Real-time payments refer to payment services taking place between bank accounts that are initiated, cleared and settled within seconds, at any time of the day or night. These payments are processed immediately and continuously, 24/7, unlike traditional payment systems, which can take hours or even days to complete transactions.
The real-time payments market consists of sales, by entities (organizations, sole traders and partnerships), of real-time payments services that enable the instant transfer of funds from one bank account to another.
The global real-time payments market was valued at $6,245.9 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 34.0%.
Growing Initiatives Taken By Governments To Promote Cashless Economy
The growing initiatives taken by governments to promote a cashless economy supported the growth of the real-time payments market during the historic period. A cashless economy is the one in which financial transactions are not done with banknotes or physical currency but via digital modes of payment. Many governments are promoting digital transactions to enhance transparency and reduce the reliance on cash. This can involve developing national payment infrastructures, setting regulatory standards or offering incentives for digital payments. For instance, in August 2021, the Government of India launched a digital payment method, e-RUPI, a cashless and contactless digital payment method. e-RUPI is essentially a digital voucher that a beneficiary receives by SMS (Short Message Service) or a QR (Quick Response) code on his phone. It is a pre-paid coupon that can be used at any location that takes it. Therefore, growing initiatives taken by governments to promote a cashless economy contributed to the real-time payments market growth.
Development And Adoption Of Application Programming Interfaces (APIs)
Companies operating in the real-time payments market are focusing on the development and adoption of application programming interfaces (APIs) specifically designed for real-time payments to incorporate these systems into their platforms more easily. For instance, in October 2023, Instant Cash, a UAE-based company, introduced the IC API, a new open application programming interface platform, to make the process of adding money transfer options for its global clientele easier. The newly announced Open API platform (IC API) is expected to streamline the integration of money transfer services and offers in general, particularly for digital partners and collaborators. The goal of this process is to improve end users' and customers' access to security and efficiency with respect to money transactions.a Additionally, in February 2023, Finzly, a US-based cloud-based payments platform for banks, introduced an application programming interface (API) connection, enabling developers to use the new United States rapid payment rail. Finzly now makes the FedNow Service accessible to developers working at platforms, financial technology companies and financial institutions.
The global real-time payments market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 27.3% of the total market in 2022
Real-Time Payments Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global real-time payments market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for real-time payments? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The real-time payments market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider real-time payments market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics: Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by type, by enterprise size, by deployment and by end users market.
- Key Trends: Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario: The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the real-time payments market.
- Global Market Size And Growth: Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis: Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation: Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by component, by type, by enterprise size, by deployment and by end users in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size And Growth: Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape: Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players
- Key Mergers And Acquisitions: Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies: Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets. business to be gained by competitors in the next five years.
- Conclusions And Recommendations: This section includes recommendations for real time payments providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Solutions; Services
- 2) By Type: Person-To-Person (P2P); Person-To-Business (P2B); Business-To-Person (B2P)
- 3) By Enterprise Size: Small And Mid-Size Enterprises (SMES); Large Enterprises
- 4) By Deployment: Cloud; On-Premises
- 5) By End Users: Retail And E-Commerce; Government And Utilities; Healthcare; Telecom And It; Travel And Hospitality; BFSI; Other End-Users
- Companies Mentioned: Mastercard Incorporated; Visa Inc.; Fiserv, Inc.; PayPal Holdings, Inc.; Fidelity National Information Services, Inc. (FIS Inc.)
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; real-time payments indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.