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Real-Time Payment Market Emerging Technologies, Sales Revenue and Industry Segments by Forecast to 2027

Real Time Payment Market Growth

By Ketan WaghPublished 3 years ago 4 min read
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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 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.

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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.

Detailed 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 Growth 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.

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-premises, and cloud.

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

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

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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