Faster Payment Service Market Scope
Faster payment service includes quick transaction of the payment electronically from bank to bank, from bank to user or user ti bank in near real time. This service provided for the different type of payment namely single immediate payments, forward-dated payment, standing orders, and direct corporate access payments. System is majority depend on availability of mobile, internet, telephone and other communication services. This can be done by banking app, online banking portal or an in-branch visit. Owing to increasing demand fast payment services in urbanized area and need for real time payment, faster payment service market is expected to grow at a significant rate during the forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | FIS (United States), Mastercard (United States), ACI Worldwide (United States), PayPal (United States), Wirecard (Germany), Temenos Headquarters SA (Switzerland), Global Payments Inc (United States), Icon Solutions Ltd (United Kingdom), Capgemini (France), Nexi Payments SpA (Italy), Fiserv, Inc. (United States) and Paddle (London) |
CAGR | % |
Faster payment service market is a fragmented market due to the presence of various players. The players are focusing on offering competitive prices to gain high market share and establish their position in the market. Further, companies are focusing on developing innovative services and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
FIS (United States), Mastercard (United States), ACI Worldwide (United States), PayPal (United States), Wirecard (Germany), Temenos Headquarters SA (Switzerland), Global Payments Inc (United States), Icon Solutions Ltd (United Kingdom), Capgemini (France), Nexi Payments SpA (Italy), Fiserv, Inc. (United States) and Paddle (London) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Faster Payment Service market by Type , by Application (Individual, Business, Government, Banks and Capital Market) and Region with country level break-up.
On the basis of geography, the market of Faster Payment Service 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).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In July 2019, FIS acquired Worldpay, one of the global ecommerce and payment Technology Company. FIS is leader in technology and solutions for merchants, banks and capital markets this acquisition helped FIS to enhance the scale, portfolio and global footprint in faster payment market
In February 2021, paddle launched new service named paddle pilot. These service provide cross-border capability for payments and reduced payment failure. This service is launched for B2B SaaS companies. With this launch paddle expand its presence in faster payment services payment.
Influencing Trend:
Increase in E- Commerce Platform
Market Growth Drivers:
Increasing Demand of Time Sensitive Payments at an Adequate Speed. and Growing Demand of Cross Border Payment
Challenges:
Increasing Incidence of Fraudulent Activity and Online Security Problems and Lack of Skilled Workforce
Restraints:
Lack Awareness about Fast Payments in Underdeveloped Regions
Opportunities:
Increasing Advanced Technical Digitalization in Fast Payment Services
Key Target Audience
Faster Payment Service Provider, Government Bodies, Regulatory Bodies, Potential Investors, End Users and Others