KUALA LUMPUR: Malaysia is the world’s fifth fastest-growing real-time payments market, with a compound annual growth rate (CAGR) of 26.9 per cent, according to ACI Worldwide’s third edition of Prime-Time for Real-Time 2022 report.
According to the report, Malaysia is exceptional in the speed with which it has implemented nationwide real-time payments and its rapid adoption by banks and non-bank participants.
The country recorded 1.1 billion real-time payments transactions in 2021, facilitating an estimated US$434 million cost savings for businesses and consumers, and unlocking US$364 million of additional economic output, equivalent to 1.11 per cent of gross domestic product (GDP).
“Malaysia continues to accelerate the adoption of its real-time payment as well as introduce a stream of modern services, making it one of the most sophisticated real-time markets in the world.
“Malaysia’s real-time payments journey has been fast, distinctive, and sophisticated, encompassing speedy adoption built on low-value transactions, rapid evolution towards more sophisticated and value-added services, and a government determined to assist in driving adoption,” ACI Worldwide said in a statement.
ACI Worldwide partnered leading data and analytics company GlobalData, and the Centre for Economics and Business Research (Cebr) for the report.
The report tracks real-time payments volumes and growth across 53 countries and includes an economic impact study for the first time, providing a comprehensive view of the economic benefits of real-time payments for consumers, businesses, and the broader economy across 30 countries.
The report covers the group of twenty (G20) nations, excluding Russia.
ACI Worldwide vice president and head of Asean 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 has become one of the most harmonised and sophisticated real-time payment environments in the world and a perfect launchpad to provide a host of new and value-added services,” he said.
Malaysia’s real-time journey began in December 2018, with the arrival of a new real-time payment system, DuitNow, introduced by national payments network and central infrastructure provider, PayNet. — Bernama