Monday, September 25, 2023
LetsAskBinu.com
  • Home
  • Cybersecurity
  • Cyber Threats
  • Hacking
  • Protection
  • Networking
  • Malware
  • Fintech
  • Internet Of Things
No Result
View All Result
LetsAskBinu.com
No Result
View All Result
Home Fintech

Middle East is the Fastest-Growing Real-Time Payments Market Worldwide; Finds ACI Worldwide

Researcher by Researcher
May 6, 2023
in Fintech
0
Middle East is the Fastest-Growing Real-Time Payments Market Worldwide; Finds ACI Worldwide
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


New use cases for consumers and businesses drove global real-time payment volumes to record highs, with 195.0 billion transactions recorded globally in 2022. Real-time payments software provider ACI Worldwide also revealed year-on-year growth of 63.2 per cent for the subsector. Meanwhile, the UAE recorded 37.2 million real-time transactions in 2022, placing it among the top six countries in the Middle East. But how can the UAE drive adoption and take the lead regarding real-time payments? 

ACI Worldwide also revealed that consumers completed 37.2 million real-time transactions in the UAE in 2022 – potentially reaching around 146 million transactions by 2027. These figures represent a five-year compound annual growth rate (CAGR) of 31.5 per cent. The real-time payments software provider published its latest ‘2023 Prime Time for Real-Time‘ report, in partnership with data and analytics company, GlobalData.

Real-time payments accounted for only 1.1 per cent of total paperless transactions in 2022. However, ACI predicts this will rise to 12 per cent of electronic payments by 2027. Since last year, ACI Worldwide has been working closely with market participants to build the domestic real-time payments scheme.

There are currently plans for a phased rollout of a national Instant Payment Platform (IPP) for later this year. IPP would enable 24/7 processing of payments and fund transfers in the UAE; and in real-time. The scheme, requiring the participation of all financial institutions in the country, could offer core payments based on the new instant payment rails and overlay services such as ‘Request to Pay’.

‘A domestic IPP will be a game changer for the UAE’
Santhosh Rao, ACI Worldwide Middle East
Santhosh Rao, senior vice president of MEASA at ACI Worldwide

Santhosh Rao, senior vice president of MEASA at ACI Worldwide, discussed the potential impact of IPP on the real-time payments space:

“The launch of a domestic IPP will be a game changer for the UAE as it will accelerate the adoption of real-time payments, which is central to the country’s ambition of creating a modern and digital economy.

“Real-time payments bring many benefits — they help ensure the competitiveness of banks and financial service providers, they eliminate friction in payment transactions and ultimately they increase customer satisfaction and loyalty. The UAE now has a great opportunity to drive economic growth and financial inclusion through real-time payments.

“ACI has worked across the world supporting governments and banks as they roll out real-time payments.  We are delighted to be a leading provider in the Middle East to help countries in the region reap the benefits of real-time payments.”

High potential in the Middle East

As governments and regulators in the Middle East set new mandates for adoption, the region is the fastest-growing real-time payments market in the world. ACI Worldwide predictions see real-time transactions in the Middle East growing from $675million in 2022 to $2.6billion by 2027 – a CAGR of 30.6 per cent.

Several countries, including the UAE, Qatar, Kuwait and Oman, have plans for launching domestic real-time schemes soon, with innovative features and overlay services high on the agenda.

Bahrain is currently expected to have the highest level of real-time payments consumer adoption by 2027 globally, with every citizen projected to make 83.3 real-time transactions per month. Bahrain is the only Middle Eastern country in the Top 10 league table for consumer adoption of real-time payments, measured as transactions per head of population per month.

The Middle East is among the company’s leading regional markets – ACI Worldwide is currently supporting three countries in the region to build domestic real-time payment infrastructures. This adds to ACI’s long history of success in Asia, where ACI powers the central infrastructures for Indonesia, Malaysia and Thailand and supports many real-time payment schemes across the APAC region, including Singapore, the Philippines and Australia.



Source link

Related articles

SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

September 23, 2023
Will you give X your biometric data? – Week in security with Tony Anscombe

ESET’s cutting-edge threat research at LABScon – Week in security with Tony Anscombe

September 23, 2023
Tags: ACIEastFastestGrowingFindsMarketMiddlePaymentsrealtimeWorldwide
Share76Tweet47

Related Posts

SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

September 23, 2023
0

As the cost of living crisis continues, global fintech SumUp has launched ‘7AM payouts’ across the UK, giving merchants near-instant...

Will you give X your biometric data? – Week in security with Tony Anscombe

ESET’s cutting-edge threat research at LABScon – Week in security with Tony Anscombe

September 23, 2023
0

Video Two ESET malware researchers took to the LABScon stage this year to deconstruct sophisticated attacks conducted by two well-known...

KPMG Highlights Jordan’s Banking Sector Stability Despite Global Challenges in Latest Publication

KPMG Highlights Jordan’s Banking Sector Stability Despite Global Challenges in Latest Publication

September 22, 2023
0

KPMG Jordan, the audit, tax, and advisory service provider, has released the second publication in its annual series: ‘Banking Perspectives:...

Same ol’ rig, new drill pipes

Same ol’ rig, new drill pipes

September 22, 2023
0

ESET researchers have analyzed two campaigns by the OilRig APT group: Outer Space (2021), and Juicy Mix (2022). Both of...

EBANX Furthers Expansion into Africa; Adding 8 new Countries to its Ecosystem

EBANX Furthers Expansion into Africa; Adding 8 new Countries to its Ecosystem

September 21, 2023
0

EBANX, the global tech company specialising in payments for rising markets, is expanding its operations to eight more countries across...

Load More
  • Trending
  • Comments
  • Latest
This Week in Fintech: TFT Bi-Weekly News Roundup 08/02

This Week in Fintech: TFT Bi-Weekly News Roundup 15/03

March 15, 2022
Supply chain efficiency starts with securing port operations

Supply chain efficiency starts with securing port operations

March 15, 2022
Microsoft to Block Macros by Default in Office Apps

Qakbot Email Thread Hijacking Attacks Drop Multiple Payloads

March 15, 2022
QNAP Escalation Vulnerability Let Attackers Gain Administrator Privileges

QNAP Escalation Vulnerability Let Attackers Gain Administrator Privileges

March 15, 2022
Beware! Facebook accounts being hijacked via Messenger prize phishing chats

Beware! Facebook accounts being hijacked via Messenger prize phishing chats

0
Shoulder surfing: Watch out for eagle‑eyed snoopers peeking at your phone

Shoulder surfing: Watch out for eagle‑eyed snoopers peeking at your phone

0
Remote work causing security issues for system and IT administrators

Remote work causing security issues for system and IT administrators

0
Elementor WordPress plugin has a gaping security hole – update now – Naked Security

Elementor WordPress plugin has a gaping security hole – update now – Naked Security

0
‘Horse Gone Barn Bolted’ is Strong Password – Krebs on Security

‘Horse Gone Barn Bolted’ is Strong Password – Krebs on Security

September 23, 2023
SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

September 23, 2023
Stealth Falcon preying over Middle Eastern skies with Deadglyph

Stealth Falcon preying over Middle Eastern skies with Deadglyph

September 23, 2023
Will you give X your biometric data? – Week in security with Tony Anscombe

ESET’s cutting-edge threat research at LABScon – Week in security with Tony Anscombe

September 23, 2023

Recent Posts

‘Horse Gone Barn Bolted’ is Strong Password – Krebs on Security

‘Horse Gone Barn Bolted’ is Strong Password – Krebs on Security

September 23, 2023
SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

SumUp Launches 7am Payouts; Offering UK Merchants Optimal Financial Flexibility

September 23, 2023
Stealth Falcon preying over Middle Eastern skies with Deadglyph

Stealth Falcon preying over Middle Eastern skies with Deadglyph

September 23, 2023

Categories

  • Cyber Threats
  • Cybersecurity
  • Fintech
  • Hacking
  • Internet Of Things
  • LetsAskBinuBlogs
  • Malware
  • Networking
  • Protection

Tags

Access attack Attacks banking BiWeekly bug Cisco cloud code critical Cyber Cybersecurity Data Digital exploited financial Fintech Flaw flaws Google Group Hackers Krebs Latest launches malware Microsoft million Network News open patches platform Ransomware RoundUp security Software Stories TFT Threat Top vulnerabilities vulnerability warns Week

© 2022 Lets Ask Binu All Rights Reserved

No Result
View All Result
  • Home
  • Cybersecurity
  • Cyber Threats
  • Hacking
  • Protection
  • Networking
  • Malware
  • Fintech
  • Internet Of Things

© 2022 Lets Ask Binu All Rights Reserved