Status Check of Real-Time Payment Systems Across the World

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The worldwide adoption of ‘fast payments’ or ‘real-time payment’ systems started to draw attention in the early 2000s due to its value proposition of quicker and continuous service availability for low-value transactions. A real-time payment system is defined as an instantaneous, irrevocable, continuously available system which can facilitate higher volumes of transactions at fraction of the cost for end-user. South Korea’s electronic banking system became the first one to launch fast payments in 2001, followed by Chinese Taipei, Iceland, Malaysia, and South Africa over the next five years. None of these is a major/developed economy. The UK became the first advanced economy to launch faster payments systems in 2008. Two of the largest countries in the world – China (IBPS) and India (IMPS) adopted real-time payment systems in 2010 and the number of countries has continued to grow since then. One should not be confused by Japan’s Zengin system that…

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