The real time Payments market is expected to grow from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6%.
The major growth factors expected to drive the growth of the real time payments market include the high proliferation of smartphones, adoption of cloud-based solutions, customers' demand for immediacy of payments and quicker payment settlements, and the government initiatives.
The services segment is expected to grow at a higher CAGR during forecast period
On the basis of components, the real time payments market has been classified into solutions and services, out of which the services segment is expected to grow at a higher CAGR during the forecast period. The utilization of real time payments solutions is growing; this has resulted in the increasing demand for real time payments services. The services segment has further been broken down into professional services and managed services. Among these segments, the managed services segment is expected to grow at a higher CAGR, whereas the professional services segment is expected to be a larger contributor to the market size. The increasing demand for real time payments solutions has resulted in the growing demand for professional and managed services.
The retail and eCommerce vertical is expected to have the largest market size and grow at the highest CAGR during the forecast period
The retail and eCommerce vertical is expected to have the largest market size and grow at the highest CAGR during the forecast period. The huge demand for instant payment settlements from retailers and merchants has led to the maximum adoption real time payments solutions and the associated services. Real time payments solutions provide a competitive edge to retail and eCommerce businesses by offering them a cheaper and faster mode of payment. Moreover, customers prefer online shopping due to the increasing integration of mobile devices in their shopping habits.
Asia Pacific (APAC) is expected to hold the largest market size and grow at the highest CAGR during the forecast period
On the basis of regions, the global real time payments market has been segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America. APAC is expected to hold the largest market size and grow at the highest CAGR during the forecast period. In the APAC region, the growth rate can be attributed to various factors, including the adoption of advanced technologies, economic developments, increasing rate of digitalization, and high investments by real time payments solution and service providers. The driving forces for the growth of the market in this region include the huge population in this region that contributes to the volume of transactions, and the domestic and international enterprises that are investing in this region.
Wirecard is a leading supplier of online banking payment services. It focuses on expanding its services and solutions portfolio in the emerging markets by introducing various strategies and developments in eCommerce. It combines the latest technologies with banking services and products to innovate new solutions that can improve the customer experience and reduce the security risks related to payment transactions. Wirecard provides a wide range of software-enabled payment solutions and helps companies implement real time payments strategies across all their sales channels.
In August 2018, ACI Worldwide partnered with SPAN Enterprises, a cloud-based software company, to boost payments and enhance the customer experience in the transportation industry by deploying ACI's Official Payments, an IRS tax payment system.
In September, Fiserv agreed to acquire Elan Financial Services, a unit of U.S. Bancorp. Elan Financial Services is a provider of debit card processing, ATM managed services, and MoneyPass surcharge-free ATM network. The acquisition would enable Fiserv to strengthen its presence in the arena of debit card processing and expand its mobile and digital payments offering for consumers and businesses.
In June 2018, PayPal acquired Simility, a leading fraud prevention and risk management platform, for USD 120 million. Paypal aims at expanding its fraud prevention and risk management portfolio for merchants, following this acquisition.
Critical questions the report answers
Where will all these developments take the industry in the mid to long-term?
What are the upcoming industry trends in the real time payments market?
Which are the vendors operating in the market?
What are the drivers and challenges of the market?
Key Topics Covered:
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Segmentation 1.4 Years Considered for the Study 1.5 Currency Considered 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.2 Market Breakdown and Data Triangulation 2.3 Market Size Estimation 2.4 Assumptions of the Study 2.5 Limitations of the Study
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Real Time Payments Market 4.2 Top 3 Verticals 4.3 Top 3 Solutions and Verticals 4.4 Market By Vertical
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 High Proliferation of Smartphones 184.108.40.206 Customers Demand for Immediacy of Payments and Quicker Payment Settlements 220.127.116.11 Government Initiatives are Accelerating the Adoption of Real Time Payments Solutions 5.2.2 Restraints 18.104.22.168 Lack of Interoperability Between Schemes 22.214.171.124 Increasing Market Competition 5.2.3 Opportunities 126.96.36.199 Progressive Changes in Regulatory Framework 188.8.131.52 Increasing Use of Real Time Payments Across Different Industry Verticals 5.2.4 Challenges 184.108.40.206 Payment Security is Posing A Challenge for Banks 5.3 Use Cases 5.3.1 Use Case: Scenario 1 5.3.2 Use Case: Scenario 2 5.3.3 Use Case: Scenario 3 5.4 Payment System Evolution Overview 5.5 Standards and Regulatory Implications 5.5.1 Afinis Interoperability Standards 5.5.2 International Organization for Standardization 20022 5.5.3 General Data Protection Regulation 5.5.4 Payment Services Directive 5.6 Regulatory Financial Associations 5.6.1 Electronic Transactions Association 5.6.2 Consumer Financial Protection Bureau 5.6.3 European Automated Clearing House Association 5.6.4 Payment Card Industry Security Standards Council 5.6.5 Continuous Linked Settlement Group 5.6.6 R3CEV Blockchain Consortium 5.6.7 Global Payments Steering Group 5.6.8 Financial Blockchain Shenzhen Consortium 5.6.9 Blockchain Collaborative Consortium 5.6.10 Wall Street Blockchain Alliance
6 Real Time Payments Market, By Nature of Payment 6.1 Introduction 6.2 Person-to-Person 6.2.1 Increasing Demand for Immediacy of Payments and Quicker Settlements Drive the Adoption of the P2p Nature of Payment 6.3 Person-To-Business 6.3.1 High Proliferation of Smartphones and Connected Devices Accelerate the Adoption of the P2b Nature of Payment 6.4 Business-To-Person 6.4.1 Increase in Data Transparency and Enhanced Safety Boost the Growth of the B2p Nature of Payment 6.5 Others
7 Real Time Payments Market, By Component 7.1 Introduction 7.2 Solutions 7.2.1 Payment Gateway 220.127.116.11 Financial Institutes Demand Real Time Payments Gateway Solutions, as They Automatically and Securely Approve Transactions 7.2.2 Payment Processing 18.104.22.168 Real Time Payments Processing Solutions Enable Continuous Availability for Transactions 7.2.3 Payment Security and Fraud Management 22.214.171.124 Increasing Number of Financial Frauds in Online Transactions has Led to the Demand for Ai-Based Security and Fraud Management Solutions 7.3 Services 7.3.1 Professional Services 126.96.36.199 the Technicalities Involved in Implementing Real Time Payments Solutions Would Boost the Growth of Professional Services 7.3.2 Managed Services 188.8.131.52 With the Increasing Deployment of Real Time Payments Solutions, the Requirement for Managed Services Will Also Increase
8 Real Time Payments Market, By Deployment Mode 8.1 Introduction 8.2 On-Premises 8.2.1 Data-Sensitive Organizations Adopt the On-Premises Deployment Mode 8.3 Cloud 8.3.1 Scalability and Ease of Implementation Boost the Growth of the Cloud Deployment Mode
9 Real Time Payments Market By Enterprise Size 9.1 Introduction 9.2 Small and Medium-Sized Enterprises 9.2.1 The SMES are Major Investments to Implement Real Time Payments 9.3 Large Enterprises 9.3.1 Faster Interactions, Cost Reduction, Business Expansion Capability, and Enhanced Security are Expected to Fuel the Adoption of the Real Time Payments Technology Among Large Enterprises
10 Real Time Payments Market, By Vertical 10.1 Introduction 10.2 Banking, Financial Services, and Insurance 10.2.1 Real-Time Payments has the Potential to Eventually Reduce Costs for Banks By Breaking Their Payment Silos 10.3 IT and Telecommunications 10.3.1 Real Time Payments Offers More Convenient and Faster Modes of Bill Payment, Leading to Enhanced Customer Experience 10.4 Retail and Ecommerce 10.4.1 Real Time Payments Provides A Competitive Edge to the Retail and Ecommerce Vendors By Offering Them With Faster Modes of Payment 10.5 Government 10.5.1 Governments Use Real Time Payments to Uplift Economies and Promote Cashless Transactions Across the Globe 10.6 Energy and Utilities 10.6.1 Real Time Payments Offers Online Billing Solutions and Real-Time Rating for Enhanced Customer Experience 10.7 Others
11 Real Time Payments Market, By Region 11.1 Introduction 11.2 North America 11.2.1 United States 184.108.40.206 Real Time Payments Systems Make Payments Simpler, Faster, and Secure 11.2.2 Canada 220.127.116.11 Canadian Individuals and Merchants are Adopting Real Time Payments Solutions to Encourage Customers for Making Instant Payments 11.3 Europe 11.3.1 United Kingdom 18.104.22.168 Increasing Adoption of Omnichannel Real Time Payments Solutions Among Financial Institutions and Merchants 11.3.2 Sweden 22.214.171.124 As Real Time Payments is Gaining Popularity in Sweden, It Presents Growth Opportunities for the Real Time Payments Solution and Service Providers 11.3.3 Denmark 126.96.36.199 The Government of Denmark is Investing in Real Time Payments Systems to Make Payment Settlements Quicker 11.3.4 Rest of Europe 11.4 Asia Pacific 11.4.1 Japan 188.8.131.52 The Real Time Payments Market in Japan is Expected to Grow Due to the Upgradation in Instant Retail Payments 11.4.2 China 184.108.40.206 The Large Population Results in Many Real Time Payments Transactions 11.4.3 India 220.127.116.11 Government Initiatives and Demonetization are the Major Driving Factors for the Growing Real Time Payments Market 11.4.4 Rest of Asia Pacific 11.5 Middle East and Africa 11.5.1 United Arab Emirates 18.104.22.168 Growing Digital Initiatives Would Offer Opportunities to Deploy Real Time Payments Solution in UAE 11.5.2 South Africa 22.214.171.124 Rise in the Adoption of Advanced Digital Technologies Would Provide Opportunities for Real Time Payments Services 11.5.3 Rest of Middle East and Africa 11.6 Latin America 11.6.1 Brazil 126.96.36.199 Rising Focus of Real Time Payments Solution Providers in Brazil Would Boost the Market Growth in the Coming Years 11.6.2 Mexico 188.8.131.52 The Revolution of Various Technologies in Mexico May Create A Demand for Real Time Payments Solutions in the Coming Years 11.6.3 Rest of Latin America
12 Competitive Landscape 12.1 Overview 12.2 Ranking of Key Players, 2018 12.3 Competitive Scenario 12.3.1 New Product/Service Launches and Product/Service Enhancements 12.3.2 Agreements and Partnerships 12.3.3 Acquisitions 12.3.4 Expansions
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