Real-time payment market is expected to grow from US$ 12.85 billion in 2021 to US$ 86.89 billion by 2028 with an estimated CAGR of 32.0% from 2022 to 2028.
Financial services companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. Open Banking APIs boost a bank's attractiveness and enable it to meet the changing expectations of existing clients and attract new ones. The APIs may also be used as a one-of-a-kind solution to boost customer interaction and respond to consumer requirements in a safe, agile, and future-proof way. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the real-time payment market to expand during the forecasted period .
MARKET DYNAMICS
The real-time payment business is gaining traction and is expected to propel in the coming years. Many existing real-time payment prefer the medium over other non-cash payment alternatives, such as push-to-card, same-day ACH, and wire transfer. To strengthen the real-time payment industry, Asia Pacific countries have taken many significant steps to develop real-time payments. The Asian Payments Network (APN) is a consortium of 11 Asian countries, such as the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand, and Australia, that promote cross-border banking transactions in the region. Also, it has been seen that many customers in Asia Pacific are inclined toward real-time payment. Thus, increasing real-time payment users drives the demand for real-time payment market across the region.
MARKET SCOPE
The "Global Real-Time Payment Market Analysis to 2028" is a specialized and in-depth study of the real-time payment market with a special focus on the global real-time payment market trend analysis. The report aims to provide an overview of real-time payment market with detailed market segmentation by component, payment mode, deployment, enterprise size, and industry. As per our analysis, the global real-time payment market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading real-time payment market player and offers key trends and opportunities in the real-time payment market.
Strategic Insights
MARKET SEGMENTATION
The global real-time payment market is segmented on the basis of component, payment mode, deployment, enterprise size, and industry. Based on component, the real-time payment market is further segmented into solution and services. The solution segment is further subsegmented into payment gateway, payment processing, and payment security and fraud management. By payment mode, the real-time payment market is categorized into person-to-person, person-to-business, business-to-person, and others. In terms of deployment, the real-time payment market is bifurcated into on premise and cloud. Further, from enterprise size point of reference, the market is split into SMEs and large enterprises. Based on industry, the real-time payment market is divided into BFSI, government, retail & ecommerce, IT & telecom, energy & utilities, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global real-time payment market based on various segments. It also provides market size and forecast estimates from 2019 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America, which are further fragmented by countries for detailed research survey. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, APAC is expected to grow at the highest CAGR during the forecast period in the real-time payment market. The ongoing innovation in areas such as online payments, point-of-sale acceptance technology, cross-border retail payments and buy now, pay later (BNPL) services is showing a positive response of acceptance among the countries in APAC, which is boosting the market growth. The increasing adoption of smartphones and the growing penetration of the internet have been accelerating the adoption of mobile wallets in recent years. China and India currently account for more than 50% of the smartphone population across the world and have universally adopted the use of eWallets. The usage of eWallets offers payment processing convenience and security, which is anticipated to drive the market growth during the forecast period. Also, consumers in APAC are moving toward adopting e-commerce and online banking owing to the COVID-19 pandemic, which have further accelerated the demand for cash-free transaction methods, contributing to the growth of real-time payment market in the region. The below figure showcases the revenue growth trend in the global real-time payment market:
Source: The Insight Partners Analysis
The report analyzes factors affecting real-time payment market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis highlighting the factors affecting the real-time payment market in these regions.
IMPACT OF COVID-19 PANDEMIC
APAC is highly affected by COVID-19 pandemic due to many cases in China. The country is the most crucial manufacturer and industrial producer since it trades more manufacturing goods than any other country across the world. It is also a world leader in several types of goods. A study by Center for Strategic and International Studies has reviewed the estimates of the China’s growth, and a drop was observed in Gross Domestic Product (GDP) in 2020. Other major economies, such as India, South Korea, Australia, and Japan, had also been impacted by the pandemic and experienced decline in the growth. Mobility restrictions and cancellation/postponement of various business conferences and events due to the COVID-19 outbreak have negatively affected the overall market in APAC. Since firms have started working from home, the demand for real-time payment solutions has mounted gradually, even in the breakdown. Thus, the disruption has hardly affected the real-time payment market growth.
MARKET PLAYERS
The report covers key developments, as well as organic and inorganic growth strategies, in the real-time payment market. Various companies are focusing on organic growth strategies such as product launches and product approvals, along with patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from mobile payment technologies market are anticipated to witness lucrative growth opportunities in the near future with the rising demand for real-time payment solutions.
The report also includes the profiles of key real-time payment market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of few companies engaged in the real-time payment market.
- ACI Worldwide
- Apple
- FIS
- Fiserv
- Mastercard
- PayPal
- Temenos
- Visa
- Wirecard
- Worldline
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.