Instant payments in Asia are changing business models

Steven Pairman and Wanisri Sanggita
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Steven Pairman: Standard Chartered Bank, UK
Wanisri Sanggita: 8 Marina Boulevard Marina Bay Financial Centre Tower 1, Singapore

Journal of Digital Banking, 2021, vol. 5, issue 3, 264-276

Abstract: The work of instant payments has just begun. This paper aims to inform the reader of how the Asian marketplace is leading as the world moves to instantaneous payments, enabling real-time commerce. Digitisation is creating a technologically interconnected society that treasures immediacy, and payments are integral to this. Immediacy is not only a question of speed; it implies simplicity, ease, convenience and transparency. Across the Asia-Pacific, real-time domestic electronic payment schemes offer instant payments 24/7/365. These occur within seconds, provide immediate confirmation to payer and payee and are irrevocable. New payments models like instant payments foster new ways of doing business. They support an open banking environment that accelerates innovation to create a more cohesive, customer-centric experience, heightening connections between merchants and consumers as well as businesses and their supplier ecosystems. The unprecedented level of interconnectivity enabled by application programming interfaces (APIs) in an open banking environment, combined with instant payments, will enable banks to unleash vast troves of information related to payment flows. There is a massive opportunity for growth in domestic and cross-border markets. Companies readily will adopt instant payments where there is a compelling case for improving business.

Keywords: instant payments; Asia; QR; cross-border payments; API; real time (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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