According to a new market report published by Acute Market Reports, Inc., “Global Real-time Payments Market (By Payment Type (Person-to-Person (P2P), Person-to-Business (P2B), Business-to-Person (B2P), and Others), By Offerings (Solutions and Services), By Deployment Model (On-premise and Cloud), By End-use Vertical (BFSI, Healthcare & Life Sciences, IT & Telecom, Retail & E-commerce, Government, Energy & Utilities, and Others)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global real-time payments market is expected to witness a growth of 14.5% CAGR during the forecast period from 2018 to 2026.
Browse the full report at https://www.acutemarketreports.com/report/real-time-payments-market
The global real-time payments market was valued at US$ 6.24 Bn in 2017 and is likely to witness a steady growth, growing at a CAGR of 14.5% during the forecast period from 2018 to 2026. Real-time payments help financial institutions, consumers, merchants and society by providing a superior visibility into payments, enabling better cash management and by helping businesses to better manage their day-to-day operations by improving liquidity. Faster and near real-time payments are catching on across the globe. Technological advancements in the mobile technology and high speed internet networks have changed the way consumers interact with services, and are boosting the demand for speed in the interbank systems. As a result, increasing proliferation of smart devices is one of the major factor driving the rapid adoption of real-time payments worldwide.
The global real-time payments market, based on end-use vertical was led by the retail & e-commerce sector in 2017. Real-time payments are presenting retailers and e-commerce businesses with an opportunity to serve, win, and retain their customers through more efficient, secure and engaging commerce experiences. Large number of retailers have already adopted real-time payments processing as a replacement for payment cards. Further, based on geography, Asia Pacific dominated the real-time payments market in 2017 and is expected remain dominant during the forecast period from 2018 to 2026. The growth of this region is mainly accredited to the increasing rate of digitalization and the growing shift towards going cashless.
Major players in the real-time payments market include ACI Worldwide, Inc., Fidelity National Information Services Inc. (FIS), Fiserv, Inc., MasterCard Incorporated, PayPal Holdings, Inc., Visa Inc., Apple Inc., Ant Financial Services Group (Alipay), Temenos AG, Wirecard AG, Global Payments Inc., Capegemini, IntegraPay, Obopay, Ripple, Pelican, Finastra, Nets A/S, Financial Software & Systems Pvt. Ltd., Stripe, Paytm, and Google Pay among others. The real-time payments players are adopting several strategies to thrive in the competitive market environment. Partnerships remain the most significant strategies that are been adopted by these key players to gain an edge over others. For instance, in August 2018, ACI Worldwide, one of the leading provider of banking solutions and real-time electronic payments entered into a partnership with SPAN Enterprises, a cloud-based software company. SPAN enterprises partnered with ACI Worldwide to improve the payments and customer experience in the transportation industry.