Asia Pacific to register the highest CAGR in the Real Time Payment Market During the Forecast Period
Growing demand for
immediate, quick clearing, settlements of money transfers among the population is
expected to drive the growth of global Real Time Payment market.
According
to TechSci Research report, “Global
Real
Time Payment Market By Nature of Payment, By Component, By Deployment Mode,
By End User, By Company, By Region, Competition, Forecast & Opportunities,
2024”, the global Real Time Payment
market is expected to grow at a robust CAGR of around 30% during the forecast
period. Real Time Payment is witnessing adoption owing to the increasing
adoption of net and mobile banking. Additionally, favorable government
initiatives about digital payments across emerging economies further propels
the market. Moreover, availability of advanced online payment systems, such as
Google Pay, Apple Pay, and Samsung Pay, among others is fostering the growth of
market. However, rising cybersecurity concerns and interoperability issues
among different Real Time Payment network hampers the growth of market during
forecast period. Additionally, operational risks involved are further
restricting the market.
Browse market data Tables and Figures
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The Global Real Time Payment market is segmented based on nature of
payment, component, deployment mode, end user, company and region. Based on
nature of payment, the market can be categorized into P2P, P2B, B2P. The P2B
segment is expected to grow during the forecast period owing to the increased
use of advanced systems for instant money transfer. Based on component, the
market can be divided into solutions and services. The services segment is
expected to grow during forecast period attributable to the growing demand for Real
Time Payment implementation and integration services across numerous Small- and
Medium-sized Enterprises. Based on end user, the market can be fragmented into BFSI,
IT & telecommunication, retail & ecommerce, government, energy &
utilities and others. The retail & e-commerce segment is expected to
dominate the market during forecast period. This can be accredited to the rise
in demand for immediate transfer settlements from merchants and e-commerce
retailers. Additionally, Real Time Payment solutions deliver a competitive edge
to e-commerce and local retail businesses by providing them a more affordable
and faster mode of transactions.
ACI Worldwide, Inc., Mastercard
Incorporated, Visa Inc., PayPal Holdings, Inc., Fiserv, Inc., Fidelity National
Information Services, Inc. (FIS Inc.), Wirecard AG, Worldpay, Inc., Montran
Corporation, Volante Technologies Inc. and others are some of the
leading players operating in global Real Time Payment market. Companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share. For instance, In June 2018,
PayPal acquired Simility, a leading fraud prevention and risk management
platform, for USD 120 million. Paypal aims at expanding its fraud prevention
and risk management portfolio for merchants, following this acquisition.
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“Asia Pacific is expected to be the fastest
growing market for Real Time Payment during the forecast period, owing to the adoption
of advanced technologies, economic developments, increasing rate of
digitalization, and high investments by Real Time Payment solution and service
providers in this region. Additionally, the huge population in this region that
contributes to the volume of transactions, and the domestic and international
enterprises that are investing in this region. Moreover, rising the number of
e-commerce users along with the growing adoption of Real Time Payment systems
across SMEs in emerging economies like India and China is further propelling
the growth of market in the region.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Real Time Payment Market By Nature of
Payment, By Component, By Deployment Mode, By End User, By Company, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global Real
Time Payment 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 Payment
market.
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