Real-Time Payments Market to Top US$ 277.09 Bn Valuation by 2032, Driven by Digitization, Says Fact.MR
Published : 02 Feb 2022 Industry: Technology
Fact.MR foresees that the demand for real-time payments is projected to expand at a CAGR of 33% in terms of value during the period of assessment. Moreover, the report estimates that the market for real-time payments is likely to surpass US$ 277.09 Bn by end of 2032.
The market growth can be attributed to the increasing digitization in the fintech sector and growing volumes of non-cash transactions. In addition, the increasing popularity of open API-enabled real-time payment systems in banks is also expected to contribute to market growth.
Numerous fintech companies are making efforts to develop innovative solutions to ensure better security while making payments using bank cards and smart phones. Fintech companies are also striking partnerships with payment technology companies to improve their digital offerings and effectively meet the changing consumer demands.
Key Takeaways from the Market Study
- Global market to be valued at US$ 16 Bn by 2022
- P2B real-time payments to account for 63% revenue share through 2022
- Real-time payment solutions to comprise 3/4th of the global market demand through 2022
- Over 3 out of 5 real-time payments to be deployed on-premise through 2032
- Real-time payments for large enterprises to dominate, acquiring 2/3rd revenue
- North America and Asia-Pacific to collectively yield 80% of the global market revenue
As the transactional landscape acquires digital overtones, prominent end use industries are effectively leveraging the scope of real-time payment solutions to streamline financial operations, remarks a Fact.MR analyst.
The competitive landscape of the real-time payments market is shaped by product innovation and strategic mergers & acquisitions. Some prominent manufacturers of real-time payments are ACI Worldwide, Inc.; Mastercard Inc.; Finastra; Visa Inc.; PayPal Holdings, Inc.; Fiserv, Inc.; Fidelity National Information Services, Inc. (FIS Inc.); Wirecard AG; Worldpay, Inc.; Temenos AG; Montran Corporation; and Volante Technologies Inc. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- In June 2021, Mastercard Incorporated announced the launch of PayPort+, a next-generation real-time payment gateway service, to provide payment service providers and financial institutions with flexible access to the U.K.’s real-time payment infrastructure. The PayPort+ solution is powered by Vocalink, a Mastercard company, and Form3, a technology partner.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the real-time payments market providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032.
The study gives critical insights on the real-time payments market on the basis of payment type (P2B, B2B, P2P and others), component (solutions and services), deployment (cloud and on-premise), enterprise size (large enterprises and SMEs) and end use industry (retail & e-commerce, BFSI, IT & telecom, travel & tourism, government, healthcare and energy & utilities), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology
Our ICT consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the ICT sector. Our expertise in recognizing the challenges and trends impacting the global ICT industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – ICT