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Asia-Pacific Real-Time Payment Market 2023

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  • 43 Pages
  • April 2023
  • Region: Asia Pacific
  • yStats GmbH & Co. KG
  • ID: 5766471

Real-Time Payment Market to See Double-Digit Growth in the Coming Years

Real-time payments gradually gaining popularity as a preferred payment method

The outbreak of the pandemic along with the restrictions that accompanied it warmed up consumers globally to newer and faster ways of payment. Thus, the shift of buyers away from the conventional methods of payment led to the growth of digitalized ways of payment such as real-time payments, BNPL, and one-click payments. With, real-time payment systems offering benefits such as cost reductions and payment success rate to consumers and businesses alike, the market size of real-time payments is forecasted to see a double-digit CAGR from 2022 through 2028, as spelled out by the new report. Real-time payments are not a completely new concept and came into existence with the launch of Zengin, the real-time payment system in Japan.

The successful launch of the Japanese real-time payment method prompted countries such as India, Singapore, Thailand, Australia, among others to implement their own instant payment systems. While UPI in India is the front-runner in terms of adoption and usage of real-time payment systems, other countries in Asia-Pacific are also catching up. For instance, in Australia, the New Payments Platform (NPP) has had more than a billion transfers representing a value of over trillions of euros since its launch. Likewise, PromptPay, the real-time payments system in Thailand saw a value of transactions amounting to a certain billion euros as of October 2022, according to data cited in the latest report. 

As real-time payment is picking up pace in Asia-Pacific, nations such as Sri Lanka, Malaysia, and Philippines have advanced in the development of their own real-time payment systems

With the growth of real-time payments as a preferred payment method, Malaysia, Sri Lanka, and Philippines also made their presence felt in the real-time payment ecosystem. The total number of real-time payment transactions Malaysia, for instance is forecasted to grow at a double-digit CAGR between 2021 and 2026, with the number reaching a certain billion by 2026, as revealed by the new report. Malaysia shifted towards real-time payment with the introduction of DuitNow as of December 2018.

The system provides new value added services such as managing low-value payment in real-time as well as supporting online and in-store QR-code based payments. Further progress in the country’s instant transfer system was made when a QR code based cross-border instant payment system was introduced between Malaysia and Thailand in 2021, followed by Malaysia and Indonesia as of 2022. Sri Lanka on the other hand introduced its real-time payment system, Lanka Pay in 2002, allowing a series of stakeholders such as commercial and specialized banks, merchants, consumers, as well as fintech to participate in the real-time payment network. Lanka QR, allowing instant payments via QR code and Just Pay, which facilitates transfer of low value payments digitally were also introduced as part of Lanka Pay to offer improved and advanced ways of payment.  

Questions Covered in the report:

1. What is the forecasted total value of real-time payments globally by 2028?
2. What is the forecasted number of transfers via real-time payments in India as of 2027?
3. What is the forecasted number of real-time payment transfers in China as of 2027?
4. What is the total number of forecasted real-time payment transfers in South Korea as of 2027?
5. What was the total value of transactions via InstaPay in the Philippines in 2022?

Countries Covered

  • Australia
  • China
  • India
  • Japan
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Sri Lanka
  • Thailand

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report

Table of Contents

1. Management Summary

2. Global

  • Real-Time Payment Market Overview and Developments, January 2023
  • Real-Time Payment Market Size, in USD billion, 2022 & 2028f
  • Total Value of Savings for Consumers and Businesses Facilitated by Real-Time Payments Across 30 Key Markets, in USD billion, 2021 & 2026f
  • Total GDP Facilitated by Real-Time Payments Across 30 Markets, in USD billion, 2021 & 2026f
  • Share of Large Firms Using Real-Time Payments and That Consider the Capability Highly Important, in %, July 2022
  • Share of Companies That Plan to Expand Their RTP Capabilities in the Next 12 Months or Are Already Doing So, in %, July 2022
  • Share of Companies Viewing Real-Time Payments As Important for Receiving Payments, by Revenue, in %, July 2022

3. Asia-Pacific
3.1. China

  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.2. India

  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f
  • Volume of UPI-Based Real-Time Payment Transactions, in billions, January - June 2022
  • Total Value of Transactions via UPI, in INR billion, January - June 2022

3.3. Japan

  • Zengin System Overview, January 2023
  • Volume of Small-Value Transactions in Zengin Core Time System, in thousands, & Value of Small Transactions, in JPY million, & Year-On-Year Change, in %, January - October 2022

3.4. South Korea

  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.5. Australia

  • Overview of New Payments Platform (NPP), January 2023
  • Share of PayID Users Who Use It at Least Once a Week, in %, May 2022
  • Top Reasons for Registering PayID, in % of PayID Users, May 2022
  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.6. Singapore

  • Overview of Fast and Secure Transfer (FAST) & PayNow, January 2023
  • Breakdown of Transaction Volume, by Payments Instrument, in % of Total Payment Transaction Volume, 2022 vs 2027f
  • Breakdown of Spending Value, by Payments Instrument, in % of Total Payment Spending Value, 2022 vs 2027f

3.7. Thailand

  • Volume of PromptPay Based Real-Time Payment Transactions, in millions, May - October 2022
  • Value of PromptPay Based Real-Time Payment Transactions, in THB billion, May - October 2022

3.8. Malaysia

  • Overview of Payments Network Malaysia Sdn Bhd (PayNet), January 2023
  • Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.9. Philippines

  • Overview of InstaPay, January 2023
  • Total Value of Transactions via InstaPay, in PHP trillion, January - November 2021 vs January - November 2022

3.10. Sri Lanka

  • Real-Time Payment Market Overview, January 2023
  • Share of Participants in Real-Time Gross Settlement (RTGS), by Value & by Volume, in % of RTGS Transactions, Q2 2022



Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Dana
  • DuitNow
  • JustPay
  • LankaQR
  • LinkAja
  • Ottocash
  • PayNet
  • PayNow
  • PayTo
  • ShopeePay