- Business-to-Person (B2P)
- Person-to-Business (P2B)
- Person-to-Person (P2P)
- Others
Real Time Payments Market size was valued at 9.3 billion in 2023 and is poised to grow at a CAGR of 28.9% from 2024-2030. Some of the key factors fueling the market growth include high usage of smartphones, government initiatives are quickening the acceptance of real time payments solutions, rising volumes of cashless transactions, increasing focus of governments on developing their own RTP systems across each country, progressive changes in regulatory framework and growing use of real time payments across diverse industry verticals. However, growing market competition and lack of interoperability between schemes are the major factors hindering the market growth. Countries around the world are moving to real-time payments (RTP) as businesses and consumers are looking for ways to send and receive money in a more effective, secure and faster way to accomplish near-real-time exchange of funds. In some of these countries, faster payment networks are enabling transactions to clear in minutes or even seconds, supported by common standards and economic incentives to participate. The growing ubiquity of smart devices and booming online retail commerce in markets is driving the rapid adoption of real-time payments.
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The mass acceptance of real-time payment systems around the globe has contributed to an environment in which many merchants, consumers and financial institutions anticipate to be able to pay friends and customers, settle bills, and transfer money at the drop of a hat. While the concept of paying now is not a new one cash is an immediate payment transaction instrument after all the growth of real-time payment options has aided build a new standard among consumers. This new standard is motivating change for traditional payment type's checks, credit, debit, prepaid, and the like as consumers have generally come to expect faster settlement periods.
The Real-Time Payments Market Size was valued at 9.3 billion in 2023
The Real-Time Payments Market Key players are SIA, Ripple, REPAY, PayPal, Nets, Visa, Mastercard, Intelligent Payments
American Express, Visa, Mastercard, PayPal