Adoption and usage of real-time payments in Australia has more than doubled in the past 12 months, according to New research by financial systems giant FIS.
Amidst the COVID-19 pandemic, transaction volumes and values processed through Australia’s New Payments Platform (NPP) have increased by 214 per cent and 231 per cent, respectively. The average daily transaction volume is now 940,625 and the average daily transaction value is AUD 932.37M.
FIS’ seventh annual Flavors of Fast report highlights key findings about real-time payments networks across the globe:
- Six countries have seen a twofold or greater increase in number of real-time payments processed over the past year:
o Bahrain (657 per cent), Ghana (488 per cent), Philippines (309 per cent), Australia (214 per cent), India (213 per cent) and Poland (208 per cent).
- Over the same time, four countries have seen a twofold or greater increase in the monetary value of real-time payments transactions:
o Philippines (482 per cent), Bahrain (311 per cent), Australia (231 per cent) and Ghana (222 per cent).
- India remains as the leader in real-time payments, processing 41 million real-time transactions per day, more than any other country.
- South Korea reported the highest number of real-time transactions per capita, with 75 transactions per citizen, per year processed through the country’s HOFINET scheme.
Request to Pay (R2P), cross-border payments, and corporate treasury business-to-business payments are driving adoption of real-time payments networks globally, according to the FIS report. However, Australia is yet to introduce it’s own R2P system, with the service planned for 2021-22 as part of the NPP’s Mandated Payments Service.
R2P systems offer a convenient and flexible way for people, businesses and governments to request a payment from a third party.
FIS supports real-time payments across the globe, processing instant transactions in 24 countries including the Australia, US, India and the UK.
“The current pandemic has highlighted the critical importance of instantly getting funds in the hands of those who need it, whether individuals or businesses,” said Raja Gopalakrishnan, head of Global Real-time Payments at FIS.
“This year’s FIS Flavors of Fast report shows that Australia is one of the leaders towards the use of digital and mobile, real-time payment methods, which is bringing value beyond speed. At FIS, we are working to further advance the business payments experience across the global ecosystem to make it simpler, easier and more cost effective while enhancing the user experience.”