Real-Time Payments : An Opportunity for the Entire Asian Financial Ecosystem?
Real-time payments (RTPs) enable money transfer between two different financial institutions with a guarantee of immediate funds availability to the end recipient on a 24-hour-365-day-a-year basis.
This technology is driving growth of cashless transactions in unprecedented proportions.
RTPs are critical for bringing millions of people into the digital financial ecosystem, enabling the rise in the region’s digital commerce and creating new transaction efficiencies for users.
Disruptive new digital commerce players have brought people online into their platforms by seizing upon RTPs and the advantages they offer in digital payments systems.
Traditional banking industry participants continue to develop their use cases to leverage the technology.
While there are a number of logical reasons as to why the adoption of RTPs across industries is not happening at the same rate, it is time for the growth of RTP use cases in payments to accelerate.
Most RTP payments are currently peer-to-peer (P2P) or peer-to-small-and-medium-enterprise payments (P2SME). This is driving cash conversion at the lower pyramid of consumer payments.
Please read the continuation of “Real-Time Payments : An Opportunity for the Entire Asian Financial Ecosystem?” on the Thailand Business News website.