Nium and Celent research finds only 10% of APAC businesses currently receive international payments within minutes.
A new research report by Nium and Celent finds that most Asia Pacific businesses want cross-border payments to arrive within minutes or instantly, but only 10% currently receive payments at that speed.
The study surveyed 210 businesses and 210 banks across 17 markets. In Asia Pacific, 73% of businesses said they want international payments completed within a few minutes or instantly, but only 10% currently receive that level of transaction speed.
Businesses are also using a wider range of payment providers. 64% use at least one non-bank method for outgoing international payments, while more than 15% of surveyed cross-border payment volume moves through non-bank methods.
Beyond transaction speed, businesses were more likely to rank ease of payment as their top consideration than any other factor, including total cost. Metrics such as cut-off times, payment visibility, and cost transparency were identified as areas for improvement.
Failed payments can create additional costs for businesses. Among those surveyed, 34% identified vendor or partner dissatisfaction and attrition as the biggest impact of delayed or failed payments, while 28% cited delayed orders and supply chain disruption.
Anupam Pahuja, Chief Business Officer at Nium, said: “Businesses increasingly have different ways to move money depending on what they need. The challenge now is making those options work together without adding more complexity, while giving businesses the choice, speed, and certainty they expect.”
Celent estimates that failed payments cost the average business surveyed more than US$100,000 annually, based on the frequency of failed payments and the cost of investigating and resolving them.
The research also found that 63% of Asia Pacific banks are struggling to make the business case for newer forms of money, including stablecoins, tokenised deposits, and central bank digital currencies, despite broader interest in expanding cross-border payment capabilities.
Read the report here.
Stay updated on crypto and AI by following our socials.
