According to SPER Market Research, the Real-Time Payments Market is estimated to reach USD 372.85 billion by 2032 with a CAGR of 35.73%. Real-time payments are totally electronic interbank transfers of money from one bank to another that give the payer and the recipient confirmation of the transaction within a minute or less. Due to their advantages over traditional methods of money transfer, such as cost, speed, and efficiency, real-time payments are appealing to both businesses and consumers. One of the primary advantages of real-time payments that is driving the market’s growth is the capacity to execute transactions in real-time, as well as the adaptability of payment devices, shorter transaction times, and increased convenience. Consumers and retailers may now make real-time payments using their smartphones because to businesses’ growing acceptance of them, the rise in smartphone use, and increased connectivity.
Real-Time Payments Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 35.73%
- Forecast Market Size (2032): 372.85 billion
The demand for real-time payment systems has considerably increased after the COVID-19 outbreak. Due to a number of unexpected issues, including payment methods that need physical touch, merchants and customers are now contemplating contactless payment options, such as smartphone-based apps designed to make contactless and real-time purchases. According to a software company, ACI Worldwide, Inc., there were over 70.3 billion real-time payment transactions performed globally in the past. Real-time payment volume rose during the COVID-19 outbreak.
Impact of COVID-19 on the Real-Time Payments Market:
The COVID-19 epidemic had a favorable effect on the real-time payments sector since it caused a decline in cash and check payments while increasing contactless payment trends. In addition, in response to COVID-19 concerns, banks and merchants all around the world are raising the restrictions on real-time payment transactions to enable bigger value payments to be performed without touching the terminal.
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Real-Time Payments Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Advisory Services
- Integration & Implementation Services
- Managed Services
- Payment Gateway
- Payment Processing
- Security & Fraud Management
- On Premise
By End-use Industry:
- Energy & Utilities
- IT & Telecom
- Retail & E-commerce
- Travel & Tourism
By Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises
By Payment Type:
- Middle East & Africa
- North America
- Latin America
Real-Time Payments Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ACI Worldwide, Inc., Mastercard Inc., Finastra, Visa Inc., PayPal Holdings, Inc., Fiserv, Inc., Fidelity National Information Services, Inc. (FIS Inc.), Wirecard AG,Worldpay, Inc., Temenos AG, Montran Corporation,Volante Technologies Inc.
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