The real-time payments market is anticipated to expand at a CAGR of 32.6% from 2023 to 2031. The real-time payments market includes growth prospects owing to the current real-time payments market trends and their foreseeable impact during the forecast period. The real-time payments market is a large and expanding sector. The market is growing due to factors such as rising adoption of smartphones and access to high-speed internet.
Real-Time Payments Market Analysis
The real-time payment market has experienced significant growth in recent years, driven by technological advancements, changing consumer preferences, and the need for faster, more convenient payment solutions. Real-time payments refer to electronic payments that are processed instantly or within a few seconds, allowing for immediate transfer of funds between parties. This market has evolved rapidly, transforming the way individuals, businesses, and financial institutions conduct transactions.
Real-Time Payments Industry Overview
- The proliferation of digital technology, including mobile devices, cloud computing, and blockchain, has fueled the growth of real-time payments. These technologies enable secure, efficient, and instantaneous transactions, eliminating the need for traditional payment methods such as checks or wire transfers.
- Consumers increasingly demand instant gratification and seamless experiences, including when it comes to financial transactions. Real-time payments offer individuals the convenience of sending and receiving money instantly, whether it's splitting bills with friends or paying for goods and services online.
Strategic Insights
Real-Time Payments Market Drivers and Opportunities
Rising Adoption of Smartphones and Access to High-Speed Internet to Drive the Real-Time Payments Market Growth.
- Over the past few years, the rate of smartphone adoption has climbed dramatically in nations like China, India, and Canada. Furthermore, the widespread availability of 3G and 4G connectivity has made it possible for users to make payments on their cell phones with ease.
- Furthermore, the adoption of 5G networks is expanding throughout the Middle East, Europe, Asia, and North America, which is driving the growth of the real-time payments market.
- In addition, end customers now have easy access to smartphone devices due to the widespread expansion of smartphone companies' distribution networks. Because of their extensive pan-Indian distribution network, Samsung, Micromax, and Karbonn, for example, are well-known mobile phone brands in rural India. As a result, the rural populace can use their phones to make RTPP payments.
Real-Time Payments Market Report Segmentation Analysis
- Based on payment type, the real-time payments market is segmented into P2P, P2B, B2P, and others.
- The P2B segment is expected to hold a substantial real-time payments market share in 2023.
- The unabated growth of mobile commerce and e-commerce is a key factor driving the growth of the segment. As mobile commerce and e-commerce increase the P2B payments.
Real-Time Payments Market Share Analysis By Geography
The scope of the real-time payments market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant real-time payments market share. The region's significant economic development, growing population, and increasing focus on financial inclusion across diverse economies have contributed to this growth. APAC's emerging markets, characterized by a large population and a growing entrepreneurial culture, have presented substantial opportunities for the real-time payments market.
Real-Time Payments Market Report Scope
The " Real-Time Payments Market Analysis" was carried out based on payment type, component, enterprise size, industry vertical, and geography. In terms of payment type, the market is segmented into P2P, P2B, B2P, and Others. Based on components, the real-time payments market market is segmented into solutions and services. Based on enterprise size, the market is segmented into small and medium-sized enterprises and large enterprises. Based on industry vertical, the market is segmented into government, BFSI, retail and e-commerce, IT and telecommunications, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Real-Time Payments Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the real-time payments market. A few recent key market developments are listed below:
- In April 2023, Visa announced that it is partnering with PayPal and Venmo to pilot Visa+, an innovative service that aims to help individuals move money quickly and securely between different person-to-person (P2P) digital payment apps. Later this year, Venmo and PayPal users in the US will be able to start moving money seamlessly between the two platforms.
[Source: Visa, company website]
- In April 2023, CRED launched services of UPI peer-to-peer (P2P) payments. The new payment method has been made available with the introduction of Scan & Pay, which enables users to "pay anywhere" via UPI.
[Source: CRED, company website]
Real-Time Payments Market Report Coverage & Deliverables
The market report on “Real-Time Payments Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Real-Time Payments Market Report Analysis
-
CAGR (2023 - 2031)32.6% -
Market Size 2023
US$ XX Billion -
Market Size 2031
US$ XX Billion
Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- ACI Worldwide
- FIS
- Fiserv, Inc.
- Mastercard.
- Worldline S.A.
- PayPal
- Visa
- Apple Inc.
- Ant Group CO., Ltd.
- Temenos SA
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- P2P
- P2B
- B2P
- Others
- Solutions and Services
- Small and Medium-Sized Enterprises and Large Enterprises
- Government
- BFSI
- Retail and e-commerce
- IT and Telecommunications
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Real-Time Payments Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ XX Billion |
Market Size by 2031 | US$ XX Billion |
Global CAGR (2023 - 2031) | 32.6% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Payment Type
|
Regions and Countries Covered |
North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Nature of Payment Component Enterprise Size and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Frequently Asked Questions
The advent of IoT, big data, and machine learning are impacting real-time payments, which are anticipated to play a significant role in the global real-time payments market in the coming years.
The global real-time payments market is expected to grow at a CAGR of 32.6 % during the forecast period 2024- 2030.
The key players holding majority shares in the global real-time payments market are ACI Worldwide; FIS; Fiserv, Inc.; and Mastercard.; Worldline S.A.
Rising adoption of smartphones and access to high-speed internet to drive the real-time payments market growth.
- ACI Worldwide
- FIS
- Fiserv, Inc.
- Mastercard.
- Worldline S.A.
- PayPal
- Visa
- Apple Inc.
- Ant Group CO., Ltd.
- Temenos SA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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