DUBLIN–(BUSINESS WIRE)–October 12, 2022–
The global real-time payments market is expected to grow from $15.91 billion in 2021 to $21.41 billion in 2022 at a compound annual growth rate (CAGR) of 34.5%. The market is expected to reach $66.76 billion in 2026 at a CAGR of 32.9%.
The major players in the real-time payments market are ACI Worldwide, FIS Corporation, Fiserv Inc, Mastercard Inc, Visa Inc, Temenos AG, Wirecard AG, Capgemini SE, Finastra Limited, Montran Corporation Ltd, Ripple, PelicanFast, IntegraPay, Worldpay Inc , and Volante Technologies Inc.
Asia-Pacific was the largest region in the real-time payments market in 2021. North America is expected to be the fastest growing region during the forecast period. Regions covered in the Real-Time Payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing penetration of smartphones is expected to propel the real-time payments market growth in the future. A smartphone is a portable electrical device that combines a computer with high-tech features not previously found in phones, such as an operating system, web browsing, and the ability to run software.
The widespread use of smartphones around the world has facilitated real-time payment transactions, and smartphone payments have become a convenient choice for users.
For example, in October 2021, according to The Economic Times, an Indian business newspaper, India has the highest monthly mobile data usage rate in the world (12 GB per person), and it adds 25 million new users. smartphones every three months. Hence, the growing smartphone penetration is driving the real-time payment market.
Technological advancements have become a key trend gaining popularity in the real-time payments market. Major companies operating in the real-time payments industry are focusing on developing new technologies to strengthen their market position.
For example, in April 2022, IBM, a US-based technology company operating in the real-time payments market, launched a next-generation mainframe with artificial intelligence technology. The new IBM z16 processor can support deep learning-based fraud detection for all transactions.
The real-time payments market consists of the sale of real-time payments by entities (organizations, independent merchants and partnerships) which are used for different services such as bill payment, cash management and money transfers peer-to-peer (P2P). . Real-time payments refer to a year-round digital infrastructure or cloud-based software that is used to send money electronically and securely over the Internet at any time.
The main components of the real-time payments market are solutions and services. Services refer to non-physical and intangible parts of the economy instead of goods, which are touched or manipulated. The different types include person-to-person (P2P), person-to-business (P2B), business-to-person, and others. The different sizes of business include small and medium enterprises and large enterprises and involve several modes of deployment, such as cloud and on-premises. The various end users involved are retail and e-commerce, government and utilities, healthcare, travel and hospitality, BFSI, etc.
Major players in the real-time payments market
- ACI in the world
- FIS Company
- Fiserv Inc.
- Mastercard Inc.
- visa inc.
- Temenos SA
- Wirecard AG
- Capgemini SE
- Finastra Limited
- Montran Corporation Ltd.
- Worldpay Inc.
- Volante Technologies Inc.
2. Characteristics of the real-time payments market
3. Real-Time Payments Market Trends and Strategies
4. Impact of COVID-19 on real-time payments
5. Real-Time Payments Market Size and Growth
5.1. Global historical real-time payments market, 2016-2021, billion dollars
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Real-Time Payment Forecast Market, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Real-Time Payments Market Segmentation
6.1. Global real-time payments market, segmentation by component, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
6.2. Global real-time payments market, segmentation by type, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
- Person to person (P2P)
- Person to business (P2B)
- Business to person (B2P)
- Other types
6.3. Global real-time payments market, segmentation by company size, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
- Small and medium-sized enterprises (SMEs)
- Large companies
6.4. Global real-time payments market, segmentation by deployment, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
6.5. Global real-time payments market, segmentation by end-users, historical and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
- Retail and e-commerce
- Government and public services
- Health care
- Telecom and IT
- travel and hospitality
- Other end users
7. Regional and Country Analysis of Real Time Payments Market
7.1. Global real-time payments market, split by region, historical and forecast, 2016-2021, 2021-2026F, 2031F, in USD billion
7.2. Global real-time payments market, split by country, historical and forecast, 2016-2021, 2021-2026F, 2031F, in USD billion
Laura Wood, Senior Press Officer
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INDUSTRY KEYWORD: SECURE PAYMENTS MOBILE/WIRELESS TECHNOLOGY SOFTWARE
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 10/12/2022 10:19 AM/DISC: 10/12/2022 10:19 AM
Copyright BusinessWire 2022.
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