Real-Time Payments Market size was valued at USD 21.7 billion in 2023 and is estimated to register a CAGR of over 27.5% between 2024 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.
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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 64.56 billion 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.
|Real-Time Payments Market Size in 2023:
|USD 21.7 Billion
|2024 to 2032
|Forecast Period 2024 to 2032 CAGR:
|2032 Value Projection:
|USD 176.5 Billion
|Historical Data for:
|2018 - 2023
|No. of Pages:
|Tables, Charts & Figures:
|Component, deployment model, payment type, organization size, and end-user
|Pitfalls & Challenges:
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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. Improved transparency increases the popularity of the market.
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.