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The demand for faster and more efficient payments has driven the Real-Time Payment (RTP) sector. One market trend is companies and buyers accepting real-time payment systems. Modern times require speed and comfort, therefore traditional payment methods with long processing periods are becoming less useful.
The need for instant gratification and the need for companies to streamline their financial transactions drove the move toward real-time payments. Moment payment phases are rising since buyers want to pay and acquire reserves quickly. Online businesses, where fast and constant transactions are key to customer loyalty, exhibit this tendency.
Another important Real-Time Payment trend is financial foundation-fintech collaboration. To adapt to shifting consumer preferences, traditional banks are working with creative fintech businesses to improve their payment services. This concerted effort has improved real-time payment arrangements to meet the changing needs of organizations and buyers.
In the Real-Time Payment business, blockchain and artificial consciousness are being introduced. Improved real-time payment security and efficiency depend on these improvements. Blockchain's decentralized and alter-safe nature ensures exchanges' integrity, while artificial intelligence detects and prevents false transactions in real time, adding to the payment environment's security.
Global trade has also boosted real-time payments. A regular and timely cross-border payment structure is essential as companies expand internationally. Real-time payment arrangements allow companies to exchange in real time regardless of geological constraints, unlike worldwide wire movements.
Real-time payments are also being supported by administrative changes. State-run administrations and administrative organizations recognize the importance of altering procedures to promote financial development while ensuring exchange security. This administrative support encourages additional firms to participate and expand the real-time payment business.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Quick settlement, safe permission, speedy notice reception, and immediate publishing are all advantages of digitization. |
| Market Dynamics | The growing number of electronic gadgets and internet users necessitates using rapid and safe payment mechanisms. |
Real Time Payment Market Highlights:
Real-Time Payment Market Overview
The Real-Time Payment market size is projected to grow from USD 12.30 billion in 2024 to USD 114.94 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 32.23% during the forecast period (2024 - 2032). Additionally, the market size for Real-Time Payment was valued at USD 8.94 billion in 2023.
The growing number of electronic gadgets and users of the internet necessitates the usage of rapid and safe payment mechanisms are the key market drivers contributing to market growth and expansion.
Figure1: Real-Time Payment Market, 2018 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Real-Time Payment Market Trends
The growing number of electronic gadgets is driving the market growth
The rising number of electronic gadgets drives the market CAGR for real-time payment. The growing number of electronic gadgets and internet users necessitates the usage of rapid and secure payment mechanisms. Furthermore, online transactions operate in real-time and allow for transactions anywhere in the world. Banks and financial services (BFSI) also push towards secure, fast, and global transactional systems. These elements contribute to the development of the Real-Time Payment industry.
Additionally, exceptional real-time payment systems provide comfortable transaction services such as immediate credit card data processing, activity-data silos that are cost-effective, and client analytics advertising. Many sectors have embraced digitalization. The instant settlement, secure permission, speedy notice reception, and immediate publishing are all advantages of digitization. Only Real-Time Payment systems can provide instant payment as well as highly secure transactions all over the world. As a result, many commercial institutions are implementing RTP solutions to help the worldwide market flourish.
COVID-19 has crippled both small and large-scale enterprises. Many companies were compelled to close due to the lockout and the requirement for physical separation. For their marketing and commercial purposes, the majority of them have shifted to e-commerce platforms. The epidemic, on the other hand, has only boosted the need for internet purchases. As a result, the real time payment industry has exploded. People have shifted to online transactions because they are faster, need no personal interaction, and provide the highest level of security. Furthermore, credit card utilization and internet buying have surged throughout the shutdown. Cash on delivery is limited on online purchasing platforms that include Flipkart, Amazon, and Nykaa. They advise their consumers to make online purchases for the safety of their consumers and their personnel. As a result, the Real-Time Transaction industry experienced a surge during the global epidemic and is projected to expand significantly.
For instance, the Japanese government has revealed plans to implement the Cashless Japan program, which aims to increase the number of digital payments by 2025. The global development of 5G networks and high-speed broadband services bodes well for industry growth. Governments worldwide are investing in 5G networks and subsidizing digital payment uptake. Thus, it is anticipated that demand for Real-Time Payment will increase throughout the projected timeframe due to the rising number of electronic gadgets. Thus, driving the Real-Time Payment market revenue.
Real-Time Payment Market Segment Insights
Real-Time Payment Solution Insights
The global Real-Time Payment market segmentation, based on Solutions, includes Payment Gateway, Payment Processing, Payment Security, and Fraud Management. The payment processing category dominated the market, accounting for 39% of market revenue (USD 2.5 Billion) in 2022. This is because real-time payments solutions improve connection, process payments rapidly, and provide a better customer experience. Furthermore, it offers clients easy, safe, and adaptable online payment choices while buying through a smartphone, laptop, or tablet.
Real-Time Payment Service Insights
The global Real-Time Payment market segmentation, based on Services, includes Professional and Managed. The professional category generated the highest market revenue of about 80% (USD 5.2 billion) in 2022. Professionals worldwide collaborate with payment gateway suppliers to develop their businesses into new markets. They process many actions, which has prompted the incorporation of gateway technologies into their marketing platforms.
Figure 2: Global Real-Time Payment Market, by Service, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Real-Time Payment Deployment Insights
The global Real-Time Payment market segmentation, based on Deployment, includes On-Premises and Cloud. The on-premises segment dominated the market, accounting for 51% of market revenue (USD 3.3 Billion) in 2022. Many businesses worldwide are forming alliances with transaction technology firms to provide on-premises, real-time payment systems.
Real-Time Payment Verticals Insights
The global Real-Time Payment market segmentation, based on Verticals, includes BFSI, IT & Telecom and Retail. The retail category dominated the market, accounting for 44% of market revenue (USD 2.9 Billion) in 2022. Retailers increased desire for quick payment settlement has driven the widespread use of real-time payment methods in this industry. These technologies provide shops with a competitive advantage by providing an easy and economical means of payment.
Real-Time Payment Regional Insights
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Real-Time Payment market area will dominate this market during the projected timeframe; a considerable proportion of the public has embraced RTP solutions, which will boost the market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Global Real-Time Payment Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Real-Time Payment market accounts for the second-highest market share as Technology and infrastructure are becoming more sophisticated, providing secure payment options. Further, the German Real-Time Payment market holds the largest market share, and the UK Real-Time Payment market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Real-Time Payment Marketis expected to grow quickly during the projected timeframe. Because of the widespread usage of these products by consumers and sellers, the region's booming e-commerce business is encouraging the widespread use of real-time payments. Moreover, China’s Real-Time Payment market dominates the market share, and the Indian Real-Time Payment market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Real-Time Payment Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Real-Time Payment market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Real-Time Payment industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global Real-Time Payment industry to benefit customers and capture untapped market share and revenue. The Real-Time Payment industry has recently offered significant advantages to the Information technology and software industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially. Major players in the Real-Time Payment market, including Fidelity National Information Services Inc. (US), Paypal Holdings Inc. (US), Apple Inc. (US), ACI Worldwide Inc. (US), Visa Inc. Class A (US), Wirecard AG (Germany), Worldline SA (France), Fiserv Inc. (US), Temenos AG (Switzerland), Mastercard Inc. (US), Ant Financial Services Group (China), and Global Payments Inc. (US), are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
PayPal is a digital payment network that allows consumers and companies to make payments to one another. PayPal provides debit cards that can be used for settlements, credit card scanners for use in companies, and lines of credit (LOC) alongside online payments. PayPal is regarded as a very secure online payment mechanism. PayPal Holdings, Inc. confirmed adding new features to its unique payment platform in April 2023. Small companies may use the Service to accept several payment options, including PayPal, Venmo, & PayPal Pay Later.
In the worldwide payments business, Mastercard is the second-biggest payments system, trailing only Visa. Mastercard collaborates with partner banking systems worldwide to provide Mastercard-branded networked cards for payment. MasterCard will launch PayPort+, its future instantaneous payment gateway solution, in July 2021, allowing banks and Payment solution Companies customized access to the United Kingdom's real-time payments network.
Key Companies in the Real-Time Payment market include
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Fidelity National Information Services Inc. (US)
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Paypal Holdings Inc. (US)
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Apple Inc. (US)
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ACI Worldwide Inc. (US)
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Visa Inc. Class A (US)
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Wirecard AG (Germany)
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Worldline SA (France)
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Fiserv Inc. (US)
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Temenos AG (Switzerland)
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Mastercard Inc. (US)
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Ant Financial Services Group (China)
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Global Payments Inc. (US)
Real-Time Payment Industry Developments
April 2023: PayPal Holdings, Inc. confirmed adding new features to its unique payment platform in April 2023. Small companies may use the Service to accept several payment options, including PayPal, Venmo, & PayPal Pay Later.
July 2021: MasterCard will launch PayPort+, its future instantaneous payment gateway solution, in July 2021, allowing banks and Payment solution Companies customized access to the United Kingdom's real-time payments network.
August 2018: ACI Worldwide Inc. partnered with SPAN Enterprises in August 2018 to strengthen its online payment platform and improve client expertise across diverse industries such as transport.
Real-Time Payment Market Segmentation
Real-Time Payment Solution Outlook
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Payment Gateway
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Payment Processing
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Payment Security
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Fraud Management
Real-Time Payment Service Outlook
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Professional
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Managed
Real-Time Payment Deployment Outlook
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On-Premises
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Cloud
Real-Time Payment Vertical Outlook
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BFSI
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IT & Telecom
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Retail
Real-Time Payment Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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