RTPs are a critical element of nation building in the region, in particular around increased digital and financial inclusionWhile domestic RTP systems are growing across almost all Asian countries, cross border payments remain a challengeVisit Business Insider's Transforming Business homepage for more storiesWhen it comes to the movement away from cash and toward a digital economy fueled by real time payments Asia is leading the world.
But for Asia in particular there is an additional reason for the rapid adoption of RTPs - the ongoing push from governments and local regulators around the region to stimulate their domestic digital economies and broaden financial inclusion. Mastercard has over the past several years partnered with several countries across Asia to support the progress of RTPs. Last year, for instance, it worked with BancNet, the operator of the InstaPay RTP system in the Philippines, providing users with enhanced services, stronger security features and better data capabilities. The company has entered a similar collaboration in Indonesia and is exploring others with governments in the Asia Pacific region.
"This is a governance challenge versus a technology challenge," Sarker adds. "Many facets of interoperability have to be decided and regulated, including the right of ownership of data. Also, a significant level of financial and time investment is required to build integrating connections between systems. Attempts have been made to create interoperability between real-time payments schemes across Asia Pacific, but these have not been resounding successes yet.
Like Sarker though, Kapron recognizes the challenges involved. "The biggest challenge is the pooling of the these domestic systems. Singapore's FAST and Malaysia's PayNet, for instance, are in all likelihood using different messaging formats and different technology systems to support that so there is all that plumbing that needs to match up."
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