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Real-Time Payments Market Analysis

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

Real-Time Payments Market Analysis

Real-Time Payments Market Size, By Component, 2022 – 2032, (USD Billion)

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Based on component, the solution segment held over 65% of the market share in 2023. The integration of digital payment solutions to expedite financial transactions is driving market growth. 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, propelling market growth.
 

Real-Time Payments Market Share, By Organization Size, 2023

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Based on organization size, the large organization segment recorded 60% of the real-time payments market share in 2023. Collaborative efforts to deploy real-time payment systems are pushing the growth of this segment in the market. 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, 2022 -2032, (USD Billion)

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North America real-time payments market accounted for 25% of the revenue share in 2023. In North America, the surge in consumer demand for instant & convenient payment methods is driving industry growth. 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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of real-time payments reached USD 21.7 billion in 2023 and is set to witness over 27.5% CAGR from 2024 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 2023, owing to the ongoing integration of digital payment solutions to expedite financial transactions.

North America market accounted for 25% revenue share in 2023, 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: 2023
  • Companies covered: 15
  • Tables & Figures: 393
  • Countries covered: 22
  • Pages: 250
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