The real time payments infrastructure can significantly enhance the payments' stakeholders experience of disbursements and refunds – a frequent issue for merchants and consumers alike as card refunds generally take at least a few days to process and clear. Real-time payments solutions are being widely adopted across various industries, such as retail and e-commerce, BFSI, and IT & telecom, owing to their benefits in terms of speed, security, and transparency. Rising demand for advanced analytics for payment-related data from merchants and corporate users is also driving the market.
Moreover, availability of advanced online payment systems, such as Google Pay, Apple Pay, and Samsung Pay, and rising adoption of such solutions by large e-commerce retailers are expected to lead the market growth over the forecast period. Additionally, favorable government initiatives about digital payments across emerging economies, such as India, and China, are estimated to create significant opportunities for market entrants. The Asia Pacific market is anticipated to witness a significant expansion over the forecast period due to increasing e-commerce sales and adoption of smartphones.
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Key companies in the market focus on M&A to enhance their product portfolios, expand geographical presence, and consumer base to deliver RTP solutions across various industries. For instance, in June 2016, MasterCard Inc. acquired VocaLink Holdings Ltd. (92.4% stakes) for a deal worth USD 920 million, which allowed MasterCard to strengthen its role in the U.K. payments ecosystem. However, growing cybersecurity concerns and lack of network interoperability among multiple payment-related schemes, such as Automated Clearing House (ACH) and Society for Worldwide Interbank Financial Telecommunications (SWIFT), could hamper the market growth.
Key suggestions from the report:
- The Asia Pacific regional market accounted for the largest share in the past and is anticipated to witness the highest CAGR over the forecast period - This growth can be attributed to the increasing number of new instant payment providers and government initiatives to promote digital payments - Retail and consumer goods industry held the largest market share in the past and is expected to register the maximum CAGR during the forecast years - This growth is mainly due to high demand for instant payment solutions from of large- and small-sized e-retailers and merchants - Prominent companies in the market are Finastra; MasterCard, Inc.; Fidelity National Information Services, Inc. (FIS Inc.); Fiserv, Inc.; ACI Worldwide, Inc.; and Visa, Inc. These companies focus more on M&A to enhance product and services portfolios and expand regional presence
Market By Payment: P2B, B2B, P2P
Market By Component: Solutions, Service
Market By Deployment: On-premises, Cloud-based
Market By Enterprise: Large enterprise, SME
Market By End-use industry: Retail & E-Commerce, BFSI, It & Telecom,Travel & Tourism, Healthcare, Government, Energy & Utilities, Others
View More Details@ Real Time Payment Market
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