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Three-fifths (61%) of Southeast Asian consumers choose real-time payments-such as DuitNow (Malaysia), PayNow (Singapore) and PromptPay (Thailand)- As the preferred payment method in 2021, equivalent to cash (61%)
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The strong consumer demand for real-time payments indicates that Southeast Asia urgently needs payment modernization and heralds the emergence of a regional cross-border real-time payment ecosystem
According to the latest research from Southeast Asia, real-time payment is now as popular as cash and is a payment method for consumers in Southeast Asia. ACI Global (Nasdaq:ACIW) with Superior governmentThree-fifths (61%) of consumers in Indonesia, Malaysia, Thailand and Singapore prefer real-time payment as the most popular payment method in 2021, which is the same as cash (61%) and higher than other payment categories, including needs Digital wallet or credit card top-up for cash (56%) and credit card (30%).
This shift to real-time payments has been greatly accelerated by changing payment needs and preferences caused by the COVID-19 pandemic. Since the COVID-19 outbreak, nearly one-third (30%) of consumers in Southeast Asia have reduced their use of traditional payment methods such as cash, credit and debit cards. As a result, more than half (53%) now use real-time payments more frequently than before the pandemic.
Due to rapid technological changes, consumers now expect mobile-first and real-time experiences-however, payments often lag behind. The development of real-time payment systems enables consumers, merchants, and financial institutions to make payments, checkouts, and transfers to friends and customers instantly. Although cash has always represented an “instant” payment method, the emergence of the real-time payment track brings this concept into the digital age, with faster settlement cycles, notifications, and consolidated reports.
“This fundamental shift in consumer demand…
The full story on Benzinga.com
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