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Treasury and Trade Solutions
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The Request to Pay Revolution
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Thailand
: PromptPay is Thailand’s faster payment
system and part of the Bank of Thailand’s strategic
plan to move to a cashless society. PromptPay launched
in 2017 and enables registered individuals to make
domestic payments using “Any ID” (National ID, phone
number, ewallet ID, or email address). The RTP launch
is part of a determined strategy to reduce cheques and
automate bill payments.
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Malaysia
: Malaysia is a showcase of payment system
innovation and is making a systematic push from paper to
digital payments. The real time Retail Payments Platform
(RPP) will be piloted in early 2018, with initial services
being instant credits and RTP for ecommerce merchants,
with payments approved through mobile banking
applications. Tokenization will go live in mid-2018 through
a National Addressing Database accessed through banks.
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India
: The Unified Payment Interface (UPI) is the
latest in a slew of payment innovations from India
that commenced with the world’s largest biometric
identity implementation, Aadhaar. UPI is a real time
payments and tokenization scheme that enables
collections from 60 banks. Volumes and values are
growing exponentially and a number of fintech players
are building new services on top of the platform. UPI
and the other developments in India show how rapidly a
country can digitize payments when governments take
concerted action.
•
Australia
: The New Payments Platform (NPP) real
time clearing system will have an overlay RTP service
that will leverage the new PayID tokenization scheme.
Australia was traditionally a bilateral clearing market
with relatively high adoption of electronic payment
methods such as BPay. Australia is also on the verge
of implementing an Open Banking model of bank
APIs, demonstrating that these developments are not
mutually exclusive.
Europe, Middle East and Africa
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European Union
: The second Payment Services
Directive (PSD2) will provide access for fintechs to
bank infrastructure to obtain customer information and
initiate payments. In contrast with other markets, PSD2
is not built on a clearing system and does not impose API
standards on banks. Final technical requirements are
expected to be published at the end of 2017 and there
may well be a significant degree of fragmentation across
the thousands of banks who must comply with PSD2.
While electronic payments in the
form of credit cards, contactless
cards and other online means have
been prevalent in Hong Kong, the 13
stored value or e-wallet licenses we
issued last year have created a new
landscape for our retail payments
scene. We are excited about our new
Faster Payment System, essentially
a 24*7 retail RTGS. When it is
operational in September 2018, it will
bring new functionalities including
Request to Pay (RTP) to facilitate
payment innovation by banks, e-wallet
operators and tech companies.”
Hong Kong Monetary Authority (HKMA)