Analysis of Real-Time Payments market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The real-time payments market is expected to garner a market value of US$ 16 Bn in 2022, and is likely to register a positive CAGR of 33% in the forecast period 2022-2032 and reach a value of US$ 277.09 Bn.
Real-Time Payments Market Size (2022)
US$ 16 Bn
Sales Forecast for Real-Time Payments (2032)
US$ 277.09 Bn
Global Market Growth Rate (2022 to 2032)
Key Companies Profiled
From 2015 to 2021, the global real-time payments market registered significant gains, reaching a valuation of US$ 12 Bn in 2021. As per Fact.MR’s analysis, the market expanded at a robust CAGR of 30% across the 2015-2021 historical period.
Growth can be attributed to the high proliferation of smartphones and the adoption of cloud-based solutions for faster payments. In addition, the increasing demand from customers for quicker payment settlements and growing investments from financial institutes and governments to boost the adoption of real-time payment solutions are expected to accelerate the market growth.
The incorporation of innovative technologies, such as Artificial Intelligence (AI) and IoT, in digital payment platforms, is also expected to contribute to the demand for real-time payment solutions. Considering these factors, the market is projected to witness high growth over the coming years, registering a CAGR of 33% to top US$ 277.09 Bn by 2032.
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Widespread Digitization of Payment Services Impelling Growth Prospects
Digitization has resulted in the increased adoption of real-time payment solutions. Governments across the globe are taking initiatives to promote digital payments with an aim to increase the number of digital transactions in their respective countries.
For instance, in December 2019, the Japanese government announced plans to carry out the Cashless Japan initiative to double the number of digital transactions by 2025. The continuous rollout of 5G network and high-speed broadband services worldwide bodes well for the market growth.
In addition to this, the Digital India Programme envisions transforming India into a digitally empowered society and knowledge economy by making available digital governance and digital services to every citizen. The promotion of the digital payments ecosystem is an essential aspect of the Digital India program and has the potential to transform the Indian economy by extending inclusive financial services.
Governments globally are investing in 5G infrastructure and subsidies to accelerate the adoption of digital payments. For instance, in July 2020, the U.K. government announced an investment of USD 237.4 million in the 5G Testbeds and Trials program (5GTT), which aims to explore new ways to boost business growth in the country. In December 2019, the Federal Communication Commission announced plans to launch a USD 9 billion 5G subsidy program for rural America.
Numerous fintech companies across the globe are developing real-time payment solutions to enable corporate clients to send payment requests to bank clients using mobile apps and websites. For instance, JPMorgan Chase & Co. announced the launch of Request for Pay, which enables corporate clients to send a payment request to 57 million retail clients using their mobile app and website.
The demand for real-time payment solutions has particularly increased in the wake of the COVID-19 outbreak. A myriad of unexpected issues, such as payment systems that involve physical touch, have prompted merchants and consumers to consider contactless payment solutions, such as smart phone-based apps designed to make contactless and real-time payments.
According to the global report of ACI Worldwide, Inc., a software company, more than 70.3 billion real-time payment transactions were processed globally in 2020, and a surge of 41% for real-time payments was observed during the COVID-19 pandemic.
The U.S market for real-time payments is one of the largest markets. The country is expected to witness a steady growth rate over the forecast period. The region is home to several prominent players in the global market. The growing number of immigrants is expected to increase the number of cross-border disbursements, which, in turn, is estimated to support the market growth in these countries.
Continued digitization and rapid economic development are some of the other key factors expected to propel the growth of the regional market. According to projections put forward by Fact.MR, a market share worth 40% is expected from the U.S real-time payments market.
The East Asian regions like China and Japan dominated the market in 2021 and accounted for the maximum share of around 40% of the global revenue. The regional market is projected to expand further at the fastest CAGR over the forecast period.
The growing adoption of real-time payment solutions by large-scale as well as small- & medium-scale enterprises in China is expected to drive the regional market growth. A number of enterprises across the region are focusing on digitizing their business operations, which, in turn, is expected to boost the demand for real-time payment solutions.
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Prospects Appear Lucrative for the P2B Real Time Payments Segment
The P2B segment dominated the market in 2021 and accounted for a 63% share of the global revenue. P2B payments refer to monetary transactions between customers and businesses. The unabated growth of mobile commerce and e-commerce is a key factor driving the growth of the segment.
According to the statistics provided by Oberlo, a computer software company, mobile commerce sales were projected to reach USD 3.56 trillion in 2021, which was approximately 22.3% higher than the sales reported in 2020.
The P2P segment is anticipated to register the highest growth rate over the forecast period. Various cross-border payment companies are making efforts to develop real-time P2P payment solutions by striking strategic partnerships with banks and financial service providers.
For instance, in February 2021, MoneyGram International, a cross-border payment service provider, and Visa, a payment technology company, announced the launch of a real-time Peer-to-Peer (P2P) payment solution in Vietnam through Visa Direct. The solution enables customers from the U.S., U.K., and 18 other European countries to transfer money to Vietnam quickly using Visa Direct.
Real-Time Payment Solutions to Acquire Lions Share
The solutions segment dominated the market in 2021 and accounted for a share of over 75% of the global revenue. The segment has been further divided into the payment gateway, payment processing, security & fraud management. Merchants across the globe are partnering with payment gateway service providers to expand their businesses in other regions.
Merchants manage a large volume of transactions, which has propelled the integration of gateway systems into their sales channels. For instance, in November 2020, Shopify, an e-commerce company, announced its partnership with Alibaba Group Holding Ltd., an Alipay payment gateway provider.
The company’s payment gateway enables Shopify merchants to seamlessly accept payments in China. Advancements in technologies coupled with the rapid growth of the e-commerce sector are driving the need for payment security and fraud management solutions. Companies across the globe are making efforts to develop innovative solutions to detect and mitigate fraud activities.
For instance, in February 2021, ClearSale LLC, a fraud detection solution provider, announced the launch of an e-commerce podcast, Gateway to E-Commerce, to discuss the trends and challenges associated with frauds across the e-commerce platform during the pandemic.
Demand is expected to be high for the On-Premise Real-Time Payment Segment
The on-premise segment dominated the market in 2021 and accounted for a share of more than 60% of the global revenue. Numerous companies across the globe are striking partnerships with payment technology companies to deliver on-premise real-time payment solutions.
For instance, in October 2020, ACI Worldwide, a software company that provides real-time payment solutions, announced its partnership with Mastercard, a payment technology company, to offer a wide range of real-time payment solutions supporting on-premise software for the central bank, government, and system operator owned platforms.
The cloud segment is anticipated to register the fastest growth rate over the forecast period. The increasing adoption of mobile-based payment solutions across the globe is driving the growth of this segment. Moreover, numerous fintech companies are enhancing their cross-border payment platforms through integration with cloud-based platforms to provide a better customer experience to the customers.
For instance, in March 2021, Banking Circle, a financial infrastructure provider, announced the enhancement of its cross-border payment platform through its integration with Microsoft Azure, a cloud platform, to provide real-time payment insights to clients.
The large enterprises size segment dominated the market in 2021 and accounted for the maximum share of more than 2/3rd of the global revenue. A number of businesses are making investments in real-time payment solutions to provide efficient payment processing.
On the other hand, the SMEs enterprise size segment is anticipated to register the fastest growth rate over the forecast period. A number of SMEs across the world are transitioning from traditional paper-based invoicing to digital invoicing.
All these factors are expected to support the growth of the SMEs segment over the forecast period.
The competitive landscape of the real-time payments market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.
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Fact.MR’s recent study on the global market for real-time payments projects the market to grow at 33% value CAGR through the period of forecast 2022 to 2032.
The global real-time payments market size was estimated at USD 12 billion in 2021 and is expected to reach USD 16 billion in 2022.
North America, Asia Pacific, and Europe are lucrative markets for real-time payments and are expected to dominate throughout the forecast period.
Increasing product innovation is projected to offer significant growth opportunities for sales in the market.
The solutions segment accounted for a share of more than 75% of the overall real-time payments market revenue in 2021 and has been further segmented into payment processing, payment gateway, security & fraud management.
The Asia Pacific dominated the real-time payments market with a share of 40% in 2021. This is attributable to the increasing usage of smartphones in emerging economies and favorable government initiatives related to digital transactions.
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