2021 Key Trends of the Payment Industry: Real-Time Payments in Asia code:1512

2021 Key Trends of the Payment Industry: Real-Time Payments in Asia
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Australia, China, India, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand
Pages: 33
Publication Date: 19/01/2021
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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?

Key Findings:

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.

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• Main Drivers and Challenges for Real-Time Payments Adoption, December 2020
• Profile of Zengin Data Telecommunication System, December 2020
• The Core Time System’s Number of Transactions, in thousands, Value of Transactions, in JPY 100 million, and Year-on-Year Change, in %, October 2019 – October 2020
• Transaction Volume of The More System, in thousands, in % of Y-o-Y Growth Rate, October 2019 – October 2020
• Volume of Real-Time Transactions, in billions, 2019 & 2024f
• Profile of the New Payment Platform and COVID-19’s Impact on its Activity, December 2020
• Value of Retail Payments via the New Payments Platform, in AUD billion, and Volume of Retail Payments via the New Payment Platform, in millions, October 2018 & October 2019 & October 2020
• Share of PayID Users Who Use It at Least Once a Week, in %, October 2020
• Share of Account-to-Account Credit Payments Administered by the NPP, in % of Total, and Share of the NNP Transactions Involving a Payment to or from a Business, in % of the NPP Transactions, October 2020
• Profile of the Fast and Secure Transfers (FAST) and PayNow, December 2020
• Share of Transactions and Share of Transaction Value, by Payment Instrument, incl. Electronic, Immediate Payments, and Paper-Based, in % of Total Transactions, 2019 & 2024f
• Profile of the Internet Banking Payments System, and Alipay’s Activity in Cross-Border Real-Time Payments, December 2020
• Volume of Real-Time Transactions, in billions, 2019 & 2024f
• Profiles of IMPS and UPI, incl. Definition, Fund Transfer Limit, Required Devices, Information Required, Fund Transfer Time, Cost of Fund Transfer, E-Commerce Transaction Possibility, December 2020
• IMPS Number of Member Banks, Number of Transactions, in millions, Value of Transactions, in INR million, and Month-on-Month Change, in %, November 2019 – November 2020
• UPI Number of Member Banks, Number of Transactions, in millions, Value of Transactions, in INR million, and Month-on-Month Change, in %, November 2019 – November 2020
• Profile of Payments Network Malaysia Sdn Bhd (PayNet), December 2020
• Volume of Real-Time Transactions, in millions, 2019 & 2024f
• Profile of InstaPay and COVID-19’s Impact on its Activity, December 2020
• InstaPay Transaction Value, in PHP billion, and Transaction Volume, in millions, January 2020 & June 2020
• Profile of LankaPay’ Common Electronic Fund Transfer, December 2020
• Share of the Transaction Value Settled in the Real-Time Gross Settlement System, in % of the Non-Cash Payments, 2020
• Profile of PromptPay and COVID-19’s Impact on PromptPay’s activity, December 2020
• Number of Registrations on PromptPay, by months, in millions, in % of Year-on-Year Change, December 2019-August 2020
• Volume of Daily Transactions via PromptPay, in millions, and Value of Daily Transactions via PromptPay, in THB billion, January 2020 – September 2020

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  • Alipay.com Co. Ltd.
  • Azimo Ltd
  • FAST
  • InstaPay Systems Inc
  • LankaClear
  • New Payments Platform (NNP)
  • PayNow Co Ltd
  • Payments Network Malaysia Sdn bhd
  • PromptPay Inc
  • Zengin System
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