Real Time Payments Market worth US$ 98.4 Billion 2029 with a CAGR of 31.1 %
Real Time Payments Market is projected to
grow from US$ 8.6 billion in 2020 to US$ 98.4 billion by 2029. Rising
usage of smartphones across the globe and increasing demand for quick fund
transfer are major factors driving growth of the global real-time payments
market. In addition, increasing
demand for real-time payments by payment services owing to provide high
security transaction is also major factor propelling growth of the global real
time payment market. Increasing E-commerce and
retail industry and development of more secure system for real time
payment by vendors can create lucrative opportunities for players operated in
the global real time payments market.
The report "Global Real Time Payments Market, By Nature of Payment (Person to
Person (P2P), Person to Government (P2G), Person to Business (P2B), Business to
Person (B2P), Business to Business (B2B), Business to Government (B2G),
Government to Person (G2P), and Government to Business (G2B)), By Component
(Solutions and Services), By Deployment Models (On-premises and Cloud),
By Application (Banking, Financial Services, and Insurance (BFSI), Information
Technology (IT) and Telecom, Healthcare and Education, Manufacturing and
Transportation, Government and Utilities, Construction and Retail, and
Others), and Region - Global Forecast to
2029"
Key Highlights:
·
In July 2018, PayU Group and and Naspers’ fintech company has announced an
investment of USD 11.5mn in PaySense to create a digitized infrastructure
across government and real time payment services in India.
Key Market Insights from the
report:
The global real time payments market accounted
for US$ 8.6 billion in 2020 and is projected to register a CAGR of 31.1 % over
the forecast period. The market report has been segmented on the basis of nature of payment, component, deployment models, application, and
region.
·
By nature
of payment, the person to business
(P2B) segment is accounted for major
revenue share in 2018, owing to fast and easy real-time digital transactions and increased use of advanced systems for instant money
transfer.
·
By component, the services segment is accounted for major revenue share in 2018. This
is owing to increased consumer preference for digital transactions, which has
led to regulations that make it necessary for BFSI to adopt RTP gateway,
instant payment processing solutions, and security and fraud management
solutions.
·
By deployment
models, the real time payments market is
segmented into on-premises and cloud.
·
By application, the global real time payments market is segmented
into banking, financial services, and insurance (BFSI), information
technology (IT) and telecom, healthcare and education, manufacturing and
transportation, government and utilities, construction and retail, and others.
Other application sub segmented into food and beverages, oil and gas, and real
estate.
·
By region, North America real time payments market accounted for major revenue share of the global real
time payments market and is further
anticipated to maintain its dominance over the forecast period. This
is owing to availability of required IT infrastructure for processing real time
payments and high awareness real-time payment gateways in the countries of the
North America region. Europe real time payments market accounted for
second-highest market share, in 2018, owing to increasing digitalization and IT
infrastructure among BFSI sector in the region. Asia Pacific real time payments
market is expected to grow at the highest rate during the forecast period,
2019. This is owing to increasing usage of smartphones in emerging countries,
government support associated with digital transactions, and rising the number of
online payments users in countries of the region.
Browse 60 market data tables* and
35 figures* through 140 slides and in-depth TOC on " Global Real Time Payments Market”, By Nature of Payment
Person to Person (P2P), Person to Government (P2G), Person to Business (P2B),
Business to Person (B2P), Business to Business (B2B), Business to Government
(B2G), Government to Person (G2P), and Government to Business (G2B)), By
Component (Solutions (Payment Gateway Solution, Payment Processing Solution,
and Payment Security and Fraud Management Solution) and Services (Professional
Services and Managed Services), By Deployment Models (On-premises and Cloud),
By Application (Banking, Financial Services, and Insurance (BFSI), Information
Technology (IT) and Telecom, Healthcare and Education, Manufacturing and
Transportation, Government and Utilities, Construction and Retail, and Others
(Food and Beverages, Oil and Gas, and Real Estate)), and By Region (North
America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)-
forecast till 2029
To know the upcoming trends and insights prevalent in this market,
click the link below:
https://www.prophecymarketinsights.com/market_insight/Global-Real-Time-Payments-Market-540
The prominent player operating in the global real
time payments market includes Paymill GmbH, PayPal, Inc., PayU Group, Stripe, Inc., Skrill Ltd.,
Braintree Payment Solutions, LLC, GoCardless Ltd., FastSpring (Bright Market,
LLC), Recurly, Inc., and Paytm Company.
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