Real-Time Payments Market has penetrated different applications including BFSI, IT & Telecom, retail & e-commerce, government, healthcare, travel, and energy. The retail and e-commerce applications dominate the real-time payments market as it displays the maximum demand for payment services that offer convenience, speed, safety, ubiquity, and value for money. Moreover, as the technology has become cheaper and more accessible, the transaction-by-transaction settlement has become more realistic in the central bank money, leading to faster fund transfers for retail payments. The growing inclination of consumers toward online shopping also acts as a driving force in the real-time payments market.
The updated regulations addressing payment security & effectiveness, new payment solutions & platforms, and higher customer expectations are driving the growth of the real-time payments market. Various small & large retailers are adopting real-time payments to augment their cash flow management, decrease fraudulent activities, and deliver incremental support to their customers, accelerating market growth. Furthermore, government initiatives for digitalization also have a positive impact on maket growth.
Real-Time Payments Market size is anticipated to grow rapidly over the predicted years due to rising consumer demand for convenience and speed. Countries are moving toward real-time payments as they enable businesses and consumers to carry out transactions in a more fast, secure, and effective manner. Real-time payment solutions are available 24/7, which help in immediate interbank transactions, clearing, and providing payment indications within seconds, enhancing the payments credibility.
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The growth in the adoption of smart devices and flourishing online retail commerce sector are driving the adoption of real-time payments market. Consumers are turning toward channels such as smartphones, digital wallets, tablets, and the web for paying merchants, peers, and other billers. This payment mode benefits merchants, financial institutions, consumers, and society at a large by providing enhanced visibility into payments, better cash management, and assisting businesses to manage their day-to-day operations. This liquidity improvement is especially useful for small merchants, creating a positive impact on their daily cash flow and sales.
The real-time payments components include solutions & services with the solutions segment dominating the market. The payment security and fraud management solutions are projected to grow at the fastest rate. As the number of m-commerce and e-commerce transactions is growing rapidly, it is essential to adopt advanced payment security and fraud prevention solutions, which assist in detecting frauds and improving the security of online businesses. The service segment is projected to grow at the fastest rate with the increase in the demand for real-time payment solutions. The professional service segment holds a larger market share in the real-time payments market with the managed service segment anticipated to grow at the fastest rate.
North America dominates the real-time payments market due to an increasing adoption of real-time payment solutions by a wide range of industry verticals. In the U.S., the real-time payment infrastructure is being developed and driven by both private and public sector players to make faster payments to customers and businesses, driving the market growth.
Real-Time Payments Market in Asia Pacific is projected to grow at the fastest rate, mainly due to the supportive government initiative and digitalization strategy. For instance, in November 2016, the India government announced demonetization, which resulted in an increase in real-time payments. The high population rate in this region has also increased the number of players adopting real-time payments solutions, accelerating the market growth.