The report "Global Real Time Payments Market, By Nature of Payment (Person to Person (P2P), Person to Government (P2G), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B), Business to Government (B2G), Government to Person (G2P), and Government to Business (G2B)), By Component (Solutions and Services), By Deployment Models (On-premises and Cloud), By Application (Banking, Financial Services, and Insurance (BFSI), Information Technology (IT) and Telecom, Healthcare and Education, Manufacturing and Transportation, Government and Utilities, Construction and Retail, and Others), and Region - Global Forecast to 2029" Global real time payments market is projected to grow from US$ 8.6 billion in 2020 to US$ 98.4 billion by 2029. Rising usage of smartphones across the globe and increasing demand for quick fund transfer are major factors driving growth of the global real-time payments market. In addition, increasing demand for real-time payments by payment services owing to provide high security transaction is also major factor propelling growth of the global real time payment market. Increasing E-commerce and retail industry and development of more secure system for real time payment by vendors can create lucrative opportunities for players operated in the global real time payments market.
Key Highlights:
· In July 2018, PayU Group and and Naspers’ fintech company has announced an investment of USD 11.5mn in PaySense to create a digitized infrastructure across government and real time payment services in India.
Key Market Insights from the report:
The global real time payments market accounted for US$ 8.6 billion in 2020 and is projected to register a CAGR of 31.1 % over the forecast period. The market report has been segmented on the basis of nature of payment, component, deployment models, application, and region.
· By nature of payment, the person to business (P2B) segment is accounted for major revenue share in 2018, owing to fast and easy real-time digital transactions and increased use of advanced systems for instant money transfer.
· By component, the services segment is accounted for major revenue share in 2018. This is owing to increased consumer preference for digital transactions, which has led to regulations that make it necessary for BFSI to adopt RTP gateway, instant payment processing solutions, and security and fraud management solutions.
· By deployment models, the real time payments market is segmented into on-premises and cloud.
· By application, the global real time payments market is segmented into banking, financial services, and insurance (BFSI), information technology (IT) and telecom, healthcare and education, manufacturing and transportation, government and utilities, construction and retail, and others. Other application sub segmented into food and beverages, oil and gas, and real estate.
· By region, North America real time payments market accounted for major revenue share of the global real time payments market and is further anticipated to maintain its dominance over the forecast period. This is owing to availability of required IT infrastructure for processing real time payments and high awareness real-time payment gateways in the countries of the North America region. Europe real time payments market accounted for second-highest market share, in 2018, owing to increasing digitalization and IT infrastructure among BFSI sector in the region. Asia Pacific real time payments market is expected to grow at the highest rate during the forecast period, 2019. This is owing to increasing usage of smartphones in emerging countries, government support associated with digital transactions, and rising the number of online payments users in countries of the region.
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The prominent player operating in the global real time payments market includes Paymill GmbH, PayPal, Inc., PayU Group, Stripe, Inc., Skrill Ltd., Braintree Payment Solutions, LLC, GoCardless Ltd., FastSpring (Bright Market, LLC), Recurly, Inc., and Paytm Company.
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May 02, 2019: 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.Download sample Copy of This Report at: https://www.radiantinsights.com/research/real-time-payments-market/request-sample 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 to enhance their product portfolios, expand geographical presence, and consumer base to deliver RTP solutions across various industries.
The Global Real-Time Payments Market Market research report added by Reports and Data offers an industry-wide analysis of the Real-Time Payments Market market and offers a comprehensive industry outlook to impart clear understanding of the market size, market revenue growth, and scope of the market during the forecast period of 2021-2028.
The report also discusses in details various market segments, environment, regulatory framework, and product and technological innovations and developments.
The report also covers market size, volume, demands, current and emerging trends, market share, CAGR, and production and consumption rates and offers impact analysis of key trends on the market growth.The Real-Time Payments market research report is broadly bifurcated in terms of product type, application spectrum, end-user landscape, and competitive backdrop, which would help readers gain more impactful insights into the different aspects of the market.
Under the competitive outlook, the report’s authors have analyzed the financial standing of the leading companies operating across this industry.
Our team has accurately predicted the future market scope of the new entrants and established competitors using several analytical tools, such as Porter’s Five Forces Analysis, SWOT analysis, and investment assessment.Get a PDF sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/2321Geographical Scenario:The global Real-Time Payments market report comprehensively studies the present growth prospects and challenges for the key regions of the Real-Time Payments market.
The report continues to evaluate the revenue shares of these regions over the forecast timeline.
MarketsandMarkets forecasts the global Real-Time Payments (RTP) market size to grow from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6% during 2018–2023.
The high proliferation of smartphones, the increasing demand for immediacy of payments and quicker payment settlements, and the government initiatives are expected to be the major factors for the growth of the market.
Most of the payment solution providers offer RTP solutions, such as payment gateway, payment processing, and payment security and fraud management, leading to faster transaction process.In May 2018, Temenos announced that it would enhance its leading financial crime mitigation product by including an Artificial Intelligence (AI)-based Suspicious Activity Prevention solution to its functionality.
The RTP vendors offer professional and managed services to plan, design, implement, deploy, and train RTP payment solutions.
The increase in the number of real-time transactions in the emerging economies is expected to increase the demand for RTP services.In the RTP market by enterprise size, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period.
The increasing demand for scalable and cost-effective solutions is expected to accelerate the growth of RTP solutions in the SMEs segment.The RTP market by deployment mode has been further divided into 2 segments: the cloud and on-premises.
The Global Real-Time Payments Market research report offers accurate insights for the growth prospects of the Real-Time Payments market in the forecast years 2020-2027.
The report is an all-inclusive study of the Real-Time Payments market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Real-Time Payments industry as global supply chains have been disrupted, and the financial scenario is tight.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/2321Scope of the Market Report: The report offers a holistic overview of the Real-Time Payments industry that offers all the essential information.
The report is formulated by extensive primary and secondary research and backed by the verified data from industry experts and professionals.
