A real-time payment (RTP) is a payment that is initiated and settled nearly instantaneously. A real-time payments rail is the digital infrastructure that facilitates real-time payments. Ideally, real-time payment networks provide 24x7x365 access, which means they are always online to process transfers. This includes weekends and holidays.
With evolving technologies, smartphones are increasingly available at reasonable prices and are becoming affordable for customers, which promotes growth of the real-time payment market. Furthermore, the widespread adoption of real-time payment channels among merchants, as well as the numerous benefits provided by real-time payments, drive market growth. These factors notably contribute to the growth of the global real-time payment market. However, risk in data breaches, security issues while conducting payments, and difficulties in the replacement process of point-of-sale (POS) terminal are some of the factors that hamper the market growth. On the contrary, payment industry is introducing a gradual shift toward a digital economy across several countries. In addition, rise in adoption of real-time payments across emerging economies and rapid digitalization in payments sector are expected to provide lucrative opportunities for the market growth in the coming years.
The real-time payment market is segmented into component, deployment mode, enterprise size, verticals and region. Based on component, it is segmented into solution and service. The solution segment is further segregated into payment gateway solution, payment processing solution, and payment security & fraud management solution. By payment method, it is sub segmented into cards, eWallet, automated clearing house (ACH), and others. The services segment is further divided into professional services and managed services. By deployment mode, the real-time payment market is segmented into on-premises and cloud. On the basis of enterprise size, it is segmented into large enterprises and small & medium-sized enterprises (SMEs). On the basis of verticals, the real-time payment market is segmented into BFSI, IT and telecommunications, retail and e-commerce, government, energy and utilities, and others Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the top real-time payment companies operating in the market, such as ACI Worldwide, Inc., Cognizant, FIS Inc., Financial Software & Systems Pvt. Ltd., Finastra, Fiserv, Inc., Mastercard, Inc., Microsoft Corporation, Mindgate Solutions Private Limited, Montran Corp., PayPal Holdings, Inc., TCS, Temenos AG, Visa Inc., Volante Technologies Inc., Sila, and Rapyd. These players have adopted various strategies to increase their market penetration and strengthen their position in the real-time payment industry,
With evolving technologies, smartphones are increasingly available at reasonable prices and are becoming affordable for customers, which promotes growth of the real-time payment market. Furthermore, the widespread adoption of real-time payment channels among merchants, as well as the numerous benefits provided by real-time payments, drive market growth. These factors notably contribute to the growth of the global real-time payment market. However, risk in data breaches, security issues while conducting payments, and difficulties in the replacement process of point-of-sale (POS) terminal are some of the factors that hamper the market growth. On the contrary, payment industry is introducing a gradual shift toward a digital economy across several countries. In addition, rise in adoption of real-time payments across emerging economies and rapid digitalization in payments sector are expected to provide lucrative opportunities for the market growth in the coming years.
The real-time payment market is segmented into component, deployment mode, enterprise size, verticals and region. Based on component, it is segmented into solution and service. The solution segment is further segregated into payment gateway solution, payment processing solution, and payment security & fraud management solution. By payment method, it is sub segmented into cards, eWallet, automated clearing house (ACH), and others. The services segment is further divided into professional services and managed services. By deployment mode, the real-time payment market is segmented into on-premises and cloud. On the basis of enterprise size, it is segmented into large enterprises and small & medium-sized enterprises (SMEs). On the basis of verticals, the real-time payment market is segmented into BFSI, IT and telecommunications, retail and e-commerce, government, energy and utilities, and others Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the top real-time payment companies operating in the market, such as ACI Worldwide, Inc., Cognizant, FIS Inc., Financial Software & Systems Pvt. Ltd., Finastra, Fiserv, Inc., Mastercard, Inc., Microsoft Corporation, Mindgate Solutions Private Limited, Montran Corp., PayPal Holdings, Inc., TCS, Temenos AG, Visa Inc., Volante Technologies Inc., Sila, and Rapyd. These players have adopted various strategies to increase their market penetration and strengthen their position in the real-time payment industry,
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the real-time payments market analysis from 2021 to 2031 to identify the prevailing real-time payments market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the real-time payments market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global real-time payments market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Solution
- Services
- Professional Services
- Managed Services
By Deployment Mode
- On-premises
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Industry Vertical
- BFSI
- IT and Telecommunications
- Retail and e-commerce
- Government
- Energy and Utilities
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest Of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Financial Software & Systems Pvt. Ltd.
- Finastra
- Mastercard, Inc.
- Mindgate Solutions Private Limited
- Montran Corp.
- TCS
- Temenos AG
- Sila
- Rapyd
- Volante Technologies Inc.
- FIS Inc.
- Fiserv, Inc.
- Microsoft Corporation
- PayPal Holdings, Inc.
- Visa Inc.
- Cognizant
- ACI Worldwide, Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: REAL-TIME PAYMENTS MARKET, BY COMPONENT
CHAPTER 5: REAL-TIME PAYMENTS MARKET, BY DEPLOYMENT MODE
CHAPTER 6: REAL-TIME PAYMENTS MARKET, BY ENTERPRISE SIZE
CHAPTER 7: REAL-TIME PAYMENTS MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: REAL-TIME PAYMENTS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the real-time payments market was valued at $13.8 billion in 2021, and is estimated to reach $123 billion by 2031, growing at a CAGR of 24.5% from 2022 to 2031.According to the report titled, 'Real-Time Payments Market By Component (Solution, Services), By Deployment Mode (On-Premises, Cloud), By Enterprise Size (Large Enterprises, Small And Medium-Sized Enterprises (SMEs)), By Industry Vertical (BFSI, IT And Telecommunications, Retail And E-Commerce, Government, Energy And Utilities, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031". The real-time payments market size was valued at $13.8 billion in 2021, and is estimated to reach $123 billion by 2031, growing at a CAGR of 24.5% from 2022 to 2031.
The real-time payments market is witnessing significant trends and growth factors. The increasing demand for instant and seamless transactions, driven by the rise of e-commerce, mobile banking, and digital wallets, is propelling the adoption of real-time payment solutions. In addition, regulatory initiatives promoting faster payments and open banking are fostering innovation and competition in the market. Furthermore, the integration of real-time payment systems with emerging technologies like blockchain and AI is enhancing security, efficiency, and customer experiences. Moreover, the global push towards a cashless society and the expansion of real-time payment networks across regions are contributing to market growth. These factors collectively reflect a dynamic landscape for real-time payments, driving its expansion and transformation in the financial services industry.
Furthermore, the global real-time payments industry is in its developing phase and exhibits high growth potential due to rise in demand for operational efficiency & transparency during transactions and surge in demand for customized digitalized payment options globally. For instance, according to a study conducted by Mastercard in 2020, 95% of South African consumers plan to use at least one emerging payment method, such as contactless, proximity, cryptocurrency, biometrics, or QR code, in the coming year. In addition, as several stores were closed to maintain social distance, retailers worldwide moved their businesses online and adopted the potential of rtp payments and other contactless transaction modes.
By industry vertical, the BFSI segment acquired major real-time payments market share. This is attributed to the fact that real time payment network offers digital solutions for customer-centric banking by providing secure solutions with flexible real-time payments models. It enables bulk payment by uploading the list of all payments to be made and automatically diverts to another payment option in case of payment failure. Furthermore, it checks the credit history to intelligently track and protect against defaulters and fraud. Therefore, these are some major key market trends for payment processing solutions in the BFSI sector.
Region-wise, North America dominated the market in 2021 and is expected to continue to dominate the real-time payments market during the forecast period. This is attributed to the rapid adoption of mobile wallets such as Apple Pay and Samsung Pay have contributed toward the growth of real-time payments in North America. In addition, rise in trend of contactless payment during the pandemic increased the adoption of real-time payments methods such as Near Field Communication (NFC) and QR codes. Furthermore, the convenience provided by real time payment credit, such as quick service and faster check-out experiences at cafes, drive-through & casual dining restaurants, as well as access to coupons, offers, and rewards in the payment experience, are major growth factors for the North American real-time payments market growth.
During the COVID-19 pandemic, there has been a significant increase in the demand for real-time payments market growth. This is attributed to increased familiarity with payment technology among consumers, and several governing bodies across the globe are taking initiatives to stop the spread of virus by initiating various policies. For instance, in the UK, the Health Minister has proposed launching a new application that would help the National Health Service (NHS) test and trace. In addition, this new launch aims to promote contact tracing of COVID-19 infected people and to establish contact between app-enabled smartphones within a certain radius. Thus, these factors promoted the growth of the real-time payments market trends during the pandemic situation.
Key findings of the study
By deployment mode, the on-premises segment led the highest real-time payments market share in terms of revenue in 2021.By enterprise size, the large enterprise segment led the highest real-time payments market share in terms of revenue in 2021.
Region-wise, North America generated the highest revenue in 2021.
The key players operating in the real-time payments market analysis include ACI Worldwide, Inc., Cognizant, FIS Inc., Financial Software & Systems Pvt. Ltd., Finastra, Fiserv, Inc., Mastercard, Inc., Microsoft Corporation, Mindgate Solutions Private Limited, Montran Corp., PayPal Holdings, Inc., TCS, Temenos AG, Visa Inc., Volante Technologies Inc., Sila, and Rapyd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- Financial Software & Systems Pvt. Ltd.
- Finastra
- Mastercard, Inc.
- Mindgate Solutions Private Limited
- Montran Corp.
- TCS
- Temenos AG
- Sila
- Rapyd
- Volante Technologies Inc.
- FIS Inc.
- Fiserv, Inc.
- Microsoft Corporation
- PayPal Holdings, Inc.
- Visa Inc.
- Cognizant
- ACI Worldwide, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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