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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023 – 2035 |
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CAGR |
~31% |
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Base Year Market Size (2022) |
~USD 24 billion |
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Forecast Year Market Size (2035) |
~USD 620 billion |
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Regional Scope |
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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:
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Payment |
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Component |
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Deployment |
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Enterprise Size |
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End User |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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