RealTime Payments Market Insights and Forecast to 2028

Real-Time Payments Market Outlook - 2028

The global Real Time Payments market size is projected to reach US$ 61170 million by 2028, from US$ 14520 million in 2021, at a CAGR of 22.4% during 2022-2028.

The growth of the RealTime Payments market can be attributed to the increased adoption of smartphones and cloud-based payment methods. The industry is also expected to expand more swiftly as a result of increased consumer demand for payments to be settled more quickly and rising financial institutions and government investments to encourage the use of real-time payment systems. Thanks to the broad adoption of real-time payment systems globally, many individuals, organizations, and financial institutions now anticipate being able to pay friends and clients, settle accounts, and transfer money at the drop of a hat.

Real-Time Payments Market Trends

Consumer demand for real-time payments is rising. These changes help consumers feel more at ease with real-time payments. The primary factor driving consumers toward real-time payments over the past year has been their apparent improved flexibility of choice. Customers are very interested in real-time payments, especially those who are younger or are struggling financially, and a sizable fraction are willing to pay or transfer FIs in exchange for this option. The RealTime Payments market is anticipated to increase as a result of this factor.

Even before the COVID-19 epidemic, consumers were driving changes in the RealTime Payments business. However, as a strategy to safeguard clients and maintain corporate viability, the epidemic expedited the global adoption of digital and real-time payments. Additionally, COVID-19 has caused businesses and people to rethink how they spend money. The WHO has advocated utilizing contactless payments to minimize the likelihood of transmission, despite the lack of hard evidence to support it. Some analysts think that this trend will continue and could eventually result in a society without money.

Due to the accessibility of smart devices and the fast expansion of online retail in non-US markets, real-time payments are being adopted quickly. The market for RealTime Payments is then anticipated to grow as a result. Customers with higher expectations may use their smartphones more frequently to pay merchants, billers, peers, and others. Even though greater usage of real-time payments could help with tax collection and fraud prevention, governments usually lag behind the private sector in implementing new technology to promote trade.

The majority of the increasing number of real-time transaction use cases are person-to-person (P2P) and consumer-to-business (C2B) transactions. Banks with connections to national real-time payment networks can take advantage of the transactions' rapidly rising volume and value as well as the rising demand from clients for real-time payments and information.

Real-Time Payments Market Insights

The P2P segment is likely to grow at the quickest rate during the forecast time frame. A number of cross-border payment startups are aiming to offer real-time P2P payment solutions by developing strategic agreements with banks and other financial service providers.

The Banking, Financial Services, and Insurance (BFSI) end-use industry segment is anticipated to grow at the fastest rate throughout the projected period. Banks all across the world are implementing real-time payment systems to enhance customer experiences.

The Asia Pacific region had market control. The regional market is predicted to expand at the highest CAGR during the projection period. The increased adoption of real-time payment solutions by large-scale as well as small- and medium-scale organizations in the Asia Pacific is expected to fuel market expansion in the region. The need for real-time payment solutions is expected to rise as a result of the significant effort that many firms in the Asia Pacific region are making to digitize their everyday operations.

Real-Time Payments Market Scope and Market Size

RealTime Payments market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global RealTime Payments market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

Segment By Type

• Person-to-Person (P2P)
• Person-to-Business (P2B)
• Business-to-Person (B2P)

Segment By Application

• BFSI
• IT and Telecommunications
• Retail and e-commerce
• Government
• Energy and Utilities
• Others

By Company

• ACI Worldwide
• FIS
• Fiserv
• PayPal
• Wirecard
• Mastercard
• Worldline
• Temenos
• Visa
• Apple
• Alipay (Ant Financial)
• Global Payments
• Capegemini
• Icon Solutions
• REPAY
• IntegraPay
• SIA
• Obopay
• Ripple
• Pelican
• Finastra
• Nets
• FSS
• INTELLIGENT PAYMENTS
• Montran

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA