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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.
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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.
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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.