real-time payment system, Zengin in 1973, thus, though not an entirely new concept, the idea of real-time payments today is more modern and advanced due to its collaboration with open banking. Countries globally and especially in Asia-Pacific such as India, Singapore, and Australia, among others have taken steps towards developing their own real-time payment system. Within Asia-Pacific, Singapore is showing signs of growth in terms of its real-time payment landscape, with the share of real-time payments in terms of volume forecasted to rise by certain percentage points by 2026, up from 2021. In terms of value, however, the share of real-time payments is forecasted to witness a significant increase by 2025, with real-time payments accounting for more than half the share of all types of payment transactions as of 2025. Singapore has developed its own real-time payment system known as FAST, facilitating real-time transfers between consumers and businesses. However, as the payment system took up to 3 business days, Paynow was developed in 2017 which allowed instant transfers and is available 24/7. The financial authorities in Singapore are also taking steps to introduce a real-time cross-border payment system, allowing the transfer of funds between Singapore and other Asian nations in real-time, as revealed by the new yStats.com report.

Other Asian nations are also gradually developing their real-time payment infrastructure.

Within Asia-Pacific, India is leading in the pack in terms of adoption and usage of the real-time payment system. Witnessing a forecasted double-digit CAGR through 2026, the number of real-time transactions in India will reach a triple-digit number in the billions by 2026. Furthermore, Unified Payment Interface (UPI), India’s real-time payment system grew consistently during H1 2022 in terms of volume and value of transactions, with value reaching certain trillions of euros as of June 2022, according to the new yStats.com report. Other nations in Asia -the Pacific such as Thailand, Sri Lanka, Philippines, and Australia are also catching up and have developed their own real-time payment systems, showing signs of growth in the real-time payment ecosystem. Australia for instance launched the New Payments Platform, an initiative of 13 banks facilitating the instant transfer of funds between businesses and consumers. To further simplify the process, the system allows registration via PayID such as email or mobile number. Thus, nearly half of the surveyed users in Australia claimed to make use of PayID at least once a week as of May 2022. With the growing popularity of real-time payment in Australia, the total number of transactions via real-time payments is forecasted to grow at a double-digit CAGR between 2021 and 2026, reaching a number in the billions as of 2026.

1. Management Summary

2. Global

  • Real-Time Payment Market Overview and Developments, January 2023
  • Real-Time Payment Market Size, in USD billion, 2022 & 2028f
  • Total Value of Savings for Consumers and Businesses Facilitated by Real-Time Payments Across 30 Key Markets, in USD billion, 2021 & 2026f
  • Total GDP Facilitated by Real-Time Payments Across 30 Markets, in USD billion, 2021 & 2026f
  • Share of Large Firms Using Real-Time Payments and That Consider the Capability Highly Important, in %, July 2022
  • Share of Companies That Plan to Expand Their RTP Capabilities in the Next 12 Months or Are Already Doing So, in %, July 2022
  • Share of Companies Viewing Real-Time Payments As Important for Receiving Payments, by Revenue, in %, July 2022

3. Asia-Pacific

3.1. China

  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.2. India

  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f
  • Volume of UPI-Based Real-Time Payment Transactions, in billions, January – June 2022
  • Total Value of Transactions via UPI, in INR billion, January – June 2022

3.3. Japan

  • Zengin System Overview, January 2023
  • Volume of Small-Value Transactions in Zengin Core Time System, in thousands, & Value of Small Transactions, in JPY million, & Year-On-Year Change, in %, January – October 2022

3.4. South Korea

  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.5. Australia

  • Overview of New Payments Platform (NPP), January 2023
  • Share of PayID Users Who Use It at Least Once a Week, in %, May 2022
  • Top Reasons for Registering PayID, in % of PayID Users, May 2022
  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.6. Singapore

  • Overview of Fast and Secure Transfer (FAST) & PayNow, January 2023
  • Breakdown of Transaction Volume, by Payments Instrument, in % of Total Payment Transaction Volume, 2022 vs 2027f
  • Breakdown of Spending Value, by Payments Instrument, in % of Total Payment Spending Value, 2022 vs 2027f

3.7. Thailand

  • Volume of PromptPay Based Real-Time Payment Transactions, in millions, May – October 2022
  • Value of PromptPay Based Real-Time Payment Transactions, in THB billion, May – October 2022

3.8. Malaysia

  • Overview of Payments Network Malaysia Sdn Bhd (PayNet), January 2023
  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.9. Philippines

  • Overview of InstaPay, January 2023
  • Total Value of Transactions via InstaPay, in PHP trillion, January – November 2021 vs January – November 2022

3.10. Sri Lanka

  • Real-Time Payment Market Overview, January 2023
  • Share of Participants in Real-Time Gross Settlement (RTGS), by Value & by Volume, in % of RTGS Transactions, Q2 2022
  • Dana
  • DuitNow
  • JustPay
  • LankaQR
  • LinkAja
  • Ottocash
  • PayNet
  • PayNow
  • PayTo
  • ShopeePay

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