Real Time Payment MarketCAGR, Volume and Value 2020-2026

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The Real Time Payment Market is gaining maximum prominence in the present time with the penetration of digitization across the world. At present, the global real-time payment method can reach a valuation of $23.57 billion, by attaining a CAGR of 29.7% during the forecast period 2018–2023, reveals Market Research Future in its detailed study.

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Market Drivers & Trends

Digitization has played a leading role in the adoption of real-time and online payment systems by companies as it has become a part of routine work as it makes online transactions convenient. Due to this, the popularity of real-time and online payment system has been increased with time, which has contributed to its market growth. In case of point, one of the leading companies namely ACI Worldwide, back in 2018 partnered with SPAN Enterprises to improve online payments and upgrade the user experience of customer in various industries. Also, in June 2018, PayPal acquired Simility to magnify its fraud prevention and risk management portfolio.

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At the same time, the increased popularity for online shopping among individuals has fastened the rising need for secure, fast and improved payment solutions for smooth flow of transactions. At present, the promoting cashless transactions for payments of smaller denomination has risen the need for quick and improved payment platforms, which are relatively secure. These are some of the foremost drivers fueling the growth of real-time payment.

On the other hand, the surging usage of card payments by individuals across the world for transactions has also contributed to spurring the market during the assessment period. On the flip side, the factor of security concerns regarding online payments is continuously restraining the Real Time Payment Market.

Key Players

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(Germany), Fidelity National Information Servcs Inc (US), Worldline SA (France), Paypal Holdings Inc (US), ACI Worldwide Inc (US), Mastercard Inc (US), Temenos AG (Switzerland), Fiserv Inc (US), Visa Inc Class A (US), and Apple Inc (US). These players are continuously contributing to the foremost proportion of market growth during the assessment period.

Also Read: https://www.globenewswire.com/news-release/2019/05/28/1853144/0/en/...

Market Segmentation

The segmented analysis of the global Real Time Payment Market has been conducted based on elements such as solution, service, deployment, and verticals. In terms of solution, the market is segmented into the payment gateway, payment processing, payment security, fraud management, and others. Among the services: Professional services and managed services are the segments. Among the deployment type: On-premise and cloud are the segments. Among the verticals: BFSI, IT & telecommunication, retail, government, energy & utilities, and others are the segments.

Industry News

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October 2019 – The Board of Investment of Sri Lanka took a significant step forward for customers, where they have the expediency of making payments online directly to BOI. The initiative is facilitated via LankaPay Online Payment Platform, a real-time and online payment platform of LankaClear.

Mastercard takes few more beneficial steps toward real-time bill pay.

Regional Outlook

Regionally, the global Real Time Payment Market has been studied under the regions of North America, Asia-Pacific, Europe, and the Rest of the World.

Among these, North America is the prominent market for real-time payment as it generated the highest revenue in 2017. Now it is estimated to be the highest market value creator during the forecast period. The growth of the North American region is ascribed to the surged adoption of digital payments by customers, mainly in countries such as the US and Canada. The US generated highest revenue in 2017 and is now projected to expand with fastest CAGR during forecast period 2018–2023.

Europe is the second-largest market for real-time payment observed in the study. It is mainly an advanced region and has established a robust infrastructure. The UK also generated highest revenue in 2017 and is now projected to expand with the highest CAGR during forecast period 2018–2023. It is the technical advancements in the provision of secure payment that has fueled the growth of Real Time Payment Market in these countries.