Real-Time Payments Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3016
Real-Time Payments Market size is anticipated to grow rapidly over the predicted years due to rising consumer demand for convenience and speed. Countries are moving toward real-time payments as they enable businesses and consumers to carry out transactions in a more fast, secure, and effective manner. Real-time payment solutions are available 24/7, which help in immediate interbank transactions, clearing, and providing payment indications within seconds, enhancing the payments credibility.
The updated regulations addressing payment security & effectiveness, new payment solutions & platforms, and higher customer expectations are driving the growth of the real-time payments market. Various small & large retailers are adopting real-time payments to augment their cash flow management, decrease fraudulent activities, and deliver incremental support to their customers, accelerating market growth. Furthermore, government initiatives for digitalization also have a positive impact on market growth.
The growth in the adoption of smart devices and flourishing online retail commerce sector are driving the adoption of real-time payments market. Consumers are turning toward channels such as smartphones, digital wallets, tablets, and the web for paying merchants, peers, and other billers. This payment mode benefits merchants, financial institutions, consumers, and society at a large by providing enhanced visibility into payments, better cash management, and assisting businesses to manage their day-to-day operations. This liquidity improvement is especially useful for small merchants, creating a positive impact on their daily cash flow and sales.
The real-time payments solution is essentially useful in the modern digital world but the lack of interoperability between the new and existing real-time payment scheme is a major challenge faced by industry players. This also creates an additional burden for managing multiple IT environments, affecting the cost, security, control, and maintenance parameters. Hence, it is essential for providers to bridge the gap between the existing and new payment schemes to capitalize on the growth potential of real-time payments. Furthermore, payment fraud detection also acts as a challenge in the real-time payment environment. Hence, organizations should adopt pattern detection and AI technology capabilities to improve fraud detection and prevention.
The real-time payments components include solutions & services with the solutions segment dominating the market. The payment security and fraud management solutions are projected to grow at the fastest rate. As the number of m-commerce and e-commerce transactions is growing rapidly, it is essential to adopt advanced payment security and fraud prevention solutions, which assist in detecting frauds and improving the security of online businesses. The service segment is projected to grow at the fastest rate with the increase in the demand for real-time payment solutions. The professional service segment holds a larger market share in the real-time payments market with the managed service segment anticipated to grow at the fastest rate.
The real-time payments market has penetrated different applications including BFSI, IT & Telecom, retail & e-commerce, government, healthcare, travel, and energy. The retail and e-commerce applications dominate the real-time payments market as it displays the maximum demand for payment services that offer convenience, speed, safety, ubiquity, and value for money. Moreover, as the technology has become cheaper and more accessible, the transaction-by-transaction settlement has become more realistic in the central bank money, leading to faster fund transfers for retail payments. The growing inclination of consumers toward online shopping also acts as a driving force in the real-time payments market.
North America dominates the real-time payments market due to an increasing adoption of real-time payment solutions by a wide range of industry verticals. In the U.S., the real-time payment infrastructure is being developed and driven by both private and public sector players to make faster payments to customers and businesses, driving the market growth. The Asia Pacific region is projected to grow at the fastest rate, mainly due to the supportive government initiative and digitalization strategy. For instance, in November 2016, the India government announced demonetization, which resulted in an increase in real-time payments. The high population rate in this region has also increased the number of players adopting real-time payments solutions, accelerating the market growth.
The real-time payments market is fragmented with the presence of a significant number of vendors. Some of the leading players present in the market are Fiserv, Temenos, Ant Financial, Apple, Mastercard, ACI Worldwide, Wirecard, Capgemini, Global Payments, SIA, Ripple, Finastra, Nets, Montran, FSS, and REPAY. These players are focusing on developing advanced payment infrastructures and investing funds in digital services and data analytics for expanding their presence in the competitive market. In October 2018, Mastercard launched a digital solution called the Mastercard Bill Pay Exchange, making it easy for customers to manage, view, and pay bills using mobile banking applications.
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