The global demand for real-time payments continues along an upward trajectory. Nations on every continent are taking steps to accelerate transactions for both consumers and businesses.
The Central Bank of Kuwait (CBK) has approved the launch of WAMD, a new instant payment system. This system enables account-to-account money transfers using phone numbers. Facilitated by FinTech K-Net and supervised by the CBK, WAMD is being adopted by major financial institutions across the country. The system aims to enhance the national payment infrastructure, provide a safe and advanced payment option, and accelerate digital transformation in Kuwait’s financial sector.
In Australia, ANZ has become the first major bank to execute a cross-border payment into the country in near real time. The bank utilized the New Payments Platform (NPP) network through its Express Payments service. The inaugural transaction, conducted for BNP Paribas on July 2, demonstrated ANZ’s ability to swiftly settle inbound international Australian dollar (AUD) payments to eligible non-ANZ beneficiaries. This service simplifies and accelerates payments, improving customer experience and cash flow.
Meanwhile, the European Payments Initiative (EPI) recently rolled out its digital wallet and instant payment solution, Wero, in Germany. This move marks a significant step toward creating a unified European payment system. Initially offered to customers of select banks, Wero enables rapid peer-to-peer (P2P) transactions via QR codes, email addresses or phone numbers. The EPI, comprising 16 European banks and payment service providers, will soon expand Wero service to other European countries.
Finally, the Reserve Bank of India and several Southeast Asian countries are collaborating on Project Nexus. This multilateral initiative aims to establish a platform for instant cross-border retail payments by 2026. This project seeks to connect the fast payment systems of India, Malaysia, the Philippines, Singapore and Thailand. Doing so will facilitate seamless P2P and retail transactions across borders.
“The Real-Time Payments World Map,” a collaboration with The Clearing House, examines the latest developments fueling the rapid expansion of instant transactions worldwide.
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