Global Real-Time Payment Market Analysis Report 2023: Large Firms are Modernizing their Payment Ecosystem to Further Streamline Instant Transfers

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Jun 14, 2023, 05:30 ET

DUBLIN, June 14, 2023 /PRNewswire/ -- The "Global Real-Time Payment Market 2023" report has been added to ResearchAndMarkets.com's offering.

Real-time payments are steadily gaining momentum as a preferred payment system

The outbreak of the pandemic led to a shift in the way consumers and businesses globally made payments, thereby increasing the dependence on newer payment methods such as BNPL, one-click payments as well as real-time payments. Real-time payment systems offer benefits in terms of cost reductions and payment success rates to consumers and businesses alike.

Thus, the market size of real-time payments is forecasted to see a double-digit CAGR from 2022 through 2028, with the value reaching billions of euros by 2028, as spelt out by this report. Large firms are also modernizing their payment ecosystem to further streamline instant transfers, thus as of July 2022, close to three-quarters of firms globally using real-time payment system regarded their capabilities as highly important.

The introduction of Zengin in Japan prompted other countries globally, especially India, Brazil, Singapore, Thailand, Australia, and the UK among others to implement their own instant payment systems. While UPI in India and PIX in Brazil are the frontrunners in the usage of instant payment systems, countries in other regions such as MENA, Africa, and Latin America are also catching up.

For instance, in Australia, the New Payments Platform (NPP) has had more than a billion transfers representing a value of trillions of euros since its launch. Likewise, PromptPay, the real-time payments system in Thailand saw a value of transactions amounting to certain billion euros as of October 2022, according to data cited in the latest report.

Unlike other nations where real-time payment solutions emerged due to the collective efforts of the government and the central bank, Colombia's real-time payment system, Transfiya developed as a result of private arrangements to support the country's financial inclusion goals and has seen constant growth since its launch.

Furthermore, CliQ in Jordan, Fawri+ in Bahrain, and GhIPSS Instant Pay, in Ghana are some other instant payment systems worldwide that are seeing growth in adoption and usage.

Despite slow growth of the real-time payment infrastructure in Europe, countries in the region are taking steps to encourage usage and adoption

The payment landscape in Europe changed with the launch of SEPA in 2008, which led to the smooth functioning of credit transfers as well as a direct debit in the EU.

To encourage the growth of alternative payment methods such as real-time payments, the ECB launched the TARGET Instant Payment Settlement Scheme and later the SEPA Instant. However, the adoption and usage of SEPA Instant in Europe varied across nations.

For instance, Luxembourg, Malta, and Italy were the top 3 nations in Europe with the highest share of respondents claiming access to SEPA Instant, and Greece has the lowest share of respondents having access to the system, as per this new report.

Germany, on the other hand, had the highest number of participants in both SEPA and SEPA Instant and the number of real-time payment transfers is forecasted to grow at a double-digit CAGR between 2021 and 2026, reaching a number in billions as of 2026. To encourage the growth of SEPA Instant, banks offering SEPA will also be obliged to provide SEPA Instant services in Europe.

Additionally, in countries such as Netherlands, the share of real-time payment transactions in terms of volume is forecasted to witness a rise of several percentage points by 2026. The real-time payment system of Russia, SBP, also showed constant progress in the volume and value of transactions from Q1 2021 to Q2 2022, according to the publication.

Questions Covered

What is the forecasted total value of real-time payments globally by 2028?
What is the forecasted number of transfers via real-time payments in India as of 2026?
What were top advantages of real-time payments in the U.S. as of June 2022?
Which were the top 3 countries in Europe with the highest share of respondents to whom SEPA instant was available as of June 2022?
What is the forecasted share of real-time payments in terms of value in Brazil by 2026?

Key Topics Covered:

1. Management Summary

2. Global

Real-Time Payment Market Overview and Developments, January 2023
Real-Time Payment Market Size, in USD billion, 2022 & 2028f
Total Value of Savings for Consumers and Businesses Facilitated by Real-Time Payments Across 30 Key Markets, in USD billion, 2021 & 2026f
Total GDP Facilitated by Real-Time Payments Across 30 Markets, in USD billion, 2021 & 2026f
Share of Large Firms Using Real-Time Payments and That Consider the Capability Highly Important, in %, July 2022
Share of Companies That Plan to Expand Their RTP Capabilities in the Next 12 Months or Are Already Doing So, in %, July 2022
Share of Companies Viewing Real-Time Payments As Important for Receiving Payments, by Revenue, in %, July 2022

3. Asia-Pacific
3.1. China

Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.2. India

Total Number of Real-Time Transactions, in billions, 2022 & 2027f
Volume of UPI-Based Real-Time Payment Transactions, in billions, January - June 2022
Total Value of Transactions via UPI, in INR billion, January - June 2022

3.3. Japan

Zengin System Overview, January 2023
Volume of Small-Value Transactions in Zengin Core Time System, in thousands, & Value of Small Transactions, in JPY million, & Year-On-Year Change, in %, January - October 2022

3.4. South Korea

Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.5. Australia

Overview of New Payments Platform (NPP), January 2023
Share of PayID Users Who Use It at Least Once a Week, in %, May 2022
Top Reasons for Registering PayID, in % of PayID Users, May 2022
Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.6. Singapore

Overview of Fast and Secure Transfer (FAST) & PayNow, January 2023
Breakdown of Transaction Volume, by Payments Instrument, in % of Total Payment Transaction Volume, 2022 vs 2027f
Breakdown of Spending Value, by Payments Instrument, in % of Total Payment Spending Value, 2022 vs 2027f

3.7. Thailand

Volume of PromptPay Based Real-Time Payment Transactions, in millions, May - October 2022
Value of PromptPay Based Real-Time Payment Transactions, in THB billion, May - October 2022

3.8. Malaysia

Overview of Payments Network Malaysia Sdn Bhd (PayNet), January 2023
Total Number of Real-Time Transactions, in billions, 2022 & 2027f

3.9. Philippines

Overview of InstaPay, January 2023
Total Value of Transactions via InstaPay, in PHP trillion, January - November 2021 vs January - November 2022

3.10. Sri Lanka

Real-Time Payment Market Overview, January 2023
Share of Participants in Real-Time Gross Settlement (RTGS), by Value & by Volume, in % of RTGS Transactions, Q2 2022

4. North America
4.1. USA

Total Number of Real-Time Transactions, in billions, 2022 & 2027f
Share of Companies That Use Real-Time Payments, in %, June 2022 & 2024f
Top Business Outcomes Enabled by Real-Time Payments, in % of Financial Professionals, June 2022
Top Challenges That Financial Professionals Face While Introducing Real-Time Payments, in % of Financial Professionals, June 2022
Top Advantages of Real-Time Payments, RTP Leaders vs RTP Laggers, in % of Financial Professionals, June 2022

4.2. Canada

Breakdown of Transaction Volume, by Payments Instrument, in % of Total Payment Transaction Volume, 2022 vs 2027f
Breakdown of Spending Value, by Payments Instrument, in % of Total Payment Spending Value, 2022 vs 2027f

5. Europe

Real-Time Payment Market Overview and Developments, January 2023
P27 Payment Service Overview, January 2023
Share of SEPA Instant Credit Transfer Volume, in % of All SEPA Credit Transfer, Q4 2021-Q3 2022
Share of Respondents That Have Access to Instant Payments, by Country, in %, June 2022 (1 of 3)
Share of Respondents That Have Access to Instant Payments, by Country, in %, June 2022 (2 of 3)
Share of Respondents That Have Access to Instant Payments, by Country, in %, June 2022 (3 of 3)
Number of Participants of SCT Inst Scheme vs SCT Scheme & Adherence Status, in %, June 2022 (1 of 3)
Number of Participants of SCT Inst Scheme vs SCT Scheme & Adherence Status, in %, June 2022 (2 of 3)
Number of Participants of SCT Inst Scheme vs SCT Scheme & Adherence Status, in %, June 2022 (3 of 3)

6. Latin America

7. Middle East

8. Africa

A selection of companies mentioned in this report includes

Cobro Digital (CoDi)
Dana
DuitNow
InstaPay
JoPACC
JustPay
LankaPay
Line Pay
LinkAja
Ottocash
PayNet
PayNow
PayShap
PayTo
PIX
PLIN
PromptPay
ShopeePay
Yape
Zengin

For more information about this report visit https://www.researchandmarkets.com/r/b2xb29

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