New York City, NY, 13 September, 2019/24 Market Reports: Real time payments also known as realtime payments , instant payments or immediate payments are defined by the Euro Retail Payments Board (ERPB) as electronic retail payment solutions that are available.
The real-time payments infrastructure can significantly enhance the payments’ stakeholders’ experience of disbursements and refunds – a frequent issue for merchants and customers alike as card refunds generally take at least a few days to process and clear.
BFSI, IT & Telecom, and e-commerce are the sectors where real-time payments solutions are been used widely. For payment related data the advanced analytics is in high demand from merchants and corporate users and this factor is also driving the growth of the market.
Based on the components, the market can be segmented into solutions and services. During the forecast period, the solutions segment is estimated to grow at the highest CAGR. Professional services and managed services are the breakdowns of the services segment. The professional segment is expected to be the largest contributor to the market size whereas, the managed services segment is expected to grow at the highest CAGR. There is a growing demand for professional and managed services with an increasing demand for real-time payments.
During the forecast period, it is estimated for the retail and e-commerce sector to hold the largest market share at the highest CAGR in the real-time payments market. The rising demand from the retailers and merchants for instant payment settlements s leading to the adoption of real-time payments solutions.
This mode of payment solutions provides a competitive edge to retail and e-commerce businesses by offering them a cheaper and faster mode of payment. Due to the increasing integration of mobile devices in their shopping habits nowadays, the customers prefer more of online shopping.
North America, Europe, APAC, Middle East and Africa (MEA), and Latin America are the segmentations for the real-time payments market based on region. During the forecast period, it is estimated for the APAC market to hold the largest market share. Digitalization, adoption of advanced technologies, economic developments, and high investments by the real-time payments solution and service providers are the factors attributed to the growth of the market.
Huge population resulting in the increase in transactions and the investments by the domestic and foreign enterprises in the region are considered to be the drivers of the market. PayPal, Visa, FSS, Apple, SIA, Obopay, etc. are considered to be the major players in the market.
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