– Real Time Payments market size is projected to reach USD 61170 million by 2028, from USD 14520 million in 2021, at a CAGR of 22.4% during 2022-2028.
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Major factors driving the growth of the Real-Time Payments market
The RealTime Payments market expansion can be linked to the widespread use of smartphones and the uptake of cloud-based payment options. Additionally, it is anticipated that the market would grow more quickly due to rising consumer demand for payments to be settled more quickly and rising investments from financial institutions and governments to promote the adoption of real-time payment systems.
Many people, businesses, and financial institutions now expect to be able to pay friends and customers, settle accounts, and transfer money at the drop of a hat thanks to the widespread use of real-time payment systems around the world.
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TRENDS INFLUENCING THE GROWTH OF REAL TIME PAYMENTS MARKET
The demand from consumers for real-time payments is growing. These modifications support consumers’ increasing comfort with real-time payments. Consumers’ seeming increased freedom of choice over the past year has been the main element pushing them toward using real-time payments. Real-time payments certainly have a high level of interest for consumers, particularly for those who are younger or have financial difficulties, and a sizeable portion are willing to pay or transfer FIs in exchange for this option. This factor is expected to drive the growth of the RealTime Payments market.
Changes in the RealTime Payments market were being driven by consumers even before the COVID-19 pandemic. However, the epidemic hastened the global adoption of digital and real-time payments as a tactic to protect customers and keep businesses open. Additionally, COVID-19 has made consumers and businesses reevaluate their use of currency. Although there is no concrete proof to back it up, the WHO has advised using contactless payments to lessen the likelihood of transmission. According to some analysts, this tendency is predicted to continue and may eventually lead to a society without cash.
Real-time payments are being adopted quickly thanks to the increasing ubiquity of smart devices and the explosive growth of online retail in markets outside of the US. This in turn is expected to drive the RealTime Payments market. Demanding customers may be using their smartphones more frequently to make payments to retailers, billers, peers, and others. Governments frequently lag behind the private sector in adopting new technologies to further trade, despite the fact that greater use of real-time payments could aid in tax collection and fraud prevention.
Person-to-person (P2P) and consumer-to-business (C2B) transactions make up the majority of the growing number of real-time transaction use cases. Banks that are linked to national real-time payment networks are in a position to benefit from the transactions’ fast-increasing volume and value, as well as from customers’ growing demand for real-time payments and information.
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REAL-TIME PAYMENTS MARKET SEGMENTATION
Segment By Type
- Person-to-Person (P2P)
- Person-to-Business (P2B)
- Business-to-Person (B2P)
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Segment By Application
- BFSI
- IT and Telecommunications
- Retail and e-commerce
- Government
- Energy and Utilities
- Others
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REAL TIME PAYMENTS MARKET SHARE ANALYSIS
Over the projected period, the P2P segment is anticipated to develop at the fastest rate. By forming strategic alliances with banks and other financial service providers, a number of cross-border payment startups are working to provide real-time P2P payment solutions.
Over the projection period, the Banking, Financial Services, and Insurance (BFSI) end-use industry segment is predicted to increase at the quickest rate. Real-time payment systems are being introduced by banks all around the world to improve client experiences.
The market was controlled by the Asia Pacific. Over the projection period, the regional market is anticipated to grow at the quickest CAGR. Growth of the regional market is anticipated to be driven by the increasing adoption of real-time payment solutions by large-scale as well as small- and medium-scale businesses in the Asia Pacific. Many businesses in the Asia Pacific area are putting a lot of effort into digitizing their daily operations, which is anticipated to increase demand for real-time payment solutions.
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Key Companies:
- ACI Worldwide
- FIS
- Fiserv
- PayPal
- Wirecard
- Mastercard
- Worldline
- Temenos
- Visa
- Apple
- Alipay (Ant Financial)
- Global Payments
- Capegemini
- Icon Solutions
- REPAY
- IntegraPay
- SIA
- Obopay
- Ripple
- Pelican
- Finastra
- Nets
- FSS
- INTELLIGENT PAYMENTS
- Montran
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