Real-Time Payment Market Major Key Hawkers, Trends, Business opportunities, Forecast to 2027
Author : Ketan Wagh | Published On : 07 May 2021
Real time or real-time payments, also known as immediate payments, enables enterprises and organizations in sending and receiving payments simultaneously in real time. Collaboration by financial institutions and merchants for providing convenience to customers has led to formation of standards which ensure seamless financial transactions. The Real Time Payment Market report by Market Research Future (MRFR) considers various factors and challenges to be faced by the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact are noted in the report.
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North America, Europe, Asia Pacific and the rest of the world regional market for real-time payment are primarily covered in the global real-time payment market research report. The report also covers country-level markets spread across North America – the United States, Canada, and Mexico. In South America – Brazil and other country-level real-time payment markets are covered in the report. In Asia-Pacific (APAC) region, the country-level real-time payment markets covered are China, India, Japan, and others. The real-time payment market research report also covers the regional market for real-time payment spread across European countries including the United Kingdom, France, Italy, Spain, and Germany, etc. The real-time payment market research report further explores other regional markets from the rest of the world including real-time payment markets of the Middle East and Africa. As per the global real-time payment market research report.
The Real Time Payment Gateway Market is expected to reach USD 23.57 billion by the end of the forecast period with a CAGR of 29.7% over the forecast period. It was valued at USD 5.12 billion in 2017. The cost of printing and circulation of costs, storage and distribution, and check-cashing and ATM transaction fees are expected to drive the market demand exponentially. Development of online commerce sites and adoption of smart devices for conducting financial transactions can drive market demand. The need to pay merchants and utilities for essential services can fuel the market.
Usage of real-time payments for faster collection of taxes and initiatives for digital wallets and online transactions are expected to pave the way for the Real Time Payment Industry. The growth is driven by its use by small business owners for settling payment claims and partnerships between financial services corporations and banks for introducing new technologies can benefit the market. However, security challenges can hamper market growth.
Apple Inc, ACI Worldwide Inc, Visa Inc Class A, Wirecard AG, Worldline SA, Mastercard Inc, Paypal Holdings Inc, Temenos AG, Fidelity National Information Servcs Inc, and Fiserv Inc are key players of the global real time payment industry. Other players include Capgemini SE, Ripple Labs Inc, Ant Financial Services Group, Global Payments Inc, Intelligent Payments Group Ltd, Montran, Financial Software & Systems Pvt. Ltd, Icon Solutions Ltd, ACE Software Solutions Inc, REPAY, Finastra, IntegraPay, Obopay, Nets A/S, and others.
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