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Real Time Payment Market Research Report – Global Forecast till 2027

Real-Time Payment Market Research, By Solution (Payment Gateway, Payment Processing, Payment Security, Fraud Management), Service (Professional, Managed), Deployment (On-Premise, Cloud), Verticals (BFSI, IT & Telecom, Retail) — Forecast till 2027

ID: MRFR/ICT/5595-HCR | February 2021 | Region: Global | 100 pages

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Real-Time Payment Market Overview:


The Real Time Payment (RTP) market is expected to grow at a high pace in the coming years. The market value was USD 5.17 billion in 2018. The Real Time Payment market value is anticipated to reach up to USD 23.57 billion by the year 2023, with a CAGR of about 29.7%. The increased rate of internet penetration and the abundance of smart devices act as driving factors for market growth.


Digitalization of payment systems has become a vital part of businesses and functional institutions. RTP solutions simplify the process of online transactions. The high utility of online shopping platforms also drives the growth of the Real Time Payment market.


Moreover, smaller denominations work more efficiently on online transaction platforms because of their cashless and quick process features. The high use of card payments has also fuelled the growth of the market. However, a few issues with security and cyber fraudulence are inhibiting market growth.


Covid-19 Analysis of Real Time Payment Market:


The impact of Covid-19 has debilitated most small and large-scale businesses alike. Due to the lockdown and the need for physical distancing, many businesses have been forced to shut down. Most of them have switched to e-commerce platforms for their marketing and business needs. However, the pandemic has only increased the need for online transactions.


Hence, the Real Time Payment market has seen a tremendous upsurge. People have switched to online transactions, since they are quick, free of physical contact, and assure utmost security. Moreover, credit card usage and online shopping have increased during the lockdown.


Online shopping websites such as Amazon, Flipkart, and Nykaa have limited cash on deliveries. They recommend their customers make online transactions for the protection of the customers and their employees. So, the Real Time Payment market has seen a boom during the pandemic and is expected to grow much more in the coming years.


Market Dynamics:


Drivers:


The increasing number of smart devices and active internet users lead to the need for quick and secure payment methods. Moreover, digital transactions are not only real time but also permit payments across the globe. Even Banking and Financial industries (BFSI) are moving towards safe, quick, and global transaction solutions. These factors help in boosting the growth of the Real Time Payment market.


Opportunities:
Superior Real Time Payment systems offer convenient transaction facilities such as instant credit transactions, data handling, cost-friendly transaction-data silos, and client analytics marketing. Digitalization is widespread in many industries. Some of the beneficial features of digitalization are instant settlement, secure authorization, quick notification receipt, and immediate posting.


Only Real Time Payment solutions can deliver instant payment and highly secure transactions across the globe. Hence, a lot of business institutions are adopting RTP solutions which aid in the growth of the global market.


Restraints:
There are a few restraints that may hinder the Real Time Payment market growth. Most RTP solutions cannot interoperate among other transaction gateways. This poses a problem in using the payment systems.


Moreover, online transactions are not completely secure. They may be affected by cyber-attacks, malware, or threats such as phishing. These issues may cause huge losses since the system works with money. Hence, this may also inhibit market growth.


Challenges:
Some factors may challenge the growth of the Real Time Payment market sales. Most businesses and individuals are looking for RTP solutions that combine both advanced technology and traditional payment gateways.


Catering to the needs of the consumer can be quite challenging for the RTP system providers. Moreover, many local systems have incorporated advanced technology in their payment gateways, which leads to higher competition in the market.


Cumulative Growth Analysis:
The Real Time Payment market value was about USD 5.17 billion in the year 2018. The market value is anticipated to reach up to USD 23.57 billion by the year 2023, with a CAGR of around 29.7%. The growing rate of internet usage and the abundance of smartphones act as driving factors for market growth.


Moreover, business institutions and organizations require digital payment solutions for quick and secure transactions. They make digital funds and immediate payment gateways available for convenience. Hence, the RTP market is estimated to grow at a high rate in the forecast years (2018 – 2023).


Technological Analysis:


Internet penetration and smart device usage are prevalent across the world. With the increase in the utility of technology and online platforms, the need for digital transactions is also very high. However, people need quick, safe transactions that can be carried out globally from anywhere at any time.


To implement these features in the online payment gateways and to make digital transactions convenient, RTP systems are the one-stop solution. They not only enable overseas transactions in no time, but also come with added benefits like data handling, immediate credit payment options, and payment data silos.


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-premise


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


Real-Time Payment Market Regional Analysis:


The regional analysis of the RTP market is divided into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa during the forecast period 2022 to 2027. North America is dominating the market with the highest revenue generation and is anticipated to have the most value during the Real Time Payment market forecast.


Countries like the US and Canada have a large share of the population that has adopted RTP solutions. Moreover, the North American region generated the highest revenue in the year 2017. Hence, it is expected to grow with a higher CAGR over the forecast period.


Europe enjoys the second largest Real Time Payment market profit. The countries of this region have more advanced infrastructure and technology. They also have secure payment facilities. Moreover, the UK was responsible for the highest revenue in the year 2017. Hence, the market is estimated to grow with a higher CAGR in the years to come.


Competitive Landscape:


The RTP industry is dominated by a few important companies. They are the key companies that offer Real Time Payment solutions. The companies deliver instant, secure, and global transaction facilities for the consumers through their RTP systems. They also extend high-class security options for government organizations. Moreover, they offer other provisions like highly secure authorizations and instant notification receipts.


Real-Time Payment Market Key Players:
Following are the key competing companies in the Real Time Payment business:



  • Fidelity National Information Services Inc. (US)

  • Paypal Holdings Inc. (US)

  • Apple Inc. (US)

  • ACI Worldwide Inc. (US)

  • Visa Inc. Class A (US)

  • Wirecard AG (Germany)

  • Worldline SA (France)

  • Fiserv Inc. (US)

  • Temenos AG (Switzerland)

  • Mastercard Inc. (US)

  • Ant Financial Services Group (China)

  • Global Payments Inc. (US)


Recent Developments:



  • In August 2018, ACI Worldwide Inc. collaborated with SPAN Enterprises to improve their online payment system and elevate consumer experience in various sectors such as transportation.

  • Paypal procured Simility in June 2018, to enhance risk management portfolio and fraud prevention.

  • In September 2018, Fiserv procured Elan Financial Services to improve its operation in mobile and digital transactions and credit card processing.


Report Overview:


This research report compiles all the information about the growth of the global RTP market in the forecast period. It also includes different sections of the Real Time Payment market analysis to help obtain detailed information such as opportunities, challenges, drivers, COVID 19 analysis, regional analysis, competitive landscape, and others. 


Report Details:



  • Historic Period: 2015-2020

  • Base Year: 2021

  • Forecast Period: 2022-2027


Geographically:



  • Europe

  • Asia-Pacific

  • North America

  • Middle East & Africa

  • Latin America



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Frequently Asked Questions (FAQ) :

As per MRFR assessment, the market is projected to progress at a rate of 29.7% in the following years.

The market value by the end of the forecast period is likely to be USD 23.57 billion.

Visa Inc Class A (US), Wirecard AG (Germany), Mastercard Inc (US), Worldline SA (France), Paypal Holdings Inc (US), ACI Worldwide Inc (US), Apple Inc (US), Temenos AG (Switzerland), Fiserv Inc (US), Fidelity National Information Servcs Inc (US), are the top players identified in the MRFR report.

The real time payment market has gained the highest traction in North America and can maintain its growth rate throughout the review timeframe.

High popularity of online shopping and the rising online volume of transactions are some of the chief factors backing the market growth in Europe.