Disruptive Technologies that Enable Open Banking are Fueling the Growth of Real-time Payments
This research service examines the real-time payment (RTP) market in the Asia-Pacific (APAC). It identifies key customer needs and market trends and provides a country-wise analysis of relevant developments. RTP or fast-payment systems involve payment transactions that are initiated and processed in near real-time or within minutes. Unlike traditional payment systems that take several business days to clear, RTPs allow for instant settlement, enabling faster and more convenient transactions between individuals or corporates.
The rapid adoption of digital payments in APAC because of the COVID-19 pandemic unearthed gaps in payment experiences that regional central banks now want to shrink with RTP systems. The industry underwent a digital transformation in 2021, with central banks across countries developing national RTP systems, pushing innovation in the payment sector, and creating frameworks to accelerate the development of payment interoperability in domestic and cross-border transactions. The increased use of smartphones and deployments in support of mobile initiatives over 4G and 5G networks have enabled customers and merchants to accept and make RTPs through their mobile devices, driving RTP transaction growth.
The study includes a non-exhaustive list of market participants that provide RTP services and solutions. A market overview and key company profiles have also been included. The study analyzes the factors driving and restraining growth and identifies the growth opportunities emerging from the changes in this space for payment providers, technology companies, financial service providers, and retailers to leverage. The base year is 2022, and the forecast period is 2023 to 2027.
