Real-time Payment Market Growth Encouraged by Online Transactions | Real-Time Payment Market Sales Forecast, Current Trends, Expansion Plans and Impact of COVID-19

Real Time Payment Market Research Report- Forecast till 2023

Market Highlights

Real time or real-time payments, also known as immediate payments, enables enterprises and organizations in sending and receiving payments simultaneously in real time. Collaboration by financial institutions and merchants for providing convenience to customers has led to formation of standards which ensure seamless financial transactions. The global real-time payment market report by Market Research Future (MRFR) considers various factors and challenges to be faced by the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact are noted in the report.

Market Scope

The global real-time payment market is expected to reach USD 23.57 billion by the end of the forecast period with a CAGR of 29.7% over the forecast period. It was valued at USD 5.12 billion in 2017. The cost of printing and circulation of costs, storage and distribution, and check-cashing and ATM transaction fees are expected to drive the market demand exponentially. Development of online commerce sites and adoption of smart devices for conducting financial transactions can drive market demand.  The need to pay merchants and utilities for essential services can fuel the market.

Usage of real-time payments for faster collection of taxes and initiatives for digital wallets and online transactions are expected to pave the way for the global real time payment market. The growth is driven by its use by small business owners for settling payment claims and partnerships between financial services corporations and banks for introducing new technologies can benefit the market. However, security challenges can hamper market growth.

Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7060

Segmentation:

The global real time payment market is segmented by solution, service, deployment, and verticals.

By solution, the market is segmented into payment gateway, payment processing, fraud management, payment security, and others.

By services, the market is segmented into professional services and managed services.

By deployment, the market is segmented into on-premise, and cloud.

By verticals, the market is segmented into energy & utilities, BFSI, IT & telecommunication, government, retail, and others.

Regional Analysis

By region, the real time payment market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

North America is the largest market for real-time payments. It has generated highest revenue in 2017 and is estimated to be lucrative during the forecast period. The growth of the North American region is attributed to increased adoption of digital payments by customers in the countries including the U.S. and Canada. The U.S. has generated highest revenue in 2017 and is projected to grow with fastest CAGR during forecast period and followed by Canada and Mexico.

The APAC real-time payment market is projected to gain huge returns owing to the impact of globalization and assurance of cash flow from trading. Emergence of fintech startups with a focus on fraud detection and secure authentication for transactions are likely to change the landscape in the region. An effort by regulating agencies to accelerate payment systems is estimated to lend assistance to adoption of real time payment systems.

Europe is the second largest market for real-time payment. It is technically advanced region and has established infrastructure. The UK has generated highest revenue in 2017 and is projected to grow with a highest CAGR during forecast period. Technological advancements in the provision of secure payment have fueled the growth of real-time payment market in these countries.

Competitive Outlook

Apple Inc, ACI Worldwide Inc, Visa Inc Class A, Wirecard AG, Worldline SA, Mastercard Inc, Paypal Holdings Inc, Temenos AG, Fidelity National Information Servcs Inc, and Fiserv Inc are key players of the global real time payment industry. Other players include Capgemini SE, Ripple Labs Inc, Ant Financial Services Group, Global Payments Inc, Intelligent Payments Group Ltd, Montran, Financial Software & Systems Pvt. Ltd, Icon Solutions Ltd, ACE Software Solutions Inc, REPAY, Finastra, IntegraPay, Obopay, Nets A/S, and others.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/real-time-payment-market-7060

Global Real-Time Payment Market Research, By Solution (Payment Gateway, Payment Processing, Payment Security, Fraud Management), Service (Professional, Managed), Deployment (On-Premise, Cloud), Verticals (BFSI, IT & Telecom, Retail) — Forecast till 2023

About Us

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.