List of Figures
Figure 1: Innovative banks are highly valued among consumers 8
Figure 2: Sweden’s Swish app can earn $0.17-0.23 per SME transaction 10
Figure 3: There are numerous instant payment services now operating worldwide 13
Figure 4: Electronic transfers are forecast to reach $1,222.3tn in 2017 for the 73 markets covered 16
Figure 5: Payment settlement platforms needs to be prepared to handle greater volumes 18
Figure 6: Most countries still do not have an instant payment system in place 19
Figure 7: Cash transactions remain the preferred transaction method in Japan 20
Figure 8: Electronic payment transfer in South Korea has been reducing the use of cash 22
Figure 9: Electronic transfers in China are still small in comparison to cash, but are rapidly gaining market share 23
Figure 10: Cash use in India is stalling as banking and payments are becoming more digitized 24
Figure 11: Instant payments drive growth in electronic payments 29
Figure 12: After almost a decade since implementation, FPS is still growing at a fast pace 31
Figure 13: The convenience of instant payment is driving P2P payments 35
Figure 14: Credit transfers saw a marked increase after the launch of FAST in Singapore 36
Figure 15: The frequency of P2P transfers has increased 40
Figure 16: OCBC’s Pay Anyone app was the first in the market to enable purchases without needing their bank details 41
Figure 17: BiR has accelerated the trend towards a cashless society in Sweden 42
Figure 18: P2P payments are becoming more frequent as the friction has been taken out of transfers 44
Figure 19: Swish has already built its user base and is now focusing on improving functionality in the P2B market 46
Figure 20: Osko offers fast, secure instant payments with messaging capabilities 51
Figure 21: Australia is shifting away from cash use already; the NPP launch will only accelerate this 52
Figure 22: The NPP will be an instant hit in Australia as P2P payments are mostly done by bank transfer 55


List of Tables
Table 1: Participating banks of the Faster Payments Scheme 34
Table 2: FAST coverage encompasses all domestic and major foreign banks 38
Table 3: New Payment Platform members 56