Instant fraud detection for financial transactions is driving lucrative market size. Advanced technologies including Artificial Intelligence (AI) and Machine Learning (ML) enable real-time monitoring & detection of suspicious activities, ensuring secure transactions. For instance, in June 2023, Jack Henry unveiled Payrailz Fraud Monitor, an AI-powered, cloud-native component integrated into the Payrailz Digital Payments platform. This feature enables instant fraud detection for payment transactions right at the initiation stage. The enhanced security instills confidence among users, encouraging greater adoption of real-time payment systems. As consumers and businesses trust the safety of such transactions, the market is expanding rapidly, fostering a robust & secure environment for increased adoption of real-time payments.
Improved transparency in transactions is augmenting real-time payments market demand. Real-time payment systems provide instant updates and detailed transaction records, offering users real-time visibility into their financial activities. The enhanced transparency builds trust among consumers and businesses, reducing concerns about delayed or erroneous transactions. Users can track payments in real time, ensuring accuracy and reducing disputes. As a result, the growing confidence in the transparency of real-time payments is fueling their adoption, further boosting market expansion.