KUALA LUMPUR (Aug 15): Real-time payment transaction volumes in Malaysia are expected to grow from 7.1 million in 2019 to 1.2 billion in 2024.
In a report titled “First Hour for Real-Time Payments,” ACI Worldwide Inc, a Florida-based online banking and payment solutions provider, said this was strongly driven by the accelerated adoption and diversity of methods. and digital payment providers.
He said that in the same space, the country’s e-wallet segment continues to evolve with the potential integration of various immediate payment capabilities.
In a separate statement, ACI Worldwide managing director for Asia and Japan / Korea Leslie Choo said Malaysia’s real-time retail payment (RPP) platform is a multi-year effort to to modernize the country’s payment infrastructure, creating an integrated ecosystem to drive digital adoption.
He said DuitNow, which allows users to transfer funds instantly with a mobile phone number or national ID, was the first RPP service launched on the platform in early 2019.
“The early adoption of ISO 20022 has helped drive innovation and transaction volumes on RPP, including credit transfer, DuitNow QR code payments and a range of digital overlay services.
“Managed by PayNet, RPP also benefits from standard connectivity between participants and the central hub, facilitating seamless integration, integration and compliance,” he said.
Choo said PayNet in Malaysia is well positioned to play a key role in the development of the regional network.
He said if it were to build on its existing interoperability with Singapore and include Thailand to create a real-time tripartite network, it would quickly become the model for others in the region, including the larger economy of SEA, Indonesia.
“This will create an ecosystem that will give the region a head start on future payment trends, ensuring that no one is left behind for the benefits it brings, namely generating more transactions, creating a more banking society. and provide better services to businesses and consumers, ”he said. noted.
Meanwhile, Choo said Southeast Asia (SEA) is a key region for innovation in banking and financial services.
“Being the world’s fastest growing digital economy, SEA’s internet economy is expected to triple in size by 2025 to reach $ 300 billion.
“As a single entity, it also represents one of the world’s five largest economies, but lacks the deep integration within the bloc that benefits large economies, like India or China. Neither does it benefit from a single currency, like the euro zone, ”he said.