Real-Time Payments Market Size Is Poised To Reach $193.08 Billion By 2030: Grand View Research Inc.

 


The global real-time payments market size is expected to reach USD 193.08 billion by 2030, growing at a CAGR of 35.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. 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. For instance, as per a survey conducted by Finastra, a fintech firm, in 2020, 86% of global banks surveyed were planning to adopt open APIs to enable open banking capabilities by next year. Numerous fintech companies are making efforts to develop innovative solutions to ensure better security while making payments using bank cards and smartphones.

Fintech companies are also striking partnerships with payment technology companies to improve their digital offerings and effectively meet the changing consumer demands. For instance, in November 2020, Payments Canada, an organization that operates the payment clearing and settlement system, and Mastercard, a payment technology company, announced their partnership to improve Canada’s real-time payment solution. As part of this partnership, Payments Canada selected Mastercard’s Vocalink as the clearing and settlement solution provider for the country’s real-time payment system, the Real-Time Rail (RTR). The increasing adoption of technologies, such as facial recognition systems, for digital payments in the retail industry is expected to drive market growth.

For instance, in June 2020, Panasonic Corporation of North America and PopID, a payment terminals solution provider, announced their partnership to provide facial recognition payment processes to the restaurant and retail industries. The outbreak of the COVID-19 pandemic is expected to accelerate the demand for real-time payment solutions. In an attempt to prevent the spread of the coronavirus, retailers and consumers are adopting contactless payment methods. The growing popularity of online shopping in the wake of the pandemic is also expected to propel market growth over the forecast period.

The global real-time payments transactions volume was valued at over USD 100 billion in 2022. The global real-time payments transactions volume was valued at over USD 100 billion in 2022. The market 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.

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The global real-time payments transactions volume was valued at over USD 100 billion in 2022. The global real-time payments transactions volume was valued at over USD 100 billion in 2022. The market 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.

Real-time Payments Market Report Highlights

  • The P2B segment is anticipated to dominate the market over the forecast period. The continuous growth of online shopping and e-commerce sales is expected to drive the growth of the segment. P2B payments allow businesses to improve customer satisfaction
  • The solution segment is expected to continue dominating the market over the forecast period. The growing consumer preference for innovative digital payment solutions is expected to drive the growth of the segment
  • The growing preference for cloud-based real-time payment solutions can be attributed to their flexibility in providing real-time payment insights to customers and retailers
  • The increasing adoption of digital payment methods in big retail stores across the globe is anticipated to drive the product demand over the forecast period
  • Government bodies are increasingly deploying facial recognition payment systems across public transport systems, in turn, creating an opportunity for market vendors
  • The continued digitalization in emerging economies, such as China and India, is expected to create growth opportunities for vendors in the Asia Pacific regional market

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 2023, the Japanese government announced plans to carry out the Cashless Japan initiative to double the number of digital transactions by 2030. The continuous rollout of 5G network and high-speed broadband services worldwide bodes well for the market growth. 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 2023, 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 smartphone-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.

List of Key Players in Real-Time Payments Market

  • ACI Worldwide, Inc.
  • Fidelity National Information Services, Inc. (FIS Inc.)
  • Finastra
  • Fiserv, Inc.
  • Mastercard, Inc.
  • Montran Corp.
  • PayPal Holdings, Inc.
  • Temenos AG
  • Visa Inc.
  • Volante Technologies, Inc.
  • Wirecard AG
  • Worldpay, Inc.

 

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