Real-time Payments Market - E-commerce & Retail Industry Accelerates Growth

Real-time payments are electronic retail payment solutions that provides services to the customers whenever needed. Real-time payments are also known as instant-payments or immediate payments. Businesses and consumers around the globe are searching for effective, secure, and faster ways of accomplishing near-real-time exchange of funds, leading to the shift in use of real-time payments.

Real-time payments ease the process of transactions such as sending and receiving money. The real-time transaction procedure follows certain steps which include initiation, validation, processing, transmission, clearance, and customer alerts.

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Banks have turned to the use of real-time payments to quickly adapt to the changing environment. The emergence of value added services and the need for rapidity are having an increasing effect on the real-time payment market. Adoption of a holistic approach for real-time payments would help organizations leverage the opportunity for advanced and broader payment initiatives. Real-time payments bring benefits to banks and customers in many ways. Moreover, everyday transactions can now be done immediately through mobile devices.

Easy implementation and timelessness of the transaction are the drivers of the real-time market. Faster real-time payment implementation can be achieved by effective technology and operational enablement, organizational impacts, and analyzing risks and controls. The driving factors for the real-time payments market are various innovative technologies and emerging person-to-person (P2P) payments. Social platforms, digital currencies, and near-field-communication (NFC) based payments are also supporting the growth of the real-time payment market. Real time banking also offers transparency within the financial system.

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Increase in the rate of cybercrime and lack of security are the major restraints of the real-time payments market. Hindrance can also be caused when there is failure in the system while performing a transaction. Operational risks involved can also be restraining factors.

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