The Prime-Time for Real-Time 2022 report has identified Malaysia as the country with the most sophisticated real-time market.
The report, compiled by ACI Worldwide, in partnership with GlobalData, a data and analytics company, and the Center for Economics and Business Research (Cebr) examined the growth of the real-time market in 53 countries.
According to the report, Malaysia’s growth stood out for being sophisticated, fast, and distinct.
The report also identified the country’s government’s efforts in supporting this drive, the low transaction levies as well as the rapid evolution of the services.
Commenting on the report, the VP and Head of ASEAN, ACI Worldwide, Chee Cheng Ong said “Malaysia is the perfect example for other ASEAN countries on how to establish, align, and drive adoption of a modern real-time payments network.
By opting to form its real-time network on ISO 20022, it is rapidly becoming one of the most harmonized and sophisticated real-time payment environments in the world – and a perfect launchpad to accelerate adoption as well as provide a host of new and value-added services.”
“Asia-Pacific remains at the forefront of real-time payments innovation as its real-time base pivots towards larger volume transactions and more sophisticated services for our businesses and consumers.
“The next stage of evolution for the region is to develop linkages to provide a truly pan-regional real-time infrastructure, unlocking much greater economic benefit and opening up the formal financial sector to the region’s vast unbanked and underbanked population.” the Managing Director of Asia-Pacific ACI Worldwide, Leslie Choo adds.
More Insights Into The Report
The report which acknowledges Malaysia’s increasing innovation in the implementation of real-time payment across the entire nation also said that the system has been adopted by both private and public institutions.
With the introduction of the DuitNow platform introduced by the national payments network and central infrastructure provider, PayNet in 2018, Malaysia was able to reach this unprecedented level of success.
Due to this innovation, the report said that the country has been able to save a payment transaction cost of up to the tune of $434 million.
This figure was recorded in the over 1 Billion payment transactions made in real-time in 2021.
The system which allows for transfers via mobile phones and ID numbers also supports online payments, in-store QR code-based payments, future-dated and recurring payments, and real-time cross-border payments with ASEAN.
