Business
Asia Pacific Continues Growth Trajectory in Real-Time Payments Market, Leads the Way in Cross-Border Payment Linkages
According to ACI's 2023 Prime Time for Real-Time report, real-time payments (RTP) transaction volumes in the region are expected to grow from 49.2 billion in
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\n\nAccording to ACI's 2023 Prime Time for Real-Time report, real-time payments (RTP) transaction volumes in the region are expected to grow from 49.2 billion in 2022 to 96.2 billion by 2027, a compound annual growth rate (CAGR) of 14.1%\n\n\n\nGlobally, 195 billion RTP transactions were made in 2022, representing year-on-year growth of 63.2%\n\n\n\nGovernments and central banks in the APAC region play a crucial role in driving RTP adoption\n\n\n\nAdvanced, user-friendly services and features such as QR-code payments and mobile-native experiences are driving RTP adoption among consumers in APAC, with eight out of the top 10 countries in mobile wallet adoption being from the APAC region\n\n\n\n SINGAPORE--(BUSINESS WIRE)--\nReal-time payments (RTP) transaction volumes in the Asia Pacific (APAC) region are expected to grow from 49.2 billion in 2022 to 96.2 billion by 2027, representing a CAGR of 14.1%, according to the 2023 Prime Time for Real-Time report published by ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, in partnership with GlobalData, a leading data and analytics company. APAC is one of the most innovative RTP markets globally, with advanced, user-friendly services such as QR code payments and mobile-native experiences propelling RTP adoption. Support from governments or central banks and their investment in modern infrastructure is key to RTP adoption in the region.\n\n\nAPAC leads the way in cross-border payments initiatives, including live RTP integrations among the Association of Southeast Asian Nations, and ACI has supported customers across the region to deliver RTP services. The latest milestone is the launch of cross-border QR code payments between Indonesia and Malaysia in May 2023. The increasing cross-border RTP linkages open doors to new business opportunities and enhance trade by facilitating faster, cheaper, transparent and inclusive cross-border payments. With the rebound in international travel, the payment linkages are expected to provide travelers greater convenience, benefiting both economies' tourism and retail sectors.\n\n\n\"Real-time payments continue to be the cornerstone of modern digital economies in APAC, moving money at unprecedented speed and security, spurring trade and enhancing customer experience,\" said Leslie Choo, Senior Vice President,...