Across Asia, payments are rapidly becoming real time, and in many instances, also cross border. The adoption of real-time platforms such as Indonesia’s BI-FAST and InstaPay in the Philippines have dramatically reduced the amount of time it takes to send money.
According to the World Economic Forum, the total value of digital payments across Asean’s six largest economies reached $806bn in 2022, up 14 per cent year on year, and is forecast to increase to $1.2tn by 2025.
