2025 Faster Payments Service Industry Trends Report: Long-Term Outlook Through 2034

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How Large Will the Faster Payments Service Market Size By 2025?
In the past few years, the market size for faster payments service has seen rapid growth. The projections indicate an increase from $65.18 billion in 2024 to $73.92 billion in 2025, with a compound annual growth rate (CAGR) of 13.4%. The significant growth over the historic period can be credited to factors such as the increased adoption of digital payments, the heightened demand for immediate fund transfers, increased smartphone and internet usage, a rise in e-commerce transactions, and escalating consumer expectations.

How Big Is the Faster Payments Service Market Size Expected to Grow by 2029?
The market size for faster payments services is poised for significant expansion in the foroming years, reaching a lucrative $120.69 billion by 2029 with a solid Compound Annual Growth Rate (CAGR) of 13.0%. This expansion during the predicted period is due to the growing acceptance of digital payments, burgeoning needs for immediate fund transfers, increasing penetration of smartphones and internet, a surge in e-commerce transactions, and escalating consumer expectations. Key trends that will define the projection period are progress in blockchain technology, advanced authentication techniques using biometrics, breakthroughs in payment apps development, collaboration with open banking platforms, and advancements in fraud detection using AI.

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Which Key Market Drivers Powering Faster Payments Service Market Expansion and Growth?
The growth of the faster payments service market is expected to be driven by the surging adoption of digital payments. These payments constitute the electronic exchange of funds between entities using digital avenues, eliminating the need for physical cash. The proliferation of digital payments is attributed to the increasing usage of smartphones and internet connectivity, which facilitates a more accessible and convenient medium for electronic transactions. Faster payments service bolsters the digital payment landscape by facilitating real-time fund transfers, making it a preferable choice for individuals and businesses desiring prompt and secure transactions. It mitigates processing delays by enabling 24/7 instant settlements, thereby enhancing financial efficiency. In January 2024, as reported by the European Central Bank, a central banking institution based in Germany, there was a 24.3% increase in the number of contactless card payments, reaching 20.9 billion in 2023 compared to the previous year. As such, the growth of the faster payments service market is spurred by the rising adoption of digital payments.

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Which Fast-Growing Trends Are Poised to Disrupt the Faster Payments Service Market?
Leading enterprises in the faster payments services industry are directing their efforts towards creating cutting-edge solutions such as instantaneous payment integrations. These are designed to heighten the pace of transactions, optimize user experience, and cut down processing times. Real-time payment integrations can be defined as smooth interconnectivity between payment interfaces and banking structures that allow immediate fund transfers. For example, in February 2025, Orum Inc., a software firm based in the US, collaborated with Visa Inc., a US-based corporation offering credit card services, to unveil a swift payments network that bolsters the Deliver API solution's capabilities. By using Visa Direct, this platform permits immediate fund transfers to and from bank accounts through debit cards. This introduction provides businesses and financial organisations access to immediate payments for almost 99% of US bank accounts via a single API that amalgamates different payment systems, including Visa Direct, FedNow, RTP, and ACH. This incorporation not only simplifies transactions but also minimises settlement lags, offering a seamless payment experience for final consumers.

What Are the Emerging Segments in the Faster Payments Service Market?
The faster payments service market covered in this report is segmented -

1) By Component: Software, Hardware, Services
2) By Type: Cloud Based, On-Premises
3) By Payment Method: Debit Card Transactions, Credit Card Transactions, E-Wallets, Direct Debits, Bank Transfers
4) By Application: E-Commerce, Remittances, Insurance Payments, Utility Payments, Payroll Services
5) By End User: Banks And Financial Institutions, Retailers, Corporates And Small and Medium Enterprises, Consumers, Government And Public Sector

Subsegments:
1) By Software: Payment Processing Software, Payment Gateway Software, Mobile Payment Applications
2) By Hardware: Payment Kiosks, Card Readers, Biometric Authentication Devices
3) By Services: Consulting and Integration Services, Maintenance and Support Services, Managed Services

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Who Are the Global Leaders in the Faster Payments Service Market?
Major companies operating in the faster payments service market are Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Fidelity National Information Services Inc., Worldline SA, Finastra Group Holdings Limited, Nets A/S, Stripe Inc., ACI Worldwide Inc., Kraken, Temenos AG., Early Warning Services LLC., Rapyd Financial Network Ltd., Repay Holdings Corporation, Nium Pte. Ltd., Volante Technologies Inc., NovoPayment Inc., Tink AB, Form3 Ltd., The Clearing House Payments Company L.L.C., Currencycloud Group Limited, Montran Corporation

Which are the Top Profitable Regional Markets for the Faster Payments Service Industry?
North America was the largest region in the faster payments service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the faster payments service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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