The post Asia Pacific Outshines Globally in Instant Payments Adoption appeared on BitcoinEthereumNews.com.

APAC Dominates in Instant Payment Innovations The Asia Pacific region is leading the way in the adoption and implementation of instant payments, thanks to innovative technology, widespread smartphone access, and favorable regulations. This has positioned the region as a global pioneer in instant payments, facilitating easy access to real-time settlements. With the majority of profitable digital-only banks being based in the region, this success is expected to thrive with the increasing adoption of new fintech models. The Asia Pacific region houses 10 out of 13 of the world’s most profitable digital-only banks. The region’s eagerness to experiment with alternative payment options has led to improved domestic and cross-border payment capabilities, real-time settlement access, financial inclusion opportunities, and a leadership position in financial innovation. The Asia Pacific region is home to 20% of the world’s digital banks, and its citizens are the most enthusiastic adopters of digital payments. Emergence of Digital Wallets in APAC Digital wallets in the Asia Pacific region, excluding China, have more than doubled their share of e-commerce transaction value in the last five years. This trend is forecasted to continue growing over the next three years. Similarly, the share of payment transaction value at point-of-sale from digital wallets has seen a six-fold increase in the last five years. In particular, Southeast Asia demonstrates substantial regional payments progress. It is projected that the real-time payments network volume within the market will reach $2.4 trillion by 2025 — a 230% increase from 2020. It is also predicted that over 400 million people in Southeast Asia will use mobile wallets by 2026. Spotlight on India’s Payments-Driven E-commerce Growth In India, the National Payments Corporation of India has made the Unified Payments Interface (UPI) available to Indian non-residents in ten countries, including Australia, Canada, Singapore, the UK, and the US. This…

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Filed under: News - @ May 18, 2024 11:14 pm