Real-time payment systems have been driving change for traditional payment methods— credit, debit, prepaid— as consumers have generally come to expect faster settlement periods. While it is revolutionizing commerce around the world, changing the world’s financial landscape, no part of the world is as advanced in real-time payments as Asia Pacific is.
According to Globaldata’s Prime-Time for Real Time 2022 report, published by ACI Worldwide and the Centre for Economics and Business Research (Cebr) recently, Asia Pacific remains the most developed real-time payments market globally, with Thailand leading the way regionally in terms of volume and economic growth.
“Thailand recorded 9.7 billion real-time transactions, the fourth leading country in the world. The widespread adoption of real-time payments resulted in estimated cost savings of US$1.3 billion for businesses and consumers in 2021, which helped to unlock US$6 billion of additional economic output, representing 1.12% of the country’s GDP,” ACI Worldwide said in a statement.
As for Singapore, real-time payments transactions hit 256 million and realized approximately US$105 million worth of cost savings for businesses and consumers, while adding US$349 million of additional economic output, equivalent to 0.10% of GDP. “Real-time payments transactions are predicted to reach 603 million in 2026, a CAGR of 18.7% – net savings for consumers and businesses are expected to reach US$231 million, generating additional economic output of US$573 million, or 0.15% of GDP,” the report shows.