Real-Time Payments Market is Expected to Reach USD 90.19 Billion By 2028

Reports and Data

Published

March 25, 2022

The growing adoption of smartphones, coupled with the increasing penetration of internet, is propelling the growth of the Real-Time Payments market.

Real-Time Payments Market Size – USD 11.88 Billon in 2020, Market Growth – CAGR of 28.6%, Market Trends – Booming retail and e-commerce industry.

The global real-time payments market is forecast to reach USD 90.19 Billion by 2028, according to a new report by Reports and Data. Real-time payments help businesses trim their expenses by reducing the use of checks and other expensive payment methods. Real-time payment services enable companies to modernize their accounts receivable processes as they provide the information required to link invoices with payments in real-time.

The information provided by real-time payment services can reduce the efforts involved in investigating exceptions and checking the status of the payment, as these systems support two-way communications between payers and the payees. Faster payment systems are expected to relay more information than traditional methods allow. Real-time systems can be expected to provide valuable information that flows with the payment transactions, allowing businesses to attain abilities in straight-through processing, achieve a better view of cash flows, and enable more informed operational decision-making.

Key participants include FIS, ACI Worldwide, Mastercard, Fiserv, PayPal, Worldline, Apple, Visa, INTELLIGENT PAYMENTS, Ant Financial, Wirecard, Temenos, Capgemini, Global Payments, SIA, IntegraPay, Ripple, Obopay, Finastra, Pelican, FSS, Nets, REPAY, Montran, and Icon Solutions, among others.

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Further key findings from the report suggest

Among the payment types, the customer-to-business (C2B) accounted for the largest market share of ~32% in the year 2018. The growing retail and e-commerce industry is a significant factor contributing to the growth. The penetration of the internet and smartphones will also drive the segment in the coming years. Moreover, the growing population and their increasing disposable incomes will increase the demand for digital commerce globally.
The peer-to-peer (P2P) is forecasted to witness the highest growth rate of 9% during the forecast period. The growing number of customers making payments through digital applications is contributing to growth. The popularity of UPI payments and the increasing number of companies in the market will further boost a wide acceptance of real-time digital payment services.
Among the payment modes, net banking accounted for the largest market share of ~27% in the year 2018. The growing acceptance of smartphones, the internet, and advanced technologies in the industry is a significant factor boosting the segment. Customers are aware of these technologies and find them convenient to go cashless.
The contactless payment segment is forecasted to witness a higher growth rate of 31.6% during the forecast period. The integration of RFID and NFC technologies in the market influences the segment growth. The popularity of smart cards is another factor driving the overall market.
Asia Pacific held the largest market share of ~31% in the year 2018. The region is rapidly adopting new and advanced technologies. High penetration of cloud technology, the internet of things, machine learning, artificial intelligence, and big data, among others, are propelling the market in the region. Moreover, the region is continuously investing in sustainable and green solutions, owing to the growing pollution.

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For the purpose of this report, Reports and Data have segmented into the global Real-Time Payments market on the basis of Payment Type, Payment Mode, organization size, deployment mode, industry vertical, and region:

Payment Type Outlook (Revenue, USD Billion; 2018-2028)

Peer-to-Peer (P2P)
Customer-to-Business (C2B)
Business-to-Customer (B2C)
Business-to-Business (B2B)
Others

Payment Mode Outlook (Revenue, USD Billion; 2018-2028)

Contact Payment
Digital Currencies
Contactless Payment
Net Banking
Digital Wallets
Others

Deployment Mode Outlook (Revenue, USD Billion; 2018-2028)

Cloud
On-Premises

Organization Size Outlook (Revenue, USD Billion; 2018-2028)

Small and Medium-Sized Enterprise
Large Enterprises

Industry Vertical Outlook (Revenue, USD Billion; 2018-2028)

Media And Entertainment
Hospitality And Tourism
Retail And E-Commerce
IT And Telecommunication
Banking, Financial Services, And Insurance (BFSI)
Others

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Regional Outlook (Revenue, USD Billion; 2018-2028)