What Has Been the Growth of the Real-Time Payments Market So Far?
The real-time payments market has seen considerable growth due to a variety of factors.
• There has been a tremendous increase in the size of the real-time payments market in the past few years. It is projected that this growth will raise the market size from $37.22 billion in 2024 to $48.97 billion in 2025, with a compound annual growth rate (CAGR) of 31.6%.
This significant growth during the historic period can be attributed to factors such as the consumer's desire for immediate satisfaction, the widespread adoption of mobile and digital wallets, globalization and international transactions, initiatives imposed by regulatory bodies, as well as the expansion of e-commerce.
What Are the Future Growth Projections for the Real-Time Payments Market?
The real-time payments market is expected to maintain its strong growth trajectory in upcoming years.
• Expansion is predicted in the real-time payments market size over the next several years, reaching $169.32 billion in 2029 with a compound annual growth rate (CAGR) of 36.4%.
Factors contributing to this growth during the forecast period include a burgeoning requirement for business efficiency, evolving consumer habits, improved security protocols, heightened initiatives for financial inclusion, and the emergence of central bank digital currencies (CBDCS). Among the significant trends forecasted for this period are the development of open banking and API integration, the increase in peer-to-peer (P2P) and social payments, the adoption of blockchain and distributed ledger technology, advancements in real-time payroll and business payments, and improvement of customer experience.
What Factors Are Driving Growth In The Real-Time Payments Market?
The rise in the usage of smartphones is anticipated to fuel the expansion of the real-time payment market in the future. A smartphone is a handheld electronic device that melds a computer with advanced features not previously found in phones, such as an operating system, internet browsing capabilities, and the ability to execute software applications. The extensive global use of smartphones has enabled real-time payment transactions, making smartphone payments an appealing option for consumers. For instance, as reported by the GSMA, a U.K.-based nonprofit organization, in October 2023, presently, about 4.6 billion people utilize mobile internet, with nearly 4 billion doing so via smartphones. This equates to approximately half (49%) of the world's population. Furthermore, around 600 million people, or 8% of the planetary population, connect to the internet using standard phones. This underscores the important role mobile devices play in global communications. Recent trends indicate a strong favoritism for smartphones over standard phones for internet use. Hence, the rising usage of smartphones is stimulating the growth of the real-time payment market.
What Are The Main Segments Of The Global Real-Time Payments Market?
The real-time payments market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Type: Person-To-Person (P2P), Person-To-Business (P2B), Business-To-Person (B2P), Others (Business-To-Government (B2G), Government-To-Business (G2B), Business-To-Business (B2B), Person-To-Government (P2G), And Government-To-Person (G2P))
3) By Enterprise Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Deployment: On-Premise, Cloud
5) By End Users: Retail And E-commerce, Government And Utilities, Healthcare, Telecom And IT, Travel And Hospitality, BFSI, Other End-Users
Subsegments:
1) By Solutions: Payment Processing Solutions, Payment Gateway Solutions, Fraud Detection And Prevention Solutions, Real-Time Payment Systems
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Managed Services
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What Emerging Trends Are Influencing The Growth Of The Real-Time Payments Market?
The trend of technological progression is rising to prominence in the real-time payments market. Large corporations within this sector are honing in on new technologies to fortify their market standing. In an illustrative example, IBM, an American technology corporation involved in this market, unveiled a novel generation mainframe equipped with artificial intelligence technology in April 2022. This innovative IBM z16 processor has the capacity to accommodate deep learning-based fraud detection for every transaction.
Who Are the Key Players in the Real-Time Payments Market?
Major companies operating in the real-time payments market include:
• ACI Worldwide Inc.
• FIS Corporation
• Fiserv Inc.
• Mastercard Inc.
• Visa Inc.
• Temenos AG
• Wirecard AG
• Capgemini SE
• Finastra Limited
• Montran Corporation Ltd.
• Ripple Labs Inc.
• PelicanFast
• IntegraPay Pty Ltd.
• Worldpay Inc.
• Volante Technologies Inc.
• PayPal Holdings Inc.
• Square Inc.
• Stripe Inc.
• Worldline SA
• Global Payments Inc.
• Adyen N. V.
• Ant Financial Services Group
• Apple Inc.
• Google LLC
• Samsung Electronics Co. Ltd.
• Tencent Holdings Limited
• Paytm (One97 Communications Ltd. )
• PayU (Naspers Ltd. )
• Dwolla Inc.
• TransferWise Ltd.
What Is The Most Dominant Region In The Real-Time Payments Market?
Asia-Pacific was the largest region in the real-time payments market in 2024.North America is expected to be the fastest-growing region in the forecast period. The regions covered in the real-time payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
