Faster Payments Service Market Report 2025

The faster payments service market size has grown rapidly in recent years. It will grow from $65.18 billion in 2024 to $73.92 billion in 2025 at a compound annual growth rate (CAGR) of 13.4%. During the historic period, growth was driven by the rising adoption of digital payments, increasing demand for real-time fund transfers, expanding smartphone and internet usage, growth in e-commerce transactions, and higher consumer expectations.

The faster payments service market size is expected to see rapid growth in the next few years. It will grow to $120.69 billion in 2029 at a compound annual growth rate (CAGR) of 13%. In the forecast period, growth is expected to be fueled by the continued adoption of digital payments, growing demand for real-time fund transfers, further expansion of smartphone and internet penetration, increasing e-commerce activity, and rising consumer expectations. Key trends anticipated during this period include advancements in blockchain technology, enhanced biometric authentication methods, innovations in payment application programming interfaces, integration with open banking platforms, and progress in AI-powered fraud detection.

The increasing adoption of digital payments is expected to drive the growth of the faster payments service market in the coming years. Digital payments involve the electronic transfer of money between parties through digital platforms without the need for physical cash. This trend is rising due to growing smartphone and internet penetration, making electronic transactions more accessible and convenient for users. Faster payments services support the digital payment ecosystem by enabling real-time money transfers, making them ideal for individuals and businesses seeking quick and secure transactions. They reduce processing delays by offering 24/7 instant settlements, thereby improving overall financial efficiency. For example, in January 2024, the European Central Bank, a Germany-based central banking institution, reported that the number of contactless card payments increased by 24.3% to 20.9 billion in 2023 compared to 2022. Therefore, the increasing adoption of digital payments is fueling the growth of the faster payments service market.

Major companies in the faster payments services market are focusing on developing advanced solutions, such as real-time payment integrations, to improve transaction speed, enhance user experience, and reduce processing times. Real-time payment integrations are seamless connections between payment platforms and banking networks that enable instant fund transfers. For instance, in February 2025, Orum Inc., a US-based software company, partnered with Visa Inc., a US-based credit card service corporation, to launch a faster payments platform that enhances the Deliver API solution. This integration leverages Visa Direct to enable real-time fund transfers to and from bank accounts via debit card, allowing businesses and financial institutions to access instant payments for 99% of U.S. bank accounts through a single API that unifies multiple payment methods, including Visa Direct, FedNow, RTP, and ACH. This solution streamlines transactions, reduces settlement delays, and offers a frictionless payment experience for end-users.

In May 2025, ClearBank Ltd., a UK-based technology-enabled clearing bank, partnered with Payabl. Cy Limited to enhance faster payment services in the UK. This collaboration aims to provide real-time, secure, and flexible multi-currency payment solutions for businesses, available 24/7. Payabl. Cy Limited is a Cyprus-based fintech company offering faster payment services.

Major players in the faster payments service market are Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Fidelity National Information Services Inc., Worldline SA, Finastra Group Holdings Limited, Nets A/S, Stripe Inc., ACI Worldwide Inc., Kraken, Temenos AG., Early Warning Services LLC., Rapyd Financial Network Ltd., Repay Holdings Corporation, Nium Pte. Ltd., Volante Technologies Inc., NovoPayment Inc., Tink AB, Form3 Ltd., The Clearing House Payments Company L.L.C., Currencycloud Group Limited, Montran Corporation.

North America was the largest region in the faster payments service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in faster payments service report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the faster payments service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Faster payments service is an advanced real-time payment system that allows instant electronic fund transfers between bank accounts. Operating 24/7, it offers individuals and businesses fast, secure, and dependable payment processing, enhancing cash flow and operational efficiency.

The primary components of faster payments service include software, hardware, and services. Software refers to digital programs and applications that facilitate, manage, process, and secure real-time financial transactions between parties. This service can be deployed as either cloud-based or on-premises solutions and supports various payment methods, such as debit card transactions, credit card transactions, e-wallets, direct debits, and bank transfers. It caters to a wide range of applications, including e-commerce, remittances, insurance payments, utility payments, and payroll services, and is utilized by diverse end users such as banks and financial institutions, retailers, corporates and small and medium enterprises, consumers, and government and public sector organizations.

The faster payments service market research report is one of a series of new reports that provides faster payments service market statistics, including the faster payments service industry's global market size, regional shares, competitors with the faster payments service market share, detailed faster payments service market segments, market trends and opportunities, and any further data you may need to thrive in the faster payments service market. This faster payments service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The faster payments service market consists of revenues earned by entities by providing services such as real-time fund transfers, immediate payment settlement, 24/7 transaction processing, fraud detection and prevention, mobile and online payment integration, and payment gateway solutions to banks. The market value includes the value of related goods sold by the service provider or included within the service offering. The faster payments service market also includes sales of real-time payment processing platforms, mobile banking applications, API-based payment gateways, fraud detection systems, transaction monitoring tools, instant settlement solutions, and cloud-based payment infrastructure. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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