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Real-Time Payments Market Trends

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

Real-Time Payments Market Trends

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.

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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