Real-Time Payments Market is Slated to Witness Tremendous Revenue Growth of US$ 644,561 million by 2030- Adroit Market Research

Real-time payments usually referred to as immediate payments, are digital payments that offer almost immediate money transfers between bank accounts. Customers and organisations have more control, transparency, and flexibility over their payments using this sort of payment, which enables quicker decision-making and better cash flow management. Due to its ease, security, and cheap cost, real-time payments are gaining popularity in the banking and payments sectors. Real-time payments are anticipated to rise at an annual average growth rate (CAGR) of 38.36% between 2022 and 2030, reaching a value of $ 644,561 million.

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The desire for quicker and more secure payment methods is on the rise, and more customers are looking for ease when making purchases, which can be ascribed to this trend. Real-time payments are also being used by financial institutions as a strategy for staying competitive in the increasingly digital banking industry.

P2B (person-to-business) payments, which are increasingly popular for online shopping and bill payment, are anticipated to have the highest proportion of the worldwide real-time payments industry. The demand for real-time payments is also being fueled by the expansion of e-commerce and the increased need for quicker payments.
Due to the increasing demand for secure payment gateways that can support seamless payments between customers and businesses, payment gateways are predicted to hold the highest share of the real-time payments market. The market for real-time payments is also expanding as a result of the increased number of online shoppers and the demand for quicker and more secure payments.

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The cloud-based categorization is estimated to have the most market share during the projected time frame. This is primarily because cloud-based deployment offers benefits including minimal installation costs, scalability, and greater application integration. The market for real-time payments is expanding as a result of enterprises putting a greater emphasis on enhancing their customers' experiences.

Due to the early acceptance of these solutions and the presence of numerous industry players, North America is anticipated to hold the greatest position in the real-time payments market. The proliferation of mobile wallet providers and collaborations between banks and FinTechs are a couple of the elements propelling the real-time payments market's expansion in North America. The market for real-time payments is also anticipated to expand as a result of North America's growing smartphone and internet usage.

Mastercard debuted its real-time payments processing platform in January 2022, giving businesses and banks a secure and affordable option to control the whole payment process. In the upcoming years, this technology is anticipated to transform the real-time payments industry in North America and fuel its expansion.

Visa revealed its plans to enter the real-time payments industry in North America and Europe in March 2022, giving users the ability to make immediate purchases with their Visa card. The technology will also help Visa with its efforts to enable real-time payments in areas other than North America and Europe, such as Asia. With intentions to quickly roll out the service to Europe and other regions of the world, Visa launched its real-time payment platform, Visa Direct, in the United States in January 2021. Customers can quickly and easily make payments using the fast, secure, and affordable Visa Direct payment platform.

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