New York, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global real-time payments market size is predicted to expand at ~31% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 620 billion by the end of 2035, up from a revenue of ~USD 24 billion in the year 2022.Growing Digitization in the world is expected to drive the market growth. Digital technologies have advanced faster than any other breakthrough in history, covering over half of the developing world's population in just two decades and altering society.
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The advantages that businesses are getting as a result of digitalization and worldwide digital payments are allowing organizations to grow at an unprecedented pace. Entrepreneurs are competing to see who can digitize payments the best and fastest. Digitising payments has great potential payoffs for company profits while it also enhances society by allowing more people access to the legitimate financial system. In light of this, digital payment solutions have grown to be a must-have for organizations seeking to stay ahead of the competition.
Real-Time Payments Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Person-to-Business segment to garner the highest growth
- Market in North America to grow at a highest rate
The Rising Population of Gen-Z is to Boost the Growth of Real-Time Payments Market
In 2022, there will be about 2 billion Gen-Z people worldwide. This population transition will have profound effects. Because of this trend, the majority of the world's population in 2022 will be a tech-savvy or tech-exposed generation. This generation will be more reliant on advanced, computerized, faster, and more efficient technology and services. As a result, the popularity of real-time payment systems is expected to skyrocket in the coming year. Furthermore, the rising advancement in technology has increased the adoption of real-time payments is also expected to drive market growth. One of the most significant financial breakthroughs of the previous decade has been real-time payments. Only 14 countries possessed this capability six years ago. Presently, 56 countries have set up real-time payments, accounting for fewer than one-third of the world's countries.
Real-Time Payments Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Higher Adoption of Digital Payments is to Boost the Market Growth in Asia Pacific Region
It should come as no surprise that India boasts one of the world's fastest-growing fintech environments, driven mostly by improvements in the digital payments industry. According to recent research by PhonePe, India's digital payments will increase by thrice from USD 3 trillion to USD 10 trillion by 2026. Moreover, UPI accounts for 60% of total payments by volume, and digital payments have increased from USD 61 billion in FY16 to USD 300 billion in FY21. Rising investment in the digital payments is also expected to drive the market growth in the region. Increased investment in digital payments will bring about more players and that will make the field more inclusive in digital payments the value is expected to touch USD 200 billion by 2030.
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Rising Cross-Border Payments is to Elevate Market Growth in North America
As globalization becomes more integrated into business operations, improving cross-border payment practices in management becomes more crucial. Around 73% of US-based businesses make cross-border payments on a regular basis. By the end of 2021, the US dollar represented almost 40% of cross-border Swift movements, closely followed by the euro. In addition to this, cross-border payments in the United States for the licensing of intellectual property (IP) are expected to reach USD 1 trillion by 2021. This is 50 times more than four decades ago.
Real-Time Payments, Segmentation by Component
- Services
- Solutions
Real-Time Payments, Segmentation by Payment
- Person-to-Person
- Person-to-Business
Real-Time Payments, Segmentation by Enterprise Size
- Small
- Medium
- Large
Real-Time Payments, Segmentation by End User
- Retail & E-Commerce
- Healthcare
- Government
- IT & Telecom
- BFSI
On the basis of end user, the retail & e-commerce segment in real-time payments market is expected to have a huge share in the market growth. The growth of the segment is attributed to the rising use of digital payments for online shopping and rising sales from the e-commerce sector. In India, around 93% of consumers have used a minimum of one electronic payment system in the last year, with 96% planning to do so in the coming year. Moreover, in the United States, 9 out of 10 people utilize an electronic payment method. In 2022, the use of digital currency in the United States has increased by 11% as compared to 2021, showing a further transition to digital transactions. Businesses may attract more clients and boost revenue by providing a simpler and more safe payment experience. Digital payments have not merely expedited the purchasing process for customers, but they have also accelerated the global growth of e-commerce.
Real-Time Payments, Segmentation by Deployment
- On-Premise
- Cloud
On the basis of deployment, the cloud segment in real-time payments market is expected to gain the highest market revenue over the forecasted period. Rising investment in cloud services by fintech companies is expected to drive the segment’s growth. By 2025, approximately 5% of fintech organizations will be using cloud computing. Furthermore, nearly 75% of organizations have made investments in cloud-native app development, and about 4 out of 5 seek to grow cloud spending over time. Cloud computing has transformed the way banks and other financial institution function, permitting them to retrieve, maintain, and analyze information more quickly and safely than ever before. This has created a world of opportunities for Fintech firms, allowing them to create new products, services, and technology that are altering the financial landscape.
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A few of the well-known industry leaders in real-time payments market that are profiled by Research Nester are ACI Worldwide Inc., Fiserve Inc., Paypal Holdings Inc., Mastercard Inc., CRED, Visa Inc., Worldplay Inc., Temenos AG, FIS Global, and Montran Corporation.
Recent Developments in the Real-Time Payments Market
- Unicorn in fintech Cred, which launched in 2018 as a credit card payments platform, has begun assisting with peer-to-peer Unified Payments Interface (UPI) transactions. Following the introduction of QR code payment, an exciting new payment experience was offered, customers may now 'pay wherever' using UPI. CRED members can now employ a variety of payment methods, including offline payments and online merchant payments.
- Visa has partnered up with PayPal and Venmo to start Visa+. Customers will be able to send money via Venmo to someone receiving it via Western Union thanks to the new interoperable peer-to-peer (P2P) payment option. Users cannot currently make direct payments between Venmo and PayPal, both of which are controlled by PayPal. However, with Visa+, customers are not going to have to use the same app to transfer and receive money.
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