How big is the real-time payments market?

The global real-time payments market size was estimated at USD 17.57 billion in 2022 and is expected to reach USD 23.02 billion in 2023.

What is the real-time payments market growth?

The global real-time payments market is expected to grow at a compound annual growth rate of 35.5% from 2023 to 2030 to reach USD 193.08 billion by 2030.

Which segment accounted for the largest real-time payments market share?

Asia Pacific dominated the real-time payments market with a share of 41.1% in 2022. This is attributable to the increasing usage of smartphones in emerging economies and favorable government initiatives related to digital transactions.

Who are the key companies/players in the real-time payments market?

Some key players operating in the real-time payments market include ACI Worldwide, Inc.; Mastercard Incorporated; Finastra; Nets A/S; Worldline; Capgemini SE; Visa, Inc.; PayPal Holdings, Inc.; Fiserv, Inc.; Icon Solutions Ltd.; Temenos AG; FIS, Inc.; Montran Corporation; Worldpay, LLC; Wirecard AG; and Volante Technologies, Inc.

What are the factors driving the real-time payments market?

Key factors that are driving the market growth include rising usage of smartphones worldwide and growing demand for quick clearings and settlements of money transfers among consumers and merchants.

What is a recent notable development made in the real-time payments market?

In August 2020, Google announced the extension of its partnership with banks in the U.S., including BMO Harris, Coastal Community Bank, and First Independent Bank. Similar partnerships have envisaged the establishment of digital bank accounts through Google Pay.

How has the outbreak of the COVID-19 pandemic affected the real-time payments market growth?

The COVID-19 pandemic is likely to drive the growth of the real-time payments market over the forecast period as individuals increasingly prefer contactless payment methods as part of the efforts to arrest the spread of coronavirus.

Which payment type segment dominated the real-time payments market in 2020?

The P2B segment accounted for the highest revenue share of more than 64.0% in 2022 as it is a preferred way of monetary transactions between customers and businesses.

Which payment type segment is estimated to dominate the real-time payments market over the next five years?

The P2P segment is set to lead the real-time payments market over the forecast period as several banking organizations and financial service providers are entering into strategic partnerships with third-party payment service solution providers.

What is the leading component segment in the real-time payments market?

The solutions segment accounted for a share of more than 76.0% of the overall real-time payments market revenue in 2022and has been further segmented into payment processing, payment gateway, and security & fraud management.