Thailand Takes the Lead in Global Real-Time Payments Transactions
In modern finance’s rapidly evolving landscape, real-time payments have emerged as a game-changing innovation, offering a seamless and instantaneous way to conduct transactions. This revolutionary payment method, characterised by transactions that are initiated, cleared, and completed within a matter of seconds, is gaining momentum around the world.
Countries are either introducing new real-time payment systems or enhancing their existing infrastructures to capitalise on the benefits of this technology.
Thailand, in particular, has emerged as a global leader in real-time payment transactions per capita. In 2022, a staggering 34% of all transactions in the country were conducted through real-time payment methods, earning Thailand the top spot on the global leaderboard. One key driver of this success is the growing popularity of the PromptPay scheme among Thai consumers. As experts predict even more growth in this sector, projections indicate that Thailand will witness a remarkable 32 billion real-time payment transactions in 2027.
Across the world in Switzerland, plans are underway to introduce a new real-time payment scheme called SIC5 in 2024. This initiative will complement the TWINT app, which boasts over 5 million users and facilitates millions of real-time payment transactions annually. With these developments, Switzerland is poised to see a surge in real-time transactions, reaching nearly 1.5 billion by 2027.
Turkey, too, is making strides in the realm of real-time payments. The Central Bank of Turkey has introduced the Instant and Continuous Transfer of Funds (FAST) system to accelerate the adoption of real-time payment transactions within the country. Projections indicate that Turkey’s real-time transactions will exceed 6 billion by 2027, a significant jump from 2.3 billion in 2022.
However, not all countries have experienced the same progress in real-time payment adoption. In the United Arab Emirates, for instance, despite introducing the Immediate Payment Instruction (IPI) platform to numerous financial institutions in 2019, instant payments constituted only 1.1% of all transactions in 2022.
Taiwan stands out as another leader in the real-time payment arena. Pioneering the concept in 1987, Taiwan has consistently been at the forefront of this technology. Experts predict that Taiwan’s real-time payment transactions will nearly double from its 570 million transactions in 2022, underscoring the enduring appeal of this method.
In a rapidly digitalising global economy, real-time payment systems play an instrumental role in fostering seamless transactions between consumers and businesses across borders. Collaborative efforts, such as the “Real-Time Payments World Map,” developed in partnership with The Clearing House, provide valuable insights into the current state and future projections of real-time payment schemes and volumes worldwide.
As the world becomes increasingly connected and reliant on digital financial solutions, Thailand’s exemplary performance in real-time payments inspires nations seeking to harness the potential of this transformative technology. The trajectory of real-time prices underscores the power of innovation in reshaping the financial landscape on a global scale.
