About Instant Payments
Instant payment (Real time payment) is a method of exchanging money and purchasing services in quick time. Rapid digitization and growth in e-commerce market have changed the purchase pattern of consumers and need for instant payment solution on the go has become necessity more than ever. Companies across the world are focusing on providing innovative solutions in instant payment service and with technological advancement at fore, the obvious disruption in real time payment solution is on the card.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 32.6% |
United States giants PayPal, Google, Facebook, Amazon and China's Alibaba and Tencent are currently dominate Europe market. Recently, European Central Bank (ECB) launched a new instant payment system in November 2018 to let banks settle payments instantly across Europe. Owing to consistence cyber attack on financial institution and changing ties with United States president, European players from Spain, Germany and France have tied up with ECB. Analyst at AMA Research estimates that United States and United Kingdom Players will contribute the maximum growth to Global Instant Payments market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SWIFT [Belgium], SITRAF [Brazil], Vocalink [United Kingdom], Danske Bank [Denmark], Swish [Sweden], Paym [ United Kingdom], Barclays [United Kingdom], OCBC [Singapore], BPAY [Australia], PayPal [United States], Apple [United States], Alibaba [China], Ripple [United States] and NETS [Singapore] are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are ACI Worldwide [United States], FIS [United States], Mastercard [United States], Equens [Netherlands], Fiserv [United States], Visa [United States], Tmenos [Switzerland], Wirecard [Germany], Capgemini [France], Global Payments [United States], Pelican [United Kingdom], Nets [Denmark], European Central Bank [Germany] and IntegraPay [Australia].
Segmentation Overview
AMA Research has segmented the market of Global Instant Payments market by , Application (P2P, B2C, C2C, B2B and O2O) and Region.
On the basis of application, P2P segment is dominating the market in the year 2023On the basis of geography, the market of Instant Payments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by Deployment Mode, the sub-segment i.e. On-premises will boost the Instant Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Size, the sub-segment i.e. Small and Medium-sized Enterprises (SMEs) will boost the Instant Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component , the sub-segment i.e. Solutions (Payment Gateway Solution, Payment Processing Solution and Payment Security & Fraud Management) will boost the Instant Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Verticals, the sub-segment i.e. BFSI will boost the Instant Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand for Customized Offering and Secure Payment from Customer and Transition From Card to Cloud
Market Growth Drivers:
Growing Smartphones Penetration, Need for Immediate and Quicker Payment Settlement by Consumers End and Favorable Government Initiatives to Promote Instant Payment Services
Challenges:
Problem of Transferring Money Between Different Payment Systems, Restriction Regarding Maximum Amount in the Account and Transaction Limits and Lack of Harmonization in Cyber-security Laws in Different Countries
Restraints:
Cut-Throat Competition in the Market and Payment Security and Data-breach Issues
Opportunities:
Growing Digitization and Internet Penetration in Emerging Countries and Advancement in Technologies such as Block-chain and Artificial Intelligence
Market Leaders and their expansionary development strategies
September 2018 - : Fiserv intended to acquire third-party debit processing solutions of Elan financial services. The value proposition for the company and its presence in debit card processing are expected to enhance owing to this acquisition.
Regulators are focusing on rationalizing various payment systems such as United Kingdom payment regulator is working on to merge three payment systems into one to reduce operational cost and increase efficiency while European parliament adopted a safer and more innovative European payment (PSD2, Directive (EU) 2015/2366). The new rule aims to protect the consumer when they pay online, promote the development of mobile payments and make cross-border European payment safer.
Analyst View
The instant payment industry is in need for interoperability and the same is emphasized by Thomas Feiler, head of payment products management at EquensWorldline. “Instant Payments is a hot topic in payments, with initiatives being implemented across Europe. I believe there’s tremendous value in these local initiatives, as they are able to tailor the solutions to the specific requirements in a community. I don’t believe in a one-size-fits-all solution, but there is a need to connect these local initiatives t
Key Target Audience
Banks and Financial Institutions, Supply Chain Managers and Directors, Logistics Procurement Managers, Marketing Managers and Potential Investors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.