Market Highlights
The high penetration of digitization can play a significant role in the rise in the rate of adoption of online and real -time payment systems by individuals. As real-time payments have become an integral part of routine payment for individuals or enterprises, the real time payment market is likely to rise at a high pace in the years to come. The growing popularity of online transactions solutions due to better convenience can prompt the expansion of the world real time payment market.
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Market Research Future (MRFR), in its newly published report on the real time payment network market 2020, states the impact of coronavirus pandemic on the real time payment industry. As per MRFR analysis, the global real time payment market can rise at 29.7% CAGR across the assessment period. In 2017, the global real time payment market value was recorded at USD 5.12 Bn. By 2023, the real time payment market valuation can touch USD 23.57 Bn.
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Regional Analysis
North America real time payment market can rise at a high pace across the review period. The region is likely to garner the generated highest revenue on the conclusion of the evaluation period. The highest market value attainment across the forecast period can be credited to the firm technical base of the region and the growing adoption of real time payment solution across major industries. The expansion of North America real time payment market can be attributed to the high adoption of digital payments services and solution by enterprises and its growing popularity among customers in strong economy, the US, followed by the rest of North America. Canada and Mexico can witness surge in the real time payment market in the review period. The US can generate the highest revenue by 2023. The impact of COVID-19 on real time payment market for the assessment period is studied across the review period. In Europe, the rise of the real-time payment market in the review period can be attributed to the presence of advanced technology and the well-established infrastructure. In the UK, the real time payment can generate the highest revenue for the regional market across the assessment period. The growth of the real time payment market in the Asia Pacific region can thrive with the highest CAGR in the study period 2018–2023. Technical developments in providing secured payment can fuel the expansion of regional real-time payment market across these countries.
Real-Time Payment Market Segment Overview:
The Real Time Payment market is classified into many segments such as by deployment, solution, service, and vertical. Listed below are the Real Time Payment market segments:
By Deployment:
- On-cloud
- On-premises
By Solution:
- Payment gateway
- Payment processing
- Fraud management
- Payment security
- Others
By Service:
- Professional service
- Managed service
By Vertical:
- Government
- BFSI
- Energy Utilities
- IT Telecommunication
- Retail e-Commerce
- Others
Key Players
Wirecard AG (Germany), Financial Software Systems Pvt. Ltd (India), ACI Worldwide Inc (US), Fiserv Inc (US), Fidelity National Information Servcs Inc (US), Paypal Holdings Inc (US), Ant Financial Services Group (China), Mastercard Inc (US), IntegraPay (US), Obopay (US), Visa Inc Class A (US), Worldline SA (France), Temenos AG (Switzerland), Global Payments Inc (US), Apple Inc (US), REPAY (US), Capgemini SE (France), Icon Solutions Ltd (India), Finastra (UK), Nets A/S (Denmark), Ripple Labs Inc (US), Intelligent Payments Group Ltd (UK), ACE Software Solutions Inc (US), Montran (US), and others.
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