Real-Time Payments Market Worth $193.07 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, March 8, 2022 /PRNewswire/ -- The global real-time payments market size is expected to reach USD 193.07 billion by 2030, growing at a CAGR of 34.9% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitization in the fintech sector and growing volumes of non-cash transactions. In addition, the increasing popularity of open API-enabled real-time payment systems in banks is also expected to contribute to market growth. For instance, as per a survey conducted by Finastra, a fintech firm, in 2020, 86% of global banks surveyed were planning to adopt open APIs to enable open banking capabilities by next year. Numerous fintech companies are making efforts to develop innovative solutions to ensure better security while making payments using bank cards and smartphones.

Key Insights & Findings from the report:

• The P2B segment is anticipated to dominate the market over the forecast period. The continuous growth of online shopping and e-commerce sales is expected to drive the growth of the segment. P2B payments allow businesses to improve customer satisfaction.
• The solution segment is expected to continue dominating the market over the forecast period. The growing consumer preference for innovative digital payment solutions is expected to drive the growth of the segment.
• The growing preference for cloud-based real-time payment solutions can be attributed to their flexibility in providing real-time payment insights to customers and retailers.
• The increasing adoption of digital payment methods in big retail stores across the globe is anticipated to drive the product demand over the forecast period.
• Government bodies are increasingly deploying facial recognition payment systems across public transport systems, in turn, creating an opportunity for market vendors.
• The continued digitalization in emerging economies, such as China and India, is expected to create growth opportunities for vendors in the Asia Pacific regional market.

Get Free Sample of this market research report, "Real-Time Payments Market Size, Share & Trends Analysis Report By Enterprise Size (Large, SME), By Payment Type (P2B, P2P), By End-use Industry, By Component, By Deployment, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Real-Time Payments Market Growth & Trends

Fintech companies are also striking partnerships with payment technology companies to improve their digital offerings and effectively meet the changing consumer demands. For instance, in November 2020, Payments Canada, an organization that operates the payment clearing and settlement system, and Mastercard, a payment technology company, announced their partnership to improve Canada's real-time payment solution. As part of this partnership, Payments Canada selected Mastercard's Vocalink as the clearing and settlement solution provider for the country's real-time payment system, the Real-Time Rail (RTR). The increasing adoption of technologies, such as facial recognition systems, for digital payments in the retail industry is expected to drive market growth.

For instance, in June 2020, Panasonic Corporation of North America and PopID, a payment terminals solution provider, announced their partnership to provide facial recognition payment processes to the restaurant and retail industries. The outbreak of the COVID-19 pandemic is expected to accelerate the demand for real-time payment solutions. In an attempt to prevent the spread of the coronavirus, retailers and consumers are adopting contactless payment methods. The growing popularity of online shopping in the wake of the pandemic is also expected to propel market growth over the forecast period.

Real-time Payments Market Segmentation

Grand View Research has segmented the global real-time payments market on the basis of payment type, component, deployment, enterprise size, end-use industry, and region:

Real-Time Payments Type Outlook (Revenue, USD Million, 2017 - 2030)

• P2B
• B2B
• P2P
• Others

Real-Time Payments Component Outlook (Revenue, USD Million, 2017 - 2030)

• Solutions
• Payment Gateway
• Payment Processing
• Security & Fraud Management
• Advisory Services
• Integration & Implementation Services
• Managed Services
• Services

Real-Time Payments Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud
• On-premise

Real-Time Payments Enterprise Size Outlook (Revenue, USD Million, 2017 – 2030)

• Large Enterprises
• Small & Medium Enterprises

Real-Time Payments End-use Industry Outlook (Revenue, USD Million, 2017 - 2030)

• Retail & E-commerce
• BFSI
• IT & Telecom
• Travel & Tourism
• Government
• Healthcare
• Energy & Utilities
• Others

Real-Time Payments Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Sweden
• Denmark
• Switzerland
• Asia Pacific
• China
• India
• Japan
• Singapore
• South America
• Brazil
• Argentina
• Middle East & Africa

List of Key Players in Real-Time Payments Market

• ACI Worldwide, Inc.
• Fidelity National Information Services, Inc. (FIS Inc.)
• Finastra
• Fiserv, Inc.
• Mastercard, Inc.
• Montran Corp.
• PayPal Holdings, Inc.
• Temenos AG
• Visa Inc.
• Volante Technologies, Inc.
• Wirecard AG
• Worldpay, Inc.
• Fanuc

Check out more related studies published by Grand View Research:

• Payment Gateway Market - The global payment gateway market is expected to reach USD 132.24 billion by 2030, expanding at a CAGR of 22.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increase in online transactions, coupled with the advancements in payment methods, such as cash pooling, cashless transactions, and token systems, is expected to fuel the market growth. Moreover, rapidly increasing internet penetration across the globe is anticipated to fuel market growth over the forecast period.
• Mobile Payment Market - The global mobile payment market size is expected to reach USD 587.52 billion by 2030, expanding at a CAGR of 35.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing shift toward contactless payment amid the COVID-19 pandemic. Moreover, the increasing popularity of the e-commerce industry across the globe is expected to accelerate the adoption of mobile payment over the forecast period.
• Digital Payment Market - The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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