Real Time Payments Market Size, Scope, Forecast To 2028

Precision Business Insights published a research report on “Real Time Payments Market: By Nature of Payment (Business-to-Person (B2P), Person-to-Business (P2B), Person-to-Person (P2P) and Others), By Component (Services and Solutions), By Deployment Mode (Cloud-Based and On-Premises), By Enterprise Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), By End User (Banking, Financial Services and Insurance (BFSI), Energy & Utilities, Government, Healthcare, IT & Telecom, Retail & E-commerce, Travel & Tourism and Others) - Global/Region/Country Forecast to 2028”.

Electronic/digital payments, often known as real-time payments, allow for the rapid transmission of monies through the use of a secure payment gateway. The real-time payment market is predicted to grow as more web-based businesses, such as e-commerce, and cell phone deployments, as well as the growing need for quick and cost-effective payment solutions in Small and Medium Enterprises (SMEs), emerge.

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The market's expansion can be ascribed to the widespread use of smartphones and the acceptance of cloud-based payment solutions. Furthermore, rising customer demand for faster payment settlements, as well as increasing investments from financial institutions and governments to promote the adoption of real-time payment systems, are likely to propel the market forward. The integration of cutting-edge technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) into digital payment platforms is also projected to boost demand for real-time payment solutions. Real-time payment solutions have become more popular as a result of digitization. Governments all over the world are promoting digital payments in order to boost the number of digital transactions in their respective nations. For example, the Japanese administration introduced intentions in December 2019 to implement the Cashless Japan programme, which aims to treble the volume of digital transactions by 2025. The continued deployment of 5G networks and high-speed broadband services around the world bodes well for market expansion. To speed the adoption of digital payments, governments throughout the world are investing in 5G infrastructure and subsidies. Nonetheless, a major problem projected to stifle worldwide market growth is a lack of compatibility between many sophisticated payment gateways. Furthermore, rising market competition from local players in the market for the integration of sophisticated technology with legacy systems in order to meet the growing need for real-time solutions is another issue that is predicted to stifle the leaders' growth to some extent.

The real-time payments market is fragmented on the basis of Transaction Types, which is further divided into P2B, B2B, P2P. On the basis of Type of Operating Organization, the market is segregated into Bank Led, Non-bank Led. On the basis of End-user Industry, the market is classified into IT &Telecommunications, BFSI, Retail, and Utilities.

Owing to the availability of essential IT infrastructure and a high level of awareness of real-time payment gateways in the region, North America is likely to dominate the worldwide real-time payments industry. Due to increased penetration of instant payment systems among growing countries such as China, India, and Japan for simple, quick, and secure real-time payment framework, the Asia Pacific market is predicted to rise significantly in terms of revenue in the worldwide market.

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Some of the major key players in the Real Time Payments Market are SIA, Ripple, REPAY, PayPal, Nets, Visa, Mastercard

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