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Status Check of Real-Time Payment Systems Across the World

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 ...

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