Real-time Payments Market by Component, Nature of Payment (Business-to-Business (B2B), Business-to-Government (B2G), Government-to-Business (G2B)), Industry

List of Tables

[197 Pages Report] The Real-time Payments Market size was estimated at USD 23.27 billion in 2023 and expected to reach USD 28.72 billion in 2024, at a CAGR 23.79% to reach USD 103.74 billion by 2030.

Real-time Payments (RTP) refers to electronic payment systems that enable instant funds transfer between banks and banking systems. This means that the transaction and settlement process occurs within seconds, providing immediate availability of funds to the recipient and allowing for quick confirmation to both the sender and recipient. Unlike traditional banking systems, which may take days to process transactions, particularly across borders, real-time payments operate 24/7, including weekends and holidays, ensuring that conventional timing restrictions do not bind financial transactions. This innovative payment system is becoming increasingly fundamental to enhancing modern financial services, offering improved cash flow management, reduced risk of fraud, and streamlined payment processing that meets the needs of a digital economy. Increasing demand for instant gratification and seamless transactions among consumers is primarily driving the adoption of real-time payments. Moreover, innovations in digital technologies, such as mobile payment platforms, blockchain, and APIs, continue to facilitate and expand the capabilities of real-time payments. However, the instant nature of real-time payments could potentially increase the risk of fraud and cyber-attacks. Moreover, navigating complex and varying regulations across different jurisdictions can pose significant hurdles. The emergence of new business models around Banking-as-a-Service (BaaS), leveraging real-time payments infrastructure, may provide an opportunistic landscape for market growth. Moreover, the integration of AI and machine learning for fraud detection and enhanced security coupled with blockchain and distributed ledger technology to streamline cross-border payments may provide added growth for the market trajectory.

KEY MARKET STATISTICS
Base Year [2023]	USD 23.27 billion
Estimated Year [2024]	USD 28.72 billion
Forecast Year [2030]	USD 103.74 billion
CAGR (%)	23.79%

Nature of payment: High adoption of real time payments in person-to-person (P2P)

In B2B transactions, real-time payments facilitate significantly more efficient cash flow management and instant reconciliation of accounts receivable and payable. These swift transactions enable businesses to optimize their working capital and improve their liquidity positions. Furthermore, real-time settlement reduces credit risk by ensuring that funds are received immediately upon the completion of a transaction, rather than being subject to the delays common in traditional payment methods. B2G transactions gain substantial reliability and efficiency with the implementation of real-time payments. Businesses that regularly engage with government agencies such as for tax payments, license renewals, and contracting fees, benefit from immediate payment confirmation, reducing the administrative burden associated with payment follow-ups. Real-time payments streamline Government-to-Business (G2B) interactions by enabling instant disbursement of funds to businesses from government bodies. This efficiency is particularly beneficial in cases including government grants, subsidies, or procurement payments, where prompt funding can be critical to a business's operations. Such a system enhances the transparency of government transactions, builds trust with the business community, and can stimulate economic activity by ensuring swift fund flow to businesses. Government-to-Person (G2P) payments, real-time payments are transformative, particularly in disbursing social benefits, tax refunds, or emergency funds. They ensure that individuals receive support or dues from the government instantly, which is particularly important during times of crisis. Real-time payments in this segment contribute to financial inclusion by providing quick access to funds for those who may not have extensive financial buffers. In Person-to-Government (P2G) payment, citizens benefit from real-time payments when fulfilling financial obligations to government entities, such as tax payments, fines, or fees for government services. The immediacy of real-time payment systems guarantees that due amounts are settled without incurring delays, thus helping avoid additional charges or interest. Real-time payments revolutionize P2P interactions by allowing individuals to send and receive money from family or friends instantaneously. This mode of payment is convenient for splitting bills, gifting, or providing immediate financial support in case of emergencies. By facilitating immediate transfers, real-time payments offer a secure and hassle-free alternative to cash or checks, fostering a wider adoption of digital payment solutions within the public.

Industry: High proliferation of real-time payments in BFSI sector offering instant fund transfers

In the BFSI sector, real-time payments facilitate immediate money transfers, enhancing the speed at which transactions are settled and reducing the dependency on traditional banking hours. Banks increasingly incorporate real-time payment systems into their platforms to offer instant fund transfers, bill payments, and seamless peer-to-peer (P2P) transactions. Insurance firms leverage real-time payments for expedited claims disbursements, improving customer satisfaction. Real-time payments within BFSI sectors enrich financial liquidity, heighten operational efficiency, and foster a better customer experience by allowing immediate settlements. The energy and utilities industry benefits from real-time payments by facilitating customers with the convenience of instant bill payments, reducing late fees and service interruptions. Utility companies can greatly improve cash flow management and forecasting accuracy through real-time receipt of payments. Real-time payment systems within government entities can revolutionize benefits distribution and enhance fiscal management's efficacy. They allow for instant tax refunds, social welfare disbursements, and other government payouts, which leads to increased transparency and reduced fraud. Additionally, government agencies can collect fees and taxes efficiently, ensuring immediate fund availability and improved public cash management. Real-time payments in the IT and Telecom industries provide multiple advantages, such as instant billing for services rendered, quick reconciliation of amounts due from customers, and reduced risk of payment defaults. In retail and E-commerce, real-time payment capabilities are particularly transformative, ensuring immediate transactions that can enhance the consumer shopping experience. They support instant checkout processes, reduce shopping cart abandonment, and increase customer loyalty. Real-time payments can also facilitate speedy settlement between merchants and suppliers, cutting down the working capital cycle.

Regional Insights

The landscape for the real-time payments market in the Americas is influenced by a number of factors, including increasing consumer demand for instant and mobile payment solutions spurred by the widespread adoption of smartphones and the internet. Furthermore, there is a growing ecosystem of fintech startups and established financial institutions investing heavily in real-time payment infrastructures to provide enhanced customer experiences and remain competitive. The supportive regulatory environment, especially in countries including the United States and Canada, has facilitated the development and promotion of faster payment systems. Another factor is the collaboration between private and public sector players that has accelerated the implementation of real-time payment initiatives across the region. In the EMEA region, the momentum behind real-time payments is being driven primarily by regulatory mandates, such as the PSD2 in Europe, which has encouraged the creation of open banking frameworks, enabling new payment services and providers to enter the market. Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme across numerous European countries has significantly contributed to the upsurge in real-time transactions. In the Middle East and Africa, the high number of unbanked and underbanked populations has presented an opportunity for mobile payment solutions to bridge the financial inclusion gap, a crucial factor driving the adoption of real-time payment systems in these regions. The Asia Pacific region showcases a rapid growth landscape for the real-time payments market owing to factors such as the high penetration of mobile devices, a large and growing internet-savvy population, and the heavy investments by regional governments in building national payment infrastructures. The proliferation of e-commerce and digital wallets, where speed of transaction is a key competitive differentiator, has also propelled the interest in and adoption of real-time payments. In addition, economies such as China, India, and Southeast Asian countries have shown considerable fintech innovation, reshaping the payments landscape. These technology-driven changes enable real-time transactions at an unprecedented scale in the region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Real-time Payments Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Real-time Payments Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Real-time Payments Market, highlighting leading vendors and their innovative profiles. These include ACE Software Solutions Inc., ACI Worldwide, Inc., Alacriti, Apple Inc., Bank of America Corporation, Capgemini SE, EVO Payments, Inc., Fidelity National Information Services, Inc., Financial Software & Systems Pvt., Ltd., Finastra International Ltd, Fiserv, Inc., Global Payments Inc., Icon Solutions Ltd., JPMorgan Chase & Co., Mastercard Inc., Montran Corporation, Network for Electronic Transfers (S) Pte Ltd, Nexi S.p.A., Obopay Mobile Technology India Private Limited, PayPal Holdings, Inc., Payrix Solutions, LLC, Repay Holdings, LLC, Ripple Labs Inc., S.W.I.F.T. SC, Temenos AG, Visa Inc., and Worldline Group S.A..

Market Segmentation & Coverage

This research report categorizes the Real-time Payments Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Services
  - Managed Services
  - Professional Services

Software
- Payment Gateway
- Payment Processing
- Payment Security & Fraud Management

Nature of Payment
- Business-to-Business (B2B)
- Business-to-Government (B2G)
- Government-to-Business (G2B)
- Government-to-Person (G2P)
- Person-to-Government (P2G)
- Person-to-Person (P2P)

Industry
- BFSI
- Energy & Utilities
- Government
- IT & Telecom
- Retail & E-commerce

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Real-time Payments Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Real-time Payments Market?

3. What are the technology trends and regulatory frameworks in the Real-time Payments Market?

4. What is the market share of the leading vendors in the Real-time Payments Market?

5. Which modes and strategic moves are suitable for entering the Real-time Payments Market?

Product Code: MRR-035AB9C0DA86

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Government Support to Encourage Use of Digital Payments
  - 5.1.1.2. Growing Adoption of Smartphone-Based Payment Solutions
  - 5.1.1.3. Unabated Growth of the E-commerce Sector
- 5.1.2. Restraints
  - 5.1.2.1. Specific Transaction Limit and Security Risk
- 5.1.3. Opportunities
  - 5.1.3.1. Adoption of Cloud Based Solutions and Technological Advancements in RTPs
  - 5.1.3.2. Financial Institution Movement Towards Cross-Border Real-Time Payment
- 5.1.4. Challenges
  - 5.1.4.1. Interoperability Concerns of Real-Time Payment
5.2. Market Segmentation Analysis
- 5.2.1. Nature of payment: High adoption of real time payments in person-to-person (P2P)
- 5.2.2. Industry: High proliferation of real-time payments in BFSI sector offering instant fund transfers
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Real-time Payments Market, by Component

6.1. Introduction
6.2. Services
6.3. Software

7. Real-time Payments Market, by Nature of Payment

7.1. Introduction
7.2. Business-to-Business (B2B)
7.3. Business-to-Government (B2G)
7.4. Government-to-Business (G2B)
7.5. Government-to-Person (G2P)
7.6. Person-to-Government (P2G)
7.7. Person-to-Person (P2P)

8. Real-time Payments Market, by Industry

8.1. Introduction
8.2. BFSI
8.3. Energy & Utilities
8.4. Government
8.5. IT & Telecom
8.6. Retail & E-commerce

9. Americas Real-time Payments Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Real-time Payments Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Real-time Payments Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Mastercard and The Clearing House extend partnership on real-time payments
- 12.3.2. Swift connects instant payment systems to bring round-the-clock processing across borders
- 12.3.3. ACI Worldwide Launches ACI Instant Pay for Merchants - In-Store, Online, and Mobile Real-Time Payments

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio