Real Time Payments Market 2022-2027; USD 55.54 billion Incremental Growth – Technavio

Press Releases

Jan 23, 2024

NEW YORK, Jan. 22, 2024 /PRNewswire/ — The real time payments market is estimated to grow by USD 55.54 billion from 2022 to 2027, growing at a CAGR of 31.35%. The market is estimated to show a 29.0% Y-O-Y growth in 2023. The real time payments market is fragmented, owing to the presence of many global and regional companies. A few prominent companies that offer real time payments are ACE Software Solutions Inc., ACI Worldwide Inc., Ant Technology Group Co. Ltd., Apple Inc., Cognizant Technology Solutions Corp., Fidelity National Information Services Inc., Finastra, Fiserv Inc., Icon Solutions Ltd., Mastercard Inc., Microsoft Corp., Mindgate Solutions Pvt. Ltd., Montran Corp., PayPal Holdings Inc., Ripple Labs Inc., Sila Inc., Tata Consultancy Services Ltd., Temenos Headquarters SA, Visa Inc., and Volante Technologies Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying

Company Offering:

ACI Worldwide Inc. – The company offers real-time payment processing services which are used widely in business-to-business segments such as supplier payment and refund adjustment.
Ant Technology Group Co. Ltd. – The company offers real-time payment services which are designed to do quick pay, barcode payment, smile to pay, and QR code payment solutions to meet transaction requirements in different commercial use.
Apple Inc. – The company offers real-time payment services that provide easier, safer, and more secure money transactions to various merchants.
For details on companies and their offerings – Buy the report!

By Geography, the areas are classified as APAC, North America, Europe, South America, and Middle East and Africa. APAC will have the largest share. The region will contribute 44% to the global growth. The Real-Time Payments experience rapid growth in the Asia-Pacific (APAC) region, driven by the widespread adoption of mobile wallets such as Apple Pay and Samsung Pay. The surge is further propelled by the increased use of real-time payment methods like NFC and QR codes, particularly during the pandemic’s contactless payment trend. Convenience factors, including faster service, efficient check-out processes, and access to incentives, contribute significantly to the regional expansion. Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.

Increasing adoption of smartphones and access to high-speed Internet is a major driver.
Rapid digitalization in the payments sector is an emerging trend.
Rise in data breaches and security issues while conducting payments hinders growth.

Technavio Research experts have provided more insights on the market share of segments – View a Free Sample Report

Key Technologies

Payment gateways drive real-time payments, fostering secure, swift digital transactions amid rising global digitization. Fueled by the Internet’s cost-effectiveness, this trend transforms business models in logistics, banking, education, and more. As companies are coming up with new products and services, technologies such as instant payment systems, blockchain, digital wallets, mobile banking, fintech, regulatory compliance, cybersecurity, API banking, P2P payments, e-commerce integration, smart contracts, contactless payments, and artificial intelligence in payments, are becoming more popular.

Related Reports:

The Global Mobile Payments Market Size is estimated to grow by USD 75,412.89 million between 2022 and 2027 accelerating at a CAGR of 20.49%.

The European virtual cards market size is estimated to grow at a CAGR of 20.56% between 2022 and 2027. The market size is forecast to increase by USD 132.23 billion.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Segmentation by Component

7 Segmentation by Deployment

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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