About RealTime Payments
Real-time payments are instant payment, defined by ERPB as electronic retail payment solutions that are available 24/7/365. Real-time payment systems are rapidly adopted across the globe. Various countries are developing their payment systems such as Faster Payments in the United Kingdom, FAST in Singapore, NPP in Australia, Express Elixir in Poland, Straksclearingen in Denmark, Swish in Sweden. The real-time payments benefit all stakeholders in the ecosystem. Continuous support to real-time payments from developed countries benefits consumers and the government to trace activity and increase the fluidity of the overall economy.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global RealTime 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.
ACI Worldwide (United States), FIS (United States), Fiserv (United States), Mastercard (United States), Worldline (France), PayPal (United States), Visa (United States), Apple (United States), Ant Financial (China), INTELLIGENT PAYMENTS (Gibraltar), Ripple (United States) and IntegraPay (Australia) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Tmenos (Switzerland), Wirecard (Germany), Global Payments (United States), Capgemini (France), SIA (Italy), Obopay (India), Pelican (United Kingdom), Finastra (United Kingdom), Nets (Denmark) and FSS (India).
Segmentation Overview
AMA Research has segmented the market of Global RealTime Payments market by Type (Person-to-Person (P2P), Person–to-Business (P2B), Business-to-Person (B2P), Business-to-Business (B2B) and Others {Business-to-Government (B2G), Government-to-Business (G2B), Person-to-Government (P2G), and Government-to-Person (G2P)}), Application (BFSI, IT and Telecommunication, Retail & E-Commerce, Energy & Utilities, Healthcare, Government, Travel & Tourism and Others (inclusive of Logistics, Transport)) and Region.
On the basis of geography, the market of RealTime Payments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Southeast Asia, 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). If we see Market by Deployment Type, the sub-segment i.e. Cloud-Based will boost the RealTime 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, Payment Security and Fraud Management Solution} will boost the RealTime Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Payment Mode, the sub-segment i.e. Credit Cards will boost the RealTime Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase Adoption of Real-Time Payment in BFSI Sector and Real-Time Data Access Will Revolutionize the Cross-Border Transaction Market
Market Growth Drivers:
Government Initiative towards Digitization of the Economy and Increase Adoption of Smartphones
Challenges:
Cybersecurity Concerns and Lack of Network Interoperability
Restraints:
Security Concerns Associated With Real-time Payments
Opportunities:
Opportunity for Banks to Tap Into and Create New Revenue Streams and Strong Growth Potential in Asia Pacific Region
In July 2023, The U.S. Federal Reserve launched a new instant payment service FedNow that allows consumers and businesses to send or receive money in seconds. The new service will serve as the basis of infrastructure for instant payments by linking banks and is available 24 hours a day.
Key Target Audience
RealTime Payments Developers & Service Providers, Third-Party Players, End-User and Others
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.