Cryptocurrencies

Asia Pacific Leads the World in Instant Payments Adoption, Setting Global Example

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Editor from cryptochronicle.xyz, a top crypto news site, reports that the Asia Pacific region is at the forefront of instant payment innovations. Thanks to innovative technology, widespread smartphone access, and favorable regulations, the region leads in the adoption and implementation of instant payments. With a majority of profitable digital-only banks based in the region, the success is expected to continue with the increasing adoption of new fintech models.

The Asia Pacific region is home to 10 out of 13 of the world’s most profitable digital-only banks. This region’s eagerness to experiment with alternative payment options has resulted in improved domestic and cross-border payment capabilities, real-time settlement access, financial inclusion opportunities, and a leadership position in financial innovation. Additionally, Southeast Asia shows significant progress in regional payments, with the real-time payments network volume projected to reach $2.4 trillion by 2025.

In India, the National Payments Corporation of India has extended the Unified Payments Interface (UPI) to Indian non-residents in several countries, paving the way for a global remittance network. The rise of account-to-account (A2A) payments in India reduces payment acceptance costs for merchants and improves cash flow. However, challenges such as privacy and security concerns in the Asia Pacific region may hinder the adoption of new payment rails, with over 75% of consumers indicating they would withdraw their support from a brand in the event of a data breach.

As the use of crypto in payments expands in APAC, collaboration between national governments and private companies is crucial to achieve maximum impact and ensure consumer security. Image source: Shutterstock.

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