Real Time Payment Market Trend Analysis By Component & Type Forecast 2026
Market Insight
Global Real-Time Payment Market was valued at USD 5.12 billion in 2020 and is expected to reach USD Â 23.57 billion by the end of the forecast period with a CAGR of 29.7%.
Digitization has played a major role in the adoption of real-time and online payment systems by individuals. Real-time payments have become a part of routine for enterprises/individuals as it makes online transactions convenient. Moreover, increased popularity for online shopping among individuals has further increased the need for secure, fast and enhanced payment solutions to offer smooth flow of transactions. Promoting cashless transactions for payments of smaller denomination has risen the need for quick and enhanced payment platforms which are relatively secure. The major driver fueling the growth of real-time payment payment is the increased usage of card payments by individuals for transactions. However, security concerns regarding online payments is still refraining the growth of real-time payment payment market.
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Market Drivers & Trends
Due to this, the popularity of real-time and online payment system has been increased with time, which has contributed to its market growth. In case of point, one of the leading companies namely ACI Worldwide, back in 2020 partnered with SPAN Enterprises to improve online payments and upgrade the user experience of customer in various industries. Also, in June 2020, PayPal acquired Simility to magnify its fraud prevention and risk management portfolio.
Key Players
The prominent players in the Real-Time Payment Market are listed as Wirecard AG (Germany), Fidelity National Information Servcs Inc (US), Worldline SA (France), Paypal Holdings Inc (US), ACI Worldwide Inc (US), Mastercard Inc (US), Temenos AG (Switzerland), Fiserv Inc (US), Visa Inc Class A (US), and Apple Inc (US). These players are continuously contributing to the foremost proportion of market growth during the assessment period.
Market Segmentation
The Global Real Time Payment Market is segmented into solution, service, deployment, verticals, and region.
By solution, the market is segmented into payment gateway, payment processing, payment security, fraud management, and others.
By services, the market is segmented into professional services, and managed services.
By deployment, the market is segmented into on-premise, and cloud.
By verticals, the market is segmented into BFSI, IT & telecommunication, retail, government, energy & utilities, and others.
By region, the real time payment market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
Industry News:
October 2020:
The Board of Investment of Sri Lanka took a significant step forward for customers, where they have the expediency of making payments online directly to BOI. The initiative is facilitated via LankaPay Online Payment Platform, a real-time and online payment platform of LankaClear.
Mastercard takes few more beneficial steps toward real-time bill pay.
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Regional Outlook
North America is the largest market for real-time payment. It has generated highest revenue in 2020 and is estimated to highest market value during the forecast period. The growth of North American region is attributed to increased adoption of digital payments by customers in the countries including the US, and Canada. US has generated highest revenue in 2020 and is projected to grow with fastest CAGR during forecast period 2020–2026. It is followed by Canada and Mexico.
LIST OF TABLES
Table 1 Global Real Time Payment Market, By Service, 2020–2026
Table 2 Global Real Time Payment Market, By Solution, 2020–2026
Table 3 Global Real Time Payment Market, By Deployment, 2020–2026
Table 4 Global Real Time Payment Market, By Vertical, 2020–2026
Table 5 Global Real Time Payment Market, By Region, 2020–2026
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LIST OF FIGURES
FIGURE 1 Global Real Time Payment Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Real Time Payment Market
FIGURE 4 Value Chain Of Global Real Time Payment Market
FIGURE 5 Share Of Global Real Time Payment Market In 2020, By Country (In %)
Continued…….
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