Malaysia is the world’s fifth fastest-growing real-time payments market, with a compound annual growth rate (CAGR) of 26.9 per cent, according to ACI Worldwide’s third edition of Prime-Time for Real- Time 2022 report.
According to the report, Malaysia is exceptional in the speed with which it has implemented nationwide real-time payments and its rapid adoption by banks and non-bank participants.
The country recorded 1.1 billion real-time payments transactions in 2021, facilitating an estimated US$434 million cost savings for businesses and consumers, and unlocking US$364 million of additional economic output, equivalent to 1.11 per cent of gross domestic product (GDP).
“Malaysia continues to accelerate the adoption of its real-time payment as well as introduce a stream of modern services, making it one of the most sophisticated real-time markets in the world.
“Malaysia’s real-time payments journey has been fast, distinctive, and sophisticated, encompassing speedy adoption built on low-value transactions, rapid evolution towards more sophisticated and value-added services, and a government determined to assist in driving adoption,” ACI Worldwide said in a statement.
AC Worldwide partnered leading data and analytics company GlobalData, and the Centre for Economics and Business Research (Cebr) for the report.
The report tracks real-time payments volumes and growth across 53 countries and 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.