Real-time payments or RTP can classified as a digital or electronic system which facilitates in immediate or real-time clearing of transactions along with the crediting of funds to payee’s account and later its confirmation to the payer. Most of the RTPs offer 24/7, instant, interbank electronic fund transfer services which can be initiated from a plethora of channels like tablets, smartphones, web, digital wallets among many others. Increasing number of use cases for RTP, chiefly in retail and e-commerce are likely to emerge as the major market drivers.
The global real-time payments market revenue is projected to reach close to USD 43 Billion by 2025. This can be attributed to the increasing absorption of such solutions and services by the enterprises. The increasing use cases of real-time payments along with increasing smartphone penetration are also expected to add to the growth of the global real-time payments market.
However, the growing security concerns about data confidentiality is likely to hamper the market growth. Furthermore, the emergence of cloud applications is anticipated to be an opportunity for the real-time payments market.
Key Segments of the Global Real-time payments Market
Type Overview, 2018-2028 (USD Billion)
- Person-to-Person (P2P)
- Person-to-Business (P2B)
- Business-to-Person (B2P)
- Others (Business-to-Government (B2G), Government-to-Business (G2B), Business-to-Business (B2B), Person-to-Government (P2G), and Government-to-Person (G2P))
Components Overview, 2018-2028 (USD Billion)
- Payment Gateway Solution
- Payment Processing Solution
- Payment Security and Fraud Management Solution
- Professional Services
- Managed Services
Deployment Mode Overview, 2018-2028 (USD Billion)
Enterprise Size Overview, 2018-2028 (USD Billion)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Verticals Overview, 2018-2028 (USD Billion)
- IT and Telecommunications
- Retail and e-commerce
- Energy and Utilities
- Others (Healthcare and Life Sciences, Media and Entertainment, Manufacturing, Transport, Travel and Hospitality, and Education)
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global real-time payments market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global real-time payments market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the real-time payments industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on type, component, deployment mode, organization size, and verticals. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global real-time payments market. The report will benefit: Every stakeholder involved in the real-time payments market.
- Managers within the real-time payments industry looking to publish recent and forecasted statistics about the global real-time payments market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global real-time payments market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The growing adoption of smart mobile devices such as smartphones and tables are likely to be the engine of growths for the market. In recent years, there is also a push from regulators, concurred by the government actions to move towards digital payments. RTP systems solves problems of logistics and storage related to the traditional payments by making the transaction paper-free. They also free up precious time of the employees working in an enterprise, so that they can be deployed to something more productive. Moreover, in recent years, the growth and development of cloud model has buoyed the market incredibly. With the new use cases increasing day by day, the market is projected to increase several folds during the forecast year. However, the concern regarding data theft and data confidentiality are expected to hinder the market growth.
In terms of type, the market is segmented into Person-to-Person (P2P), Person-to-Business (P2B), Business-to-Person (B2P), and Others (Business-to-Government (B2G), Government-to-Business (G2B), Business-to-Business (B2B), Person-to-Government (P2G), and Government-to-Person (G2P). Person-to-Business (P2B) sub-segment is likely to garner the major share of the market throughout the forecast years owing to the increasing volume of real-time digital transactions. In addition to this the growth in the use of advanced systems for quick money transfer is also likely to add to its market share.
On the basis of component, the market is bifurcated into solutions and services. Solutions are further divided into Payment Gateway Solution, Payment Processing Solution, and Payment Security and Fraud Management Solution. While the services are further bifurcated into Professional Services, and Managed Services. In 2020, the solutions sub-segment is expected to hold the major share of the market. The growing consumer preference for digital transactions, amidst the push from regulators and government is likely to add to their share. Banks and financial organizations too find themselves more into digital transactions further increasing the market size.
Deployment Mode Segment
Based on the deployment mode, the market is segmented into on-premises and cloud. In 2020, the on-premises sub-segment is expected to hold the dominating share of the market. The inclination towards on-premise implementation of RTP solutions across large enterprises to procure and access data securely within their premises is the chief reason behind it. Cloud sub-segment on the back of development in cloud technology and growing popularity of Software-as-a-Service (SaaS) model is likely to emerge as the fastest moving sub-segment.
The Asia-Pacific region is anticipated to hold the largest market size in the global real-time payments market. The region is also expected to grow at the highest CAGR during the forecast period. The growth can be attributed to various factors. Some of them include the growth in the number of smartphones which facilitate real-time payments. The regulatory push towards digital payments in the region is also adding to this growth. Moreover, the growth in the number of e-commerce users along with the growing adoption of RTP systems across SMEs in emerging economies like India and China is expected to drive the growth further.
The major players of the global real-time payments market are ACI Worldwide, FIS, Fiserv, Mastercard, Worldline, PayPal, Visa, Apple, Ant Financial, INTELLIGENT PAYMENTS, Tmenos, Wirecard, Global Payments, Capgemini, IntegraPay, SIA, Obopay, Ripple, Pelican, Finastra, Nets, FSS, Montran, REPAY and iCon Solutions. These vendors have adopted various traditional and non-traditional growth strategies to enhance their market share including new product launches, partnerships and collaborations, and mergers and acquisitions.