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Tuesday, 20 October 2020 08:31

Real-time payments in Australia doubled in last 12 months: report

Real-time payments in Australia doubled in last 12 months: report Image by StockSnap from Pixabay

The adoption and average of real-time payments in Australia, such as Osko and PayID, have more than doubled in the last 12 months, a report by the fintech solutions provider FIS has found.

The company's annual Flavours of Fast report found that transaction volumes and values processed through the New Payments Platform, which was launched in 2018, had increased by 214% and 231%, respectively.

The average daily transaction volume is now 940,625 and the average daily transaction value is $932.37 million.

australia fis data

The report also found:

  • Six countries had witnessed a doubling or more in real-time payments processed over the past year: Bahrain (657%), Ghana (488%), the Philippines (309%), Australia (214%), India (213%) and Poland (208%).
  • Over the same period, four countries saw a two-fold or greater increase in monetary value of real-time payments transactions: the Philippines (482%), Bahrain (311%), Australia (231%) and Ghana (222%).
  • India remains the leader in real-time payments, processing 41 million real-time transactions per day.
  • 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.

Though Request to Pay, cross-border payments and corporate treasury business-to-business payments are driving adoption of real-time payments networks globally, Australia is yet to introduce an R2P system.

The service is planned for 2021-22 as part of the NPP’s Mandated Payments Service.

R2P systems allow people, businesses and governments to request a payment from a third party.

npp two

“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 Flavours 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."

Graphics: courtesy FIS

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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