The
global Real-Time Payments Market size
is estimated to reach at USD 39.02 billion by 2025 registering a CAGR of 29.3%,
according to a new study by Grand View Research, Inc. Real-time payments are
digital/electronic payments that allow the immediate transfer of funds in real
time through a secured payment gateway. Growing e-commerce sector and adoption
of smartphones coupled with the rising need for fast and convenient payment
solutions in large and Small & Medium Enterprises (SMEs), are anticipated
to fuel the RTP market expansion.
The
real time payments infrastructure can significantly enhance the payments’
stakeholders experience of disbursements and refunds – a frequent issue for
merchants and consumers alike as card refunds generally take at least a few
days to process and clear. Real-time payments solutions are being widely
adopted across various industries, such as retail and e-commerce, BFSI, and IT
& telecom, owing to their benefits in terms of speed, security, and
transparency. Rising demand for advanced analytics for payment-related data
from merchants and corporate users is also driving the market.
Moreover,
availability of advanced online payment systems, such as Google Pay, Apple Pay,
and Samsung Pay, and rising adoption of such solutions by large e-commerce
retailers are expected to lead the market growth over the forecast period.
Additionally, favorable government initiatives about digital payments across
emerging economies, such as India, and China, are estimated to create
significant opportunities for market entrants. The Asia Pacific market is
anticipated to witness a significant expansion over the forecast period due to
increasing e-commerce sales and adoption of smartphones.
Key
companies in the market focus on M&A to enhance their product portfolios,
expand geographical presence, and consumer base to deliver RTP solutions across
various industries. For instance, in June 2016, MasterCard Inc. acquired
VocaLink Holdings Ltd. (92.4% stakes) for a deal worth USD 920 million, which
allowed MasterCard to strengthen its role in the U.K. payments ecosystem.
However, growing cybersecurity concerns and lack of network interoperability
among multiple payment-related schemes, such as Automated Clearing House (ACH)
and Society for Worldwide Interbank Financial Telecommunications (SWIFT), could
hamper the market growth.
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Real-Time Payments Market Report Highlights
- The Asia
Pacific regional market accounted for the largest share in the past and is
anticipated to witness the highest CAGR over the forecast period
- This growth
can be attributed to the increasing number of new instant payment
providers and government initiatives to promote digital payments
- Retail and
consumer goods industry held the largest market share in the past and is
expected to register the maximum CAGR during the forecast years
- This growth
is mainly due to high demand for instant payment solutions from of large-
and small-sized e-retailers and merchants
- Prominent
companies in the market are Finastra; MasterCard, Inc.; Fidelity National
Information Services, Inc. (FIS Inc.); Fiserv, Inc.; ACI Worldwide, Inc.;
and Visa, Inc.
- These
companies focus more on M&A to enhance product and services portfolios
and expand regional presence
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
Contact:
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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