Real-time Payments Market Size & Share, Growth Trends 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Real-Time Payments Market size is expected to cross USD 620 billion by the end of 2035, growing at a CAGR of 31% during the forecast period i.e., 2023 – 2035. In the year 2022, the industry size of real-time payments was USD 24 billion in the year 2022. The growth of this market can be attributed to the increasing adoption of real-time payments trends in numerous industries. With companies and government getting aware of the advantages and benefits of this payments system the demand for this market is expected to rise in the projection period. As per recently published data, over 70 countries in six continents promote the real-time payments system with growth in transaction volume of USD 193 billion in the year 2022 registering a year-on-year growth of 63%.

Additionally, increasing penetration of mobile devices and escalating online shopping trends is predicted to majorly drive the growth of the real-time payments market. Moreover, the emergence of smartphone point-on-sale (POS) systems, and enhancement in payment methods are significant factors boosting the real-time payments sector expansion. Picky consumers are progressively switching to their mobile devices to pay merchants, billers, social networks, and many other entities. Policymakers have lagged behind the private sector in terms of innovation as a tactic to promote online trade; nonetheless, increased usage of real-time payments might allow the government to increase tax collection rates and fortify anti-fraud programs.

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Real-Time Payments Market: Key Insights

Base Year	2022
Forecast Year	2023 – 2035
CAGR	~31%
Base Year Market Size (2022)	~USD 24 billion
Forecast Year Market Size (2035)	~USD 620 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Real-Time Payments Sector: Growth Drivers and Challenges

Growth Drivers

Escalating Digitalization – Rapidly growing digitalization, and increasing urbanization are significant growth drivers for the real-time payments market. Furthermore, the regulatory body of money laundering is implementing different strategies for digital payment in order to reduce the black money transactions.
Increasing Focus of Technological Advancement – The growth of the market can also be driven by increasing intent of technological innovation and development of new payment models for the fintech sector such as API-oriented real-time payment systems used in mobile applications, adoption of 5G infrastructure, blockchain, AI, and others. According to the study, BaaS is expected to increase by 25 % over the next three years and provides a wide range of features for users embedded in the system that include Real-Time Payment, Retail Banking services, etc. Open APIs will be adopted by 86% of market players enabling them to have access to available banking capabilities.
Increasing Consumer Preference – Owing to consumer preference for online payment during the recent pandemic time, the demand for real-time payment methods started growing. Now, local vendors and small businesses have also started relying on this payment option in order to enhance their cash flow management.

Challenges

Security Concern Associated – Real-time payment consists of the transfer of large sums of money in less time. This makes them a target for scammers. It is significant for real-time payment systems to be highly secure in order to prevent users from scammers.
Might be High in Cost
Prevalence of Legacy Infrastructure

Real-Time Payment Segmentation

Payment (Person-to-Person, Person-to-Business)

The person-to-business segment is set to account for 52% share of the global real-time payments market by the end of 2035. The growth of this segment is highly influenced by the increasing penetration of e-commerce. In 2021, global retail e-commerce sales were to be around USD 5.2 trillion. The segment's growth is anticipated to be fueled by the ongoing expansion of e-commerce and online product sales. Businesses may increase consumer satisfaction by using P2B payments. As regulatory changes have changed, the P2B model has been accelerating. The following influx of enormous volumes is required to make real-time costs less expensive than cards are promised by both retail and online bill payments.

Deployment (Cloud, On-Premises)

The cloud segment is poised to grow substantially in the time period during the forecasted timeframe. The growth of this market can be attributed to the increasing use of smartphone-based payment solutions all over the globe. Besides, many fintech brands are working on cross-border payment platforms by adopting cloud-based platforms so that they can offer the customer with better user experience.

Our in-depth analysis of the global market includes the following segments:

Payment	Person-to-Person Person-to-Business
Component	Services Solutions
Deployment	Cloud On-Premises
Enterprise Size	Small Medium Large
End User	Retail and E-commerce Healthcare Government IT & Telecom BFSI

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Real-Time Payments Landscape- Regional Synopsis

APAC Market Forecasts

The real-time payments market in the Asia Pacific region is estimated to hold the largest market share of 34% in the projection period. Estimates of real-time transaction growth in emerging markets led and outpaced by countries such as India, will be essential for advancing the business. Real-time payment systems are made available to businesses and customers all over the world, and this promotes wealth and economic expansion. Indians may now swiftly transfer money from one bank account to another, whether it's between people or between customers and businesses, thanks to the United Payments Interface (UPI), which has completely changed the way they make payments in India. Indian customers in the Asia-Pacific region are mostly inclined to utilize new electronic payments, with 93% likely to have done so in the previous year, recorded as per a report.

North America Market Statistics

The North America market for real-time payment is anticipated to grow substantially by the end of the assessment time. Some of the major players in the world market are present in this region. The number of cross-border payments is expected to increase with the increasing numbers of immigrants in North American countries such as the United States and Canada, which are estimated to support market growth.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the real-time payments market?

Ans: The growing penetration of smartphones and increasing focus on technological advancement are some of the major factors anticipated to drive the growth of the real-time payments market.

2) What would be the CAGR of the real-time payments market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~31% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the real-time payments market?

Ans: The major players in the market are Fiserve Inc., Paypal Holdings Inc., Mastercard Inc., CRED, Visa Inc., Worldplay Inc., Volante Technologies Inc., and others.

4) Which segment captures the largest market size in deployment in the real-time payments market?

Ans: The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the real-time payments market in the future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.