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Real-Time Payments Market Expected to Grow Over Next Decade | Top Companies are Fiserv, Temenos, Ant Financial, Apple, Mastercard, ACI Worldwide, Wirecard, Capgemini, Global Payments, SIA, Ripple

06-10-2019 03:20 PM CET | Industry, Real Estate & Construction

Press release from: Global Market Insights, Inc.

Real-Time Payments Market

Real-Time Payments Market

Real-Time Payments Market growth will be impelled by the adoption of smart devices and flourishing online retail commerce sector. 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 day-to-day operations. This liquidity improvement is especially useful for small merchants, creating a positive impact on their daily cash flow and sales.

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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. For instance, in November 2016, the India government announced demonetization, which resulted in an increase in real-time payments. The high population rate in this region has also increased the number of players adopting real-time payments solutions, accelerating the market growth.

The real-time payments market 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 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.

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The 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.

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.

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.

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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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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
Blog: www.industry-source.org

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