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Real-Time Digital Payments Soar in Southeast Asia


 
In Southeast Asia, real-time payment schemes are entering the mainstream with many consumers now favoring the payment option over cash, a shift caused by changing payment necessities and preferences amid the COVID-19 pandemic, a new research by industry player ACI Worldwide and market research firm YouGov found.
Out of 6,000 consumers surveyed across Indonesia, Thailand, Singapore and Malaysia, 61% selected real-time digital payment schemes as their preferred way to pay in 2021 – neck and neck with cash, and higher than digital wallets requiring cash or card top-ups (56%) and credit cards (30%).
Thailand and Singapore are the biggest adopters of real-time digital payment, with 72% and 64% of respondents, respectively, favoring the payment method. ....

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Real-Time Digital Payments Volume Surges 48% in Singapore


 
Singaporeans are moving away from paper-based payments and embracing real-time digital payments and mobile wallets, a shift that has accelerated with COVID-19, a new report by ACI Worldwide Real-Time Payments and GlobalData says.
2021 Prime-Time for Real Time, a global report tracking and analyzing real-time payments across 48 global markets, shows that real-time transactions volumes and values have jumped significantly over the past years in Singapore and are further expected to grow.
In 2020, total real-time transactions reached 138.38 million, up a staggering 48% from 93.24 million in 2019, while the value of real-time transactions surged 40%, jumping from US$110 billion in 2019 to US$154 billion, the report says. ....

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Global Payments Newsletter, December 2020 | Hogan Lovells


Surveys and Reports
Regulatory Developments
United Kingdom: HM Treasury consultation on new special administration regime for payment institutions and electronic money institutions
On 3 December 2020 HM Treasury (HMT) issued a consultation on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), including a bespoke special administration regime (SAR). HMT notes the shortcomings of the current insolvency regime and is making these proposals ahead of the conclusion of the Payments Landscape Review to protect consumers in the event of the insolvency of PIs and EMIs.
The proposed SAR is intended to have the following key features:
An explicit objective on the special administrator to return customer funds as soon as reasonably practicable. ....

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