Malaysia has emerged as one of the most sophisticated real-time markets in the world, according to the third edition of the “Prime-Time for Real Time 2022” report.
The report was published by ACI Worldwide, in partnership with GlobalData, a data and analytics company, and the Centre for Economics and Business Research (Cebr).
According to the report, Malaysia’s real-time payments journey has been fast, distinctive, and sophisticated.
It encompasses speedy adoption built on low-value transactions, rapid evolution towards more sophisticated and value-added services, and a government focused on driving adoption.
Much of the country’s success comes from a concerted effort by the government, central bank, national switch, and industry to modernise the country’s real-time payments infrastructure and harmonise the nation’s payments structure.
The report – tracking real-time payments volumes and growth across 53 countries – includes an economic impact study for the first time, providing a comprehensive view of the economic benefits of real-time payments for consumers, businesses, and the broader economy across 30 countries. The report covers all G20 nations, excluding Russia.
Malaysia emerged as the 5th fastest-growing real-time market, globally, with a CAGR of 26.9%.