The world is witnessing increasing use of new business models and advanced technologies in the fintech sector, including real-time payment systems while using mobile applications. As per this updated industry study by Fact.MR, the global real-time payment market is poised to reach US$ 27.9 billion in 2024 and further advance at a high-value CAGR of 32% from 2024 to 2034.
Governments in several countries are investing in instant payments significantly to smooth payment procedures. RD programs and financial institutes are leading to the upgradation of real-time payment systems. A shift to contactless and cashless payments and higher investment by more government bodies in spreading awareness about these systems is anticipated to result in the rising adoption of real-time payment solutions.
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Key Takeaway from Market Study
Worldwide demand for real-time payment solutions is forecasted to reach a market value of US$ 447.7 billion by the end of 2034. East Asia is anticipated to account for 23.1% share of global market revenue by 2034-end. Revenue from real-time payment solutions in the United States is projected to reach US$ 49.6 billion by 2034.
Demand for real-time payment solutions in Japan is estimated to increase at a CAGR of 32.6% from 2024 to 2034. On-premise real-time payment services are approximated to account for 58% of global market revenue share by the end of 2034.
“Increasing penetration of smartphones, cloud-based solutions, and fast internet are projected to enhance the payment experience in several industries, including retail, healthcare, BFSI, manufacturing, etc., further driving demand for real-time payment solutions,” says a Fact.MR analyst.
Growing Demand for Instant Payment Platforms in United States
Demand for real-time payment solutions in the United States is expected to increase at a 32.5% CAGR and reach a value of US$ 49.6 billion by 2034. Rising requirements for contactless and cashless payments in various industries, such as healthcare, BFSI, etc. are positively contributing to market dynamics. Further, the advent of advanced technologies, ML, AI, etc. are also helping in the improved functioning of real-time payment systems.
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Key Market Players
Fidelity National Information Services, Inc. (FIS Inc.), ACI Worldwide, Inc., Volante Technologies Inc., Mastercard Inc., Montran Corporation, Finastra; Visa Inc., Temenos AG, PayPal Holdings, Inc., Fiserv, Inc., Worldpay, Inc., and Wirecard AG are some of the leading providers of real-time payment solutions.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the real-time payment market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on component (solutions (payment gateway, payment processing, security fraud management, advisory services, integration implementation services, managed services), services), payment type (P2B, B2B, P2P, others), deployment (cloud-based, on-premise), enterprise size (large enterprises, small medium enterprises (SMEs)), and end-use industry (retail e-Commerce, BFSI, IT telecom, travel tourism, government, healthcare, energy utilities, other end-use industries), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia Oceania, and MEA).
Competitive Landscape
The global market is characterized by intense competition driven by strategic mergers acquisitions and product innovations. Key players are focusing on enhancing their capacities to capitalize on opportunities in high-growth markets.
For example:
In June 2021, Mastercard Incorporated unveiled PayPort +, aiming to provide financial institutions and payment service providers with flexible access to real-time payment infrastructure in the United Kingdom.
