PDF-Real-Time Payments Market

Real-Time Payments Market is expected to witness significant CAGR
during 2018 to 2024: Global Market Insights, Inc.
Real-Time Payments Market has penetrated different applications including BFSI, IT
& Telecom, retail & e-commerce, government, healthcare, travel, and energy. The
retail and e-commerce applications dominate the real-time payments market as it
displays the maximum demand for payment services that offer convenience, speed,
safety, ubiquity, and value for money. Moreover, as the technology has become
cheaper and more accessible, the transaction-by-transaction settlement has become
more realistic in the central bank money, leading to faster fund transfers for retail
payments. The growing inclination of consumers toward online shopping also acts as
a driving force in the real-time payments market.
Real-Time Payments Market size is anticipated to grow rapidly over the predicted
years due to rising consumer demand for convenience and speed. Countries are
moving toward real-time payments as they enable businesses and consumers to carry
out transactions in a more fast, secure, and effective manner. Real-time payment
solutions are available 24/7, which help in immediate interbank transactions, clearing,
and providing payment indications within seconds, enhancing the payments credibility.
The updated regulations addressing payment security & effectiveness, new payment
solutions & platforms, and higher customer expectations are driving the growth of the
real-time payments market. Various small & large retailers are adopting real-time
payments to augment their cash flow management, decrease fraudulent activities, and
deliver incremental support to their customers, accelerating market growth.
Furthermore, government initiatives for digitalization also have a positive impact on
market growth.
The growth in the adoption of smart devices and flourishing online retail commerce
sector are driving the adoption of real-time payments market. Consumers are turning
toward channels such as smartphones, digital wallets, tablets, and the web for paying
merchants, peers, and other billers. This payment mode benefits merchants, financial
institutions, consumers, and society at a large by providing enhanced visibility into
payments, better cash management, and assisting businesses to manage their dayto-day
operations. This liquidity improvement is especially useful for small merchants,
creating a positive impact on their daily cash flow and sales.
The real-time payments solution is essentially useful in the modern digital world but
the lack of interoperability between the new and existing real-time payment scheme is
a major challenge faced by industry players. This also creates an additional burden
for managing multiple IT environments, affecting the cost, security, control, and
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maintenance parameters. Hence, it is essential for providers to bridge the gap
between the existing and new payment schemes to capitalize on the growth potential
of real-time payments. Furthermore, payment fraud detection also acts as a challenge
in the real-time payment environment. Hence, organizations should adopt pattern
detection and AI technology capabilities to improve fraud detection and prevention.
The real-time payments components include solutions & services with the solutions
segment dominating the market. The payment security and fraud management
solutions are projected to grow at the fastest rate. As the number of m-commerce and
e-commerce transactions is growing rapidly, it is essential to adopt advanced payment
security and fraud prevention solutions, which assist in detecting frauds and improving
the security of online businesses. The service segment is projected to grow at the
fastest rate with the increase in the demand for real-time payment solutions. The
professional service segment holds a larger market share in the real-time payments
market with the managed service segment anticipated to grow at the fastest rate.
North America dominates the real-time payments market due to an increasing
adoption of real-time payment solutions by a wide range of industry verticals. In the
U.S., the real-time payment infrastructure is being developed and driven by both
private and public-sector players to make faster payments to customers and
businesses, driving the market growth. The Asia Pacific region is projected to grow at
the fastest rate, mainly due to the supportive government initiative and digitalization
strategy.
The real-time payments market is fragmented with the presence of a significant
number of vendors. Some of the leading players present in the market are Fiserv,
Temenos, Ant Financial, Apple, Mastercard, ACI Worldwide, Wirecard, Capgemini,
Global Payments, SIA, Ripple, Finastra, Nets, Montran, FSS, and REPAY.
These players are focusing on developing advanced payment infrastructures and
investing funds in digital services and data analytics for expanding their presence in
the competitive market. In October 2018, Mastercard launched a digital solution called
the Mastercard Bill Pay Exchange, making it easy for customers to manage, view, and
pay bills using mobile banking applications.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
reports are designed via a proprietary research methodology and are available for key
industries such as chemicals, advanced materials, technology, renewable energy and
biotechnology.
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Global Market Insights, Inc.
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