The global Real-Time Payments Market size is expected to reach USD 99.73 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 33.0% from 2021 to 2028. The growing internet penetration rate and the proliferation of smartphones are expected to drive the growth of the market over the forecast period. The initiatives being pursued by various governments across the world to promote digital payments are expected to contribute to the growth.
Digital payment solution providers are putting a strong emphasis on ensuring security while making payments using smartphones and bank cards, among other payment methods. Advances in the latest technologies, such as AI and blockchain, are particularly opening opportunities for digital payment solution providers to offer efficient and secure digital payment solutions. For instance, in October 2019, SnapPay Inc. announced the launch of a new facial recognition payment technology for retail store merchants in North America.
Technology companies, such as Facebook, Amazon, WeChat, Alipay, and Google, among others, are focusing on strengthening their presence in the market for real-time payments. For instance, in December 2020, Facebook announced that it has gone live with the payments feature on the WhatsApp messaging platform in India. The initiative fell under the company’s efforts to explore new opportunities in the market.
The outbreak of the COVID-19 pandemic is anticipated to create new opportunities for the market players. Individuals are increasingly opting for contactless payment methods as part of the efforts to arrest the spread of coronavirus. The growing preference for online shopping amid the outbreak of the pandemic is also expected to propel the growth of the market over the forecast period.
Related Press Release @ Real-Time Payments Market Report
Real-Time Payments Market Report Highlights
- The P2B segment is expected to continue dominating the market over the forecast period. The continued growth of e-commerce and m-commerce is expected to drive the segment growth
- The solution segment is expected to continue dominating the market over the forecast period. The growing consumer preference for various digital payment solutions is expected to drive the growth of the segment
- The preference for cloud-based real-time payment solutions is growing owing to their agility and the flexibility they can offer for consumers and businesses while making and receiving payments
- The increasing number of e-commerce startups across the globe is anticipated to drive the demand for real-time payment solutions over the forecast period
- Government bodies are increasingly deploying smart ticketing systems across various public transport systems, which is creating an opportunity for vendors of real-time payment solutions
- Continued digitalization in emerging economies, such as China and India, is expected to create growth opportunities for vendors of real-time payments solutions in the Asia Pacific regional market
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