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Real-Time Payments Market Size - By Component (Solution, Service), Deployment Model (On-premises, Cloud), Payment Type (Person-to-Person, Person-to-Business, Business-to-Consumer, Business-to-Business), Organization Size, End-user & Forecast, 2023 - 2032

  • Report ID: GMI7031
  • Published Date: Oct 2023
  • Report Format: PDF

Real-Time Payments Market Size

Real-Time Payments Market size was valued at USD 19.1 billion in 2022 and is estimated to register a CAGR of over 26% between 2023 and 2032. The Immediate Payment Service (IMPS) has significantly propelled market growth by enabling swift & secure transactions. Its ability to facilitate massive fund transfers instantly has revolutionized the financial landscape.

Real-Time Payments Market

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According to the National Payments Corporation of India, IMPS Statistics, in September 2023, 472.90 million IMPS transactions occurred through which around USD 64,568.7 million funds were transferred. IMPS offers unparalleled convenience, pushing businesses and individuals to adopt real-time payments. The seamless experience and rapid transactions provided by IMPS have played a pivotal role in shaping the modern payment ecosystem, fostering market growth & adoption.

The rising demand for real-time payments can be attributed to enhanced transparency and confidence in financial transactions. Real-time payment systems provide instant updates and confirmations, assuring users of the secure transfer of funds. This transparency instills confidence among businesses and consumers, encouraging them to embrace real-time payment methods. With real-time payments, the risk of errors and fraud is reduced significantly, reinforcing trust in the payment process.

The risk of security breaches poses a significant challenge to the growth of the real-time payments market. The high-speed nature of these transactions makes them potential targets for cybercriminals seeking unauthorized access, leading to data theft, financial fraud, and disruption of services. Security vulnerabilities, if exploited, could erode user trust, hinder adoption, and result in financial losses for consumers and businesses. It is necessary to ensure robust encryption, authentication measures, and continuous monitoring for potential threats to mitigate the risks and foster a secure environment for real-time payments.

COVID-19 Impact

The COVID-19 pandemic significantly accelerated the adoption of real-time payments. Social distancing measures and increased online activities led to a surge in digital transactions. Real-time payments offered a safe & convenient way for individuals and businesses to handle financial transactions without physical contact. The heightened demand showcased the resilience and efficiency of real-time payment systems, reinforcing their importance in the modern economy. The pandemic accelerated the shift toward digital payments, driving market growth.

Real-Time Payments Market Trends

Instant fraud detection for financial transactions is driving lucrative industry growth. Advanced technologies including Artificial Intelligence (AI) and Machine Learning (ML) enable real-time monitoring & detection of suspicious activities, ensuring secure transactions. For instance, in June 2023, Jack Henry unveiled Payrailz Fraud Monitor, an AI-powered, cloud-native component integrated into the Payrailz Digital Payments platform. This feature enables instant fraud detection for payment transactions right at the initiation stage. The enhanced security instills confidence among users, encouraging greater adoption of real-time payment systems. As consumers and businesses trust the safety of such transactions, the market is expanding rapidly, fostering a robust & secure environment for increased adoption of real-time payments.

Improved transparency in transactions is augmenting real-time payments market demand. Real-time payment systems provide instant updates and detailed transaction records, offering users real-time visibility into their financial activities. The enhanced transparency builds trust among consumers and businesses, reducing concerns about delayed or erroneous transactions. Users can track payments in real time, ensuring accuracy and reducing disputes. As a result, the growing confidence in the transparency of real-time payments is fueling their adoption, further boosting market expansion.

Real-Time Payments Market Analysis:

Real-Time Payments Market Size, By Component, 2021 – 2032, (USD Billion)

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Based on component, the solution segment held over 65% of the market share in 2022. The integration of digital payment solutions to expedite financial transactions is driving market size. These solutions offer unparalleled speed & convenience, allowing users to make instant payments, transfers, and purchases. With the rising adoption of mobile wallets, contactless payments, and online banking apps, consumers and businesses can conduct transactions seamlessly, anytime & anywhere. The ease of use and efficiency of these digital solutions enhance user experience while fueling the demand for real-time payment solutions.

Real-Time Payments Market Share, By Organization Size, 2022

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Based on organization size, the large organization segment accounted for 60% of the real-time payment market share in 2022. Collaborative efforts to deploy real-time payment systems are pushing the growth of this segment. Partnerships with financial institutions and technology providers allow such enterprises to swiftly implement advanced & secure payment solutions.

For instance, in May 2023, Zomato, a popular online food delivery platform, introduced its own UPI service in collaboration with ICICI Bank. This real-time payment system enables users to make direct payments to individuals and merchants, enhancing convenience. With this service, Zomato aims to provide a more seamless and streamlined payment experience to users. By leveraging such collaborations, large enterprises can offer efficient real-time payment services to customers, enhancing customer satisfaction and loyalty. The ability to provide seamless & instant transactions significantly boosts the competitiveness and growth of large organizations in the dynamic real-time payments industry.

U.S. Real-Time Payments Market Size, 2021 -2032, (USD Billion)

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North America real-time payments market recorded more than 25% of the revenue share in 2022. In North America, the surge in consumer demand for instant & convenient payment methods is driving market revenue. This demand is met through the region's advanced technological infrastructure, enabling the swift development and deployment of innovative real-time payment solutions. The increasing consumer preference for seamless transactions, coupled with the rapid technological advancements, is fueling the adoption of real-time payments in the region. This has positioned North America as a hub for cutting-edge payment systems, enhancing the overall financial inclusivity and efficiency in the region.

Real-Time Payments Market Share

The major companies operating in the real-time payments industry are:

  • ACI Worldwide, Inc.
  • Finastra
  • FIS Inc.
  • Fiserv, Inc.  
  • Mastercard, Inc.
  • PayPal Holdings, Inc.
  • Visa Inc.

In the competitive realm of real-time payments, industry giants such as Visa Inc. and PayPal Holdings Inc. maintain their dominance through strategic partnerships, aligning with digital payment trends. By offering seamless and secure transactions, these companies continually adapt, ensuring their relevance and market leadership amid the evolving digital payment landscape.

Real-Time Payments Industry News

  • In May 2023, Conduent Transportation launched innovative real-time digital payment solutions on the payment network, enhancing the speed, ease, and security of toll billing and payments for transportation agencies and toll road users.

The real-time payments market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032 for the following segments:

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Market, By Component

  • Solution
  • Service

Market, By Deployment Model

  • On-premises
  • Cloud

Market, By Payment Type

  • Person-to-Person (P2P)
  • Person-to-Business (P2B)
  • Business-to-Consumer (B2C)
  • Business-to-Business (B2B)
  • Others

Market, By Organization Size

  • SMEs
  • Large Organization

Market, By End-user

  • BFSI
  • Retail
  • Healthcare
  • Government
  • IT & Telecom
  • Manufacturing
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina 
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of real-time payments reached USD 19.1 billion in 2022 and is set to witness over 26% CAGR from 2023 to 2032, led by the rising improvements in immediate payment service (IMPS) for swift & secure transactions.

The solution segment held more than 65% of the market share in 2022, owing to the ongoing integration of digital payment solutions to expedite financial transactions.

North America market size accounted for 25% of the revenue share in 2022, due to the surging consumer demand for instant & convenient payment methods.

Some of the major real-time payment companies are ACI Worldwide, Inc., Finastra, FIS Inc., Fiserv, Inc., Mastercard, Inc., PayPal Holdings, Inc., and Visa Inc.

Real-Time Payments Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 393
  • Countries covered: 22
  • Pages: 250
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