Real Time Payments Market is expected to grow at a CAGR of 30.71% through 2029
Global
Real Time Payments Market is expected to grow owing to rise of e-commerce and
mobile commerce throughout the forecast period.
According
to TechSci Research report, “Real
Time Payments Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast 2019-2029”, the Global Real Time Payments Market is
expected to register robust growth during the forecast period. A key catalyst driving the growth of the Global Real-Time Payments Market is the evolving expectations of consumers, who increasingly prioritize immediate satisfaction. In today's digital landscape, consumers demand transactions that are swift, convenient, and available round-the-clock. Real-time payments meet this demand by facilitating instantaneous fund transfers, enabling users to conduct payments, purchases, and transfers without the delays associated with traditional payment channels. Real-time payments serve as a vital instrument for advancing financial inclusion on a global scale. By offering accessible and cost-effective digital payment solutions, real-time payment systems have the potential to integrate unbanked and underbanked populations into the formal financial framework. This presents a significant opportunity for financial institutions, fintech firms, and payment service providers to access untapped markets and cater to previously overlooked customer segments. Ultimately, the widespread adoption of real-time payments not only meets consumer expectations for immediacy but also fosters greater financial inclusivity, driving economic empowerment and growth.
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over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global
Real Time Payments Market"
Based
on end-user, the BFSI segment is projected to dominate the market throughout
the forecast period. BFSI sector are anticipated to assert dominance in the Global Real-Time Payments Market. This projection is underpinned by several key factors that underscore the critical role of real-time payments within the financial landscape. The BFSI segment's prominence is rooted in its inherent need for efficient and secure transaction processing, coupled with its substantial customer base that demands seamless and instant payment solutions. Within the BFSI sector, banks are leveraging real-time payment systems to enhance customer experience and drive operational efficiency. By adopting real-time payment capabilities, banks can offer their customers swift and convenient payment options, thereby strengthening customer loyalty and retention. Additionally, real-time payments enable banks to streamline internal processes, such as clearing and settlement, leading to cost savings and improved operational agility. Financial institutions are also recognizing the strategic importance of real-time payments in staying competitive and meeting evolving customer expectations. As the digital economy continues to expand, customers expect instantaneous transactions that align with their fast-paced lifestyles. Real-time payment solutions empower financial institutions to meet these expectations, positioning them as innovators in the ever-evolving fintech landscape. The insurance sector stands to benefit significantly from the adoption of real-time payments. Insurers can utilize real-time payment capabilities to expedite claims processing, enabling policyholders to receive payouts promptly. This not only enhances customer satisfaction but also reduces administrative overheads and mitigates fraud risks associated with delayed payments. The integration of real-time payment systems within the BFSI segment fosters greater financial inclusion by extending access to banking and payment services to underserved populations. By leveraging real-time payment infrastructure, financial institutions can reach unbanked and underbanked individuals, empowering them with the tools to participate in the formal financial ecosystem. The BFSI segment's projected dominance in the Global Real-Time Payments Market underscores the transformative impact of real-time payments on financial institutions' operations and customer engagement strategies. By embracing real-time payment solutions, banks, insurers, and other financial entities can drive innovation, enhance efficiency, and deliver superior value to their customers in an increasingly digital world.
Key
market players in the Global Real Time Payments Market are:-
- Cognizant Technology Solutions Corporation
- ACI Worldwide, Inc.
- Microsoft Corporation
- Mastercard, Inc.
- FIS Inc.
- Financial Software & Systems Pvt. Ltd.
- Fiserv, Inc.
- Montran Corporation
- Mindgate Solutions Private Limited
- PayPal Holdings, Inc.
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"The anticipated growth of the Global Real-Time Payments Market is significantly fueled by the expansion of the healthcare industry. This surge is attributed to several factors, including the increasing adoption of digital payment solutions within healthcare institutions and the growing demand for efficient payment processes among patients, healthcare providers, and insurers. Real-time payment systems offer a streamlined and secure means of conducting transactions, facilitating prompt payments for medical services rendered, insurance claims settlements, and other financial transactions within the healthcare ecosystem. Moreover, the evolving landscape of healthcare delivery, characterized by advancements in telemedicine, remote patient monitoring, and digital health records, further amplifies the need for real-time payment solutions. These innovations necessitate agile and responsive payment mechanisms to support seamless interactions between healthcare stakeholders and ensure timely reimbursement for services. As the healthcare industry continues to embrace digital transformation initiatives, the integration of real-time payment capabilities is poised to play a pivotal role in driving operational efficiency, enhancing patient satisfaction, and optimizing financial processes across the healthcare value chain.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Real
Time Payments Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Component (Solution and Services), By Organization Size
(Small & Medium-sized Enterprises (SMEs) and Large Enterprises), By
End-User (BFSI, Healthcare, IT & Telecom, Government and
Others), By Region, and By Competition 2019-2029” has evaluated the future growth
potential of Global Real Time Payments Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Real Time Payments Market.
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