Global Real Time Payment Market
Global Real Time Payment Market
Real time payment market is segmented by Type, by Component, by Enterprise & by Region. Based on type is divided into 24*7*365, Bank operation hours. Component is classify into Solution & Service. Enterprise size is spilt into SMEs (Small & Medium enterprise size) & large enterprise size. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa and Latin Amer
Technology has created an immediate business environment. In context, the payment industry has decreased and instant payment plans are now being implemented all over the world. For customers' demand to transfer funds from one account to another, definitely, convenient and at a lower price, the immediate payment is an encouragement to the banking industry and the new methods of business with great benefits to the community. With the rise of the Internet, real time payment systems have been widely used, which are quick, global and responsive. Real time core processing of transactions requires substantial upgrades from a batch-processing model. At the same time, restraint is the banks need to make sure that pressure to provide real-time banking services does not mean compromising on security and confidentiality.
On the basis of Type, 24*7*365 real time payment system is widely used. 24*7*365 is also called instant payments or real time payments or immediate payments are defined by the Euro Retail Payments Board (ERPB) as electronic retail payment solutions that are available 24*7*365. Result in the immediate or close-to-immediate interbank clearing of the transaction and crediting of the payee’s account with confirmation to the payer (within seconds of payment initiation). Additionally, to meet the above requirements and expectations, immediate liabilities have generated interest from regulatory, competing authorities and payment service providers. Regulators believe that immediate payments can access banking services, support economic growth, provide options to the Visa / MasterCard Network and reduce cash and check usage
Based on components, the services segment is expected to grow at a higher CAGR during the forecast period. The utilization of real time payments solutions is increasing; this has resulted in a growing demand for real time payments services. Services segment has further divided into professional services and managed services. Managed services segment is widely used. Whereas the professional services segment is expected to be a larger contributor to the market size. Growing demand for real time payments solutions has resulted in the increasing demand for professional and managed services.
In terms of region, Asia Pacific region is dominating the real time payment market. Growth rate can be attributed to various factors, including the adoption of advanced technologies, economic developments, an increasing rate of digitalization, and high investments by real time payments solution and service providers. The driving forces for the growth of the market in this region include the huge population in Asia pacific region that contributes to the volume of transactions and the domestic and international enterprises that are investing in this region.
Key players operated in real time payment market are ACI Worldwide, FIS, Fiserv, Mastercard, Worldline, PayPal, Visa, Apple , Ant Financial , INTELLIGENT PAYMENTS, Tmenos, Wirecard, Global Payments, Capgemini, IntegraPay, SIA, Obopay, Ripple, Pelican, Finastra, Nets, FSS, Montran, REPAY and iCon Solutions.
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Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electroni..