Real-time payments (RTPs) are rapidly becoming a staple in Southeast Asia’s financial landscape, according to a study by Visa in collaboration with the Global Finance & Technology Network, Nextrade Group, and the Visa Economic Empowerment Institute. The research, which surveyed 5,500 consumers and 2,100 small and medium-sized businesses (SMBs) across six countries, reveals that RTPs now constitute 26% of transactions for SMBs, trailing only behind credit, debit, and prepaid card payments.
Despite the growing adoption, the study underscores the need for enhanced security measures to maintain consumer trust. Concerns about sending money to incorrect accounts, inability to earn rewards, and fears of fraud were prevalent among respondents in Singapore, Malaysia, and Thailand. Specifically, 47% of Singaporeans worry about misdirected funds, whilst 52% of Malaysians share this concern.
The report also highlights the challenges faced by SMBs, with 60% citing customer-related issues such as incorrect payment amounts and transaction delays. Fraud and scams remain significant pain points, particularly in Singapore, where 38% of businesses express concern.
Visa emphasises the importance of collaboration between governments, regulators, and industry players to address these challenges. Serene Gay, Visa’s Group Country Manager for Regional Southeast Asia, stated, “Real-time payments are transforming the way people and businesses move money, but speed must go hand-in-hand with security.”
Visa is actively working with partners to bolster security and interoperability, employing advanced fraud prevention technologies like Featurespace and AI-driven risk detection. These efforts aim to build trust and ensure the continued growth of RTPs across the region.
