Thunes has added Hyperwallet to its Direct Global Network, allowing Hyperwallet customers to send money in real time to more than 450 million mobile wallets and bank accounts across Bangladesh, Indonesia, Malaysia, the Philippines, South Korea, and Vietnam. This new alliance enables Hyperwallet to help its global merchant base, including ride-hailing apps, marketplaces, and social media platforms, offer customers their preferred method of accessing funds. The Asia-Pacific (APAC) region accounts for nearly 70% of all worldwide cross-border payment transactions.
However, payout preferences vary greatly across APAC depending on banking access, the number of real-time payment plans, and digital wallet usage in each market. A report from last year noted the increase in demand for real-time transactions, driven by consumer expectations for instant transactions in their everyday lives. Throughout 2024, cross-border payments focused on advancements in instant payment infrastructure.
The report stated, “For businesses, instant payments mean improved cash flow, reduced reliance on credit, and enhanced supplier relationships. For consumers, they eliminate the frustration of waiting days for funds to clear.
Enhancing APAC real-time payment options
As real-time payment networks expand and interconnect, they are likely to become a default mode for cross-border transactions.”
PYMNTS CEO Karen Webster highlighted the importance of addressing key frictions in cross-border payments, such as ensuring safe, secure, and transparent money movement, and optimizing the economics of these transactions. In the U.S., real-time payments are becoming integrated into the financial ecosystem. Banks are now leading the charge, with new systems allowing money to be securely deposited into savings and checking accounts within seconds, offering a clear advantage over older methods like ACH and wire transfers.
A study by U.S. Bank found that over half of all American companies were already using the RTP network and the FedNow Service for real-time payments. As Thunes continues to expand its network and capabilities through alliances like the one with Hyperwallet, the future of cross-border payments looks increasingly instantaneous, secure, and efficient. Thunes CEO Floris de Kort commented, “Welcoming this new service into our Direct Global Network underscores our ability to provide powerful new capabilities to top-tier fintechs.
With our extensive network that directly, transparently, and dependably connects to over 7 billion bank accounts and mobile wallets worldwide, combined with our SmartX Treasury System and our Fortress Compliance Platform, Thunes is uniquely positioned to support the service to increase its reach in fast-growing geographies to enhance its cross-border payment services.”
Thunes recently released a report examining payment trends in Southeast Asia, highlighting digital wallet adoption rates exceeding 30% in the Philippines and Indonesia. In November 2024, Thunes also partnered with Turkey’s fintech company Papara, which is now part of its Direct Global Network. This alliance empowers Papara users in Turkey to send money to three billion mobile wallet accounts, four billion bank accounts, and 15 billion cards in over 80 currencies to more than 130 countries.
