Dallas, Texas, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Growing non-cash transaction volumes and more digitization in the fintech industry are both contributing to the global real-time payments market expansion. In addition, it is anticipated that the growing acceptance of open API-enabled real-time payment systems in banks will support market expansion. The payments sector is continually searching for novel ways to improve security, reduce costs, and most crucially, increase customer pleasure. But when it comes to real-time or instant payments, updating the Automated Clearing House (ACH) rails won't be adequate to speed up the uptake of new, cutting-edge digital services and goods like digital wallets. Real-time payments must instead be made through digital means. When it comes to implementing cutting-edge digital services made possible by a strong real-time payment system.
The development and innovation of the payments industry might be substantially accelerated by real-time payment systems. Real-time payments improve payment visibility, allow for better cash management, and help businesses manage day-to-day operations, which benefits merchants, financial institutions (FIs), customers, and society. Small businesses that are used to waiting days for settlement may profit from the increased liquidity, which could improve their daily cash flow and sales outstanding. The continued growth of online shopping and e-commerce sales is predicted to be the primary factor influencing the segment's development. The global real-time payments market size was estimated at 36,768 million USD and is expected to increase by 38.36% CAGR to reach 644,561 million USD by 2030.
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The following Table shows the detailed scenario of the Real-Time Payments Market
| Report Attribute | Report Details |
| Base Year | 2020 |
| Historic data year | 2018-2019 |
| Forecast years | 2021-2030 |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2030 |
| Expected Revenue by 2030 | 644,561 million |
| Growth Rate/ CAGR | 38.36% |
| Research Report Covers | Competitive landscape, trends, growth factors, revenue, ranking industry |
| Top Segments of Industry | Type, Components, Deployment, Enterprise, Verticals, and Regions |
| Regional Segments | North America, APAC, Europe, MEA |
| Country Segments | U.S., Mexico, U.K., Sweden, Denmark, Switzerland, China, India, Japan, Singapore, Argentina, Canada |
| Top brands in the industry | ACI Worldwide, FIS, Fiserv, Mastercard, Worldline, PayPal, Visa, Apple, Ant Financial, INTELLIGENT PAYMENTS |
| Overview by type | Person-to-Person (P2P), Person to business, business to business |
P2B payments give companies the chance to increase client happiness. With the change in regulatory changes, the P2B structure has been accelerating. Paying bills online and in person have the promise of the next wave of massive volumes required to keep real-time charges less expensive than cards. In developed nations, there are now 70% of people use smartphones, but in many poor nations, feature phones are routinely used in place of wallets and cash.
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Person-to-Person (P2P) segment had the greatest market share in 2021 and is anticipated to increase over the course of the forecast period. The second-largest market in 2021 was person-to-person (P2P). Rapid technological innovation is driving the worldwide market and promoting rapid industrial develxopment. The development of new domestic person-to-person (P2P) payment service providers is ongoing thanks to catalysts including social media platforms, near-field communication (NFC), and virtual currencies based payments.
The largest portion of global revenue came from the Asia Pacific, which dominated the market in 2021. Over the projection period, the quickest CAGR is expected to be experienced by the regional market. In the Asia Pacific, both large- and small- and medium-sized businesses are increasingly using real-time payment solutions, which is anticipated to fuel the expansion of the regional market. Real-time payment solutions are likely to become more popular as a result of the Asia Pacific region's businesses putting a lot of effort into digitizing their internal processes.
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For instance, in June 2020, PopID, a company that offers payment terminal solutions, and Panasonic Corporation of North America announced their collaboration to offer facial recognition payment methods to the restaurant and retail sectors.
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