Allied Market Research published a report, titled, ‘Real-Time Payments Market by Component (Solution, Services), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Industry Vertical (BFSI, IT and Telecommunications, Retail and e-commerce, Government, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.’ According to the report, the global real-time payments industry generated $13.8 billion in 2021, and is expected to reach $123 billion by 2031, witnessing a CAGR of 24.5% from 2022 to 2031.
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Prime Determinants of Growth
Benefits provided by real-time payments such as real-time processing of transactions, payment device flexibility, and increase in convenience along with huge adoption of real-time payments among merchants and surge in usage of smartphones and rapid connectivity drive the growth of the global real-time payments market.
However, rise in data thefts and difficulties related to replacement process of point-of-sale (POS) terminals restrain the market growth. On the other hand, the expansion of offerings by real-time payment providers, surge in tech-savvy population, and rise in initiatives toward digitized payments create new opportunities in the coming years.
Real-time payments are a form of electronic payment system that allows for near-instantaneous transfer of funds between bank accounts. With real-time payments, the transfer of funds is completed within a matter of seconds or minutes, as opposed to the several days it may take with traditional payment methods.
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This speed and efficiency make real-time payments an attractive option for both businesses and consumers. Additionally, the availability of real-time confirmation of payment provides added transparency and security, which can help to reduce the risk of fraudulent activities. Overall, real-time payments have the potential to revolutionize the way that money is moved and managed, making it faster, more efficient, and more secure than ever before.
Top impacting factors
- Increase in adoption of smartphones and access to high-speed internet
- Rise in data breaches and security issues while conducting payments
- Rapid digitalization in payments sector
Key benefits for stakeholders
- The study provides in-depth analysis of the global real-time payments market growth along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the global real-time payments market share are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the real-time payments market opportunity.
- An extensive analysis of the key segments of the industry helps to understand the real-time payments market trends.
- The quantitative analysis of the global real-time payments market forecast from 2021 to 2031 is provided to determine the market potential.
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Real-Time Payments Market Report Highlights
| Aspects | Details |
|---|---|
| Component | SolutionServicesProfessional ServicesManaged Services |
| Deployment Mode | On-premisesCloud |
| Enterprise Size | Large EnterprisesSmall and Medium-sized Enterprises (SMEs) |
| Industry Vertical | BFSIIT and TelecommunicationsRetail and e-commerceGovernmentEnergy and UtilitiesOthers |
| By Region | North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest Of Europe)Asia-Pacific (China, India, Japan, Rest Of Asia-Pacific, Australia, Singapore)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | ACI Worldwide, Inc., Cognizant, FIS Inc., Financial Software & Systems Pvt. Ltd., Finastra, Fiserv, Inc., Mastercard, Inc., Microsoft Corporation, Mindgate Solutions Private Limited, Montran Corp., PayPal Holdings, Inc., TCS, Temenos AG, Visa Inc., Volante Technologies Inc., Sila, Rapyd |
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