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Real-Time Payments Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3016

Real-Time Payments Market size is set to record phenomenal gains over the forecast period of 2021 to 2027, subject to the flexibility and speed offered by these to various enterprises and businesses.

Rising adoption of smartphones is expected to fuel the market expansion. As of June 2021, the number of smartphone users globally is 3.8 million, which implies that about 48.33% of the world’s population makes use of smartphones.

In fact, the trend of digitization has pushed the growth of real-time payments market to an advanced level. Various governments worldwide are taking up initiative to promote digital payments. For instance, the Japan government, in 2019, announced its plans of carrying out the ‘Cashless Japan’ initiative with the aim of doubling digital payments to 40% of all transactions in the nation by 2025.

Despite umpteen expansion factors, rising cases of payment frauds on digital payments are expected to impede the growth statistics for real-time payments industry. According to Merchant Savvy, global economic losses from payment fraud increased from $9.84 billion in 2011 to $32.39 in 2020. Also, the fraud is anticipated to increase and cost $40.62 billion by 2027. This compels business leaders to opt for safe and secure online payment applications and platforms, which would potentially spur the demand for real-time payments in the years to come.

Based on the component bifurcation, real-time payments market is likely to witness massive momentum from payment security and fraud management segment. Since transaction across e-commerce platforms is gradually rising, need for innovative, secure, and efficient payment security and fraud management solutions is estimated to rise accordingly. These solutions are generally required to handle the transactions being made across the industry. Vendors in the business space are striking partnerships to bring about a novel innovation in the sphere.

Stating an example, Payway recently announced its partnership with PAAY to offer additional fraud protection benefits during e-commerce transactions. The solution has been potentially verified by American Express, Visa, and MasterCard.

Real-time payments are projected to hold major significance across retail and e-commerce industry mainly due to the current Covid-19 pandemic situation, which has prompted people to shift to online purchasing. As per UN Trade and Development experts, UNCTAD, the e-commerce sector observed a phenomenal rise in its share of all retail sales from 16% to 19% in 2020, accounting for a business share of $26.7 trillion during 2020. Moreover, as mobile payment technology has become more accessible and quite economical, the transaction-by-transaction settlement has become more realistic in the central bank money, resulting in faster transfer of funds for retail payments. These factors are touted to present a profitable growth path for real-time payments market in e-commerce and retail segment.

Regionally, Asia Pacific is expected to churn out maximum profit for real-time payments industry due to the rising adoption of these solutions by large and small-scale enterprises in the region. Besides, increased scale of digitization and urbanization in the countries like China, India, Japan, and South Korea is anticipated to support major growth in APAC real-time payments market. The market would also be driven by expanding e-commerce and retail industry.

Some of the prominent players present in real-time payments market are Mastercard, Fiserv Inc., Apple Inc., Temenos AG., Capgemini, Global Payments, Inc., Ant Group, ACI Worldwide, FSS, Ripple, REPAY, and others. These vendors have been taking immense efforts in bringing in advanced solutions to the market through various strategic measures like M&As, collaboration, product diversification, and much more.

Recently, REPAY declared its collaboration with Paysafe to allow U.S merchants to accept online cash payments seamlessly. In fact, this partnership would enable customers to have access to 60,000 retail locations to make online cash payments to merchants on REPAY.

Similarly, Mastercard and PayPal, had in 2020, announced powering up their partnership to upscale debit transfers via PayPal’s mobile platform in nine European markets.

Covid-19 analysis on real-time payments market

Real-time payments industry is likely to generate huge proceeds in the global technology domain even during dreaded coronavirus pandemic due to outgrowing e-commerce sales and inclination of people towards online shopping given the movement restrictions in various parts of the world.

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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