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 industry 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 industry.
Real-Time Payments Market growth is driven by the adoption of smart devices and flourishing online retail commerce sector. 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.
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The real-time payments solution is essentially useful in the modern digital world but the lack of interoperability between the new and existing real-time payment scheme is a major challenge faced by industry players. This also creates an additional burden for managing multiple IT environments, affecting the cost, security, control, and maintenance parameters. Hence, it is essential for providers to bridge the gap between the existing and new payment schemes to capitalize on the growth potential of real-time payments market. Furthermore, payment fraud detection also acts as a challenge in the real-time payment environment. Hence, organizations should adopt pattern detection and AI technology capabilities to improve fraud detection and prevention.
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. The Asia Pacific region 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.
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.
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