New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Real-Time Payments Global Market Report 2022" - https://www.reportlinker.com/p06318580/?utm_source=GNW
The global real-time payments market is expected to grow from $15.91 billion in 2021 to $21.41 billion in 2022 at a compound annual growth rate (CAGR) of 34.5%. The market is expected to grow to $66.76 billion in 2026 at a CAGR of 32.9%.
The real-time payments market consists of sales of real-time payments by entities (organizations, sole traders, and partnerships) that are used for different services such as bill payment, cash management, and peer-to-peer (P2P) money transfers. Real-time payments refer to a digital infrastructure or cloud-based software available around the year that is used to send money electronically and securely through the internet at any moment.
The main components of the real-time payments market are solutions and services.Services refer to non-physical, intangible parts of the economy instead of goods, which are touched or handled.
The different types include person-to-person (P2P), person-to-business (P2B), business-to-person and others.The different enterprise sizes include small and medium-sized enterprises and large enterprises and involve several deployment modes, such as cloud and on-premise.
The various end-users involved are retail and e-commerce, government and utilities, healthcare, travel and hospitality, BFSI, and others.
Asia Pacific was the largest region in the real-time payments market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the real-time payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The real-time payments market research report is one of a series of new reports that provides real-time payments market statistics, including real-time payments industry global market size, regional shares, competitors with a real-time payments market share, detailed real-time payments market segments, market trends and opportunities, and any further data you may need to thrive in the real-time payments industry. This real-time payments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The increasing penetration of smartphones is expected to propel the growth of the real-time payment market going forward.A smartphone is a portable electrical device that combines a computer with high-tech features that weren’t previously seen in telephones, such an operating system, web browsing, and the capacity to run software programs.
The widespread usage of smartphones throughout the world facilitated real-time payment transactions, and smartphone payments became a convenient choice for users.For instance, in October 2021, according to The Economic Times, an Indian business newspaper, India has the highest monthly mobile data usage rate in the world (12 GB per person), and it adds 25 million new smartphone users every three months.
Therefore, the increasing penetration of smartphones is driving the real-time payment market.
Technological advancements have emerged as a key trend gaining popularity in the real-time payments market.Major companies operating in the real-time payments sector are focused on developing new technologies to strengthen their position in the market.
For instance, in April 2022, IBM, a US-based technology corporation operating in the real-time payments market, launched a new generation mainframe with artificial intelligence technology. The new IBM z16 processor can support deep learning-based fraud detection for all transactions.
In August 2019, Mastercard, a US-based financial services company acquired a real-time payments unit from Nets Group for a deal amount of $3.2billion. This acquisition enables the network infrastructure for real-time payments between bank accounts in Europe. Nets Group is a Denmark-based company that provides real-time payment services and related technology solutions.
The countries covered in the real-time payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06318580/?utm_source=GNW
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