Real-Time Payments Market Size - By Component (Solution, Service), Deployment Model (On-premises, Cloud), Payment Type (Person-to-Person, Person-to-Business, Business-to-Consumer, Business-to-Business), Organization Size, End-user, Forecast 2024 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationReal-Time Payments Market Size
Real-Time Payments Market worth USD 21.7 billion in 2023 is poised to grow at a CAGR of more than 27.5% from 2024 to 2032. Immediate Payment Service (IMPS) has greatly surged market growth with the ability to conduct fast & secure transactions. Its capability of processing huge funds transfers instantly transformed the financial market.
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As per National Payments Corporation of India, IMPS Statistics, in September 2023, there were 472.90 million IMPS transactions through which approximately USD 64.56 billion funds were remitted. IMPS brings unparalleled convenience and encourages businesses and consumers to accept real-time payments. The end-to-end ease of use and speedy transactions by IMPS have been a catalyst for defining today's payment environment, enabling market growth & adoption.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Real-Time Payments Market Size in 2023 | USD 21.7 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 27.6% |
| 2032 Value Projection | USD 176.5 Billion |
| Historical Data for | 2018 - 2023 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 393 |
| Segments covered | Component, deployment model, payment type, organization size, and end-user |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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Increased demand for real-time payments owes to increased transparency and trust in the financial dealings. Real-time payment systems deliver immediate updates and confirmations, ensuring users of the safe transfer of money. Such transparency generates trust between companies and consumers and instills confidence in them to adopt real-time payment systems. With real-time payments, errors and fraudulent activities are lessened, and trust in the process is boosted. Increased transparency raises the popularity of the market.
The threat of security compromise is a major threat to the development of the real-time payments market. The speed of the transactions makes them likely targets for cybercriminals looking for unauthorized access, which can result in data theft, financial fraud, and service disruption. Security loopholes, if taken advantage of, would undermine user confidence, slow down adoption, and lead to monetary losses for consumers and businesses. There is a need to implement strong encryption, authentication practices, and ongoing monitoring for possible threats to counteract the risks and provide a safe environment for real-time payments.
COVID-19 Impact
The COVID-19 pandemic accelerated real-time payment adoption considerably. Social distancing and elevated online behavior pushed digital transactions up. Real-time payments provided a secure & convenient means for consumers and businesses to manage financial transactions without touching anything. The increased demand highlighted the resilience & effectiveness of real-time payment systems, further establishing their significance in the contemporary economy. The pandemic fueled the move to digital payments, propelling market growth.
Real-Time Payments Market Trends
Imagine thisyou're paying online or via your bank app. The moment you press the "send" key, sophisticated technology in the form of AI and machine learning springs into play. These smart resources have a hawk's eye on your transaction, cross-checking for any that seems a little fishy. If they catch something amiss, they raise the alarm immediately, safeguarding your money from scammers. In the real world, this is already a reality. For instance, a firm named Jack Henry recently introduced a fraud detection system that employs AI to track payment transactions in real time. It's like having a security guard on steroids, keeping an eye on your every step and ensuring your money is secure. This has made individuals feel a whole lot more secure about using digital payment systems. They see that their transactions are being guarded at every turn, so they're more apt to utilize them. And as more and more consumers and businesses adopt these systems, the fraud detection market is booming, providing a safer and more secure space for all.
Enhanced transparency in transactions is complementing real-time payments market demand. Real-time payment systems offer instant updates and clear records of transactions, giving consumers real-time access to their activities. The improved transparency fosters trust between businesses and consumers, lowering the anxiety associated with slow or incorrect transactions. Consumers are able to follow payments in real time, enhancing accuracy and decreasing disputes. Therefore, the increased confidence in the transparency of real-time payments is driving their usage, further promoting market growth.
Real-Time Payments Market Analysis
Find out more about the major segments influencing this market
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On the basis of component, the solution segment accounted for more than 65% of the market share in 2023. The adoption of digital payment solutions to speed up financial transactions is fueling market growth. These solutions provide unmatched speed & convenience, enabling users to make instant payments, transfers, and purchases. With increasing use of mobile wallets, contactless payment, and internet banking apps, businesses and customers are able to make transactions without any hassle, anywhere & anytime. The user experience is made more convenient and faster by ease of use and efficiency of digital alternatives, while it also accelerates the demand for real-time payment solutions, driving market growth.
Discover more about the emerging segments influencing this market
On the basis of organization size, the large organization segment accounted for 60% market share in real-time payments in 2023. Joint efforts to implement real-time payment systems are compelling the growth of this segment in the market. Alliances with financial institutions and technology vendors enable such companies to implement sophisticated & secure payment solutions quickly.
For example, in May 2023, Zomato, one of the leading online food ordering websites, launched its own UPI service in association with ICICI Bank. The real-time payment system allows users to make direct transactions to individuals and merchants, increasing ease. With this service, Zomato seeks to offer a more integrated and intuitive payment solution to customers. Through such collaborations, large companies can provide quick and efficient real-time payment services to their customers, enhancing customer loyalty and satisfaction. The provision of smooth & instantaneous transactions immensely increases the competitiveness and growth of large organizations in the fast-paced real-time payments market.
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North America real-time payments market held 25% of the revenue share in 2023. In North America, the growth in consumer demand for instant & convenient payment solutions is fueling industry growth. This demand is fulfilled through the region's sophisticated technological infrastructure, which supports the rapid development and deployment of innovative real-time payment solutions. The growing customer demand for hassle-free transactions, along with the high pace of technological innovation, is propelling the use of real-time payments in the region. This has made North America a hotspot for innovative payment systems, contributing towards increased overall financial inclusiveness and efficiency in the region.
Real-Time Payments Market Share
In the competitive realm of real-time payments, industry giants such as Visa Inc. and PayPal Holdings Inc. maintain their dominance through strategic partnerships, aligning with digital payment trends. By offering seamless and secure transactions, these players continually adapt, ensuring their relevance and market leadership amid the evolving digital payment landscape.
Real-Time Payments Market Companies
The major companies operating in the real-time payments industry are
- ACI Worldwide, Inc.
- Finastra
- FIS Inc.
- Fiserv, Inc.
- Mastercard, Inc.
- PayPal Holdings, Inc.
- Visa Inc.
Real-Time Payments Industry News
- In May 2023, Conduent Transportation launched innovative real-time digital payment solutions on the payment network, enhancing the speed, ease, and security of toll billing and payments for transportation agencies and toll road users.
The real-time payments market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032 for the following segments
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Market, By Component
- Solution
- Service
Market, By Deployment Model
- On-premises
- Cloud
Market, By Payment Type
- Person-to-Person (P2P)
- Person-to-Business (P2B)
- Business-to-Consumer (B2C)
- Business-to-Business (B2B)
- Others
Market, By Organization Size
- SMEs
- Large Organization
Market, By End-user
- BFSI
- Retail
- Healthcare
- Government
- IT & Telecom
- Manufacturing
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
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