The global real-time payments market is forecast to reach USD 90.19 Billion by 2028, according to a new report by Reports and Data. Real-time payments help businesses trim their expenses by reducing the use of checks and other expensive payment methods. Real-time payment services enable companies to modernize their accounts receivable processes as they provide the information required to link invoices with payments in real-time.
The information provided by real-time payment services can reduce the efforts involved in investigating exceptions and checking the status of the payment, as these systems support two-way communications between payers and the payees. Faster payment systems are expected to relay more information than traditional methods allow. Real-time systems can be expected to provide valuable information that flows with the payment transactions, allowing businesses to attain abilities in straight-through processing, achieve a better view of cash flows, and enable more informed operational decision-making.
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The rise of digital commerce and advancements in payments technology, such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, and real-time payments, have had a significant impact on the way payments are processed and reconciled. Additionally, the introduction of mobile point-of-sale (POS) devices has further contributed to this growth.
Payments-as-a-Service (PaaS) providers have emerged as solutions for businesses, offering enterprise-level payment technology that is flexible enough to meet diverse business needs when it comes to processing and reconciling payments. These platforms are designed to scale easily and onboard new users rapidly, making them suitable for businesses of all sizes.
One of the key benefits of using a Payments-as-a-Service provider is the automation of manual processes. By leveraging technologies like AI, these platforms can streamline payment workflows, reducing the need for manual intervention and minimizing errors. This automation not only improves efficiency but also lowers transaction costs for businesses.
Furthermore, these platforms enable real-time payments, allowing businesses to receive funds faster. Real-time payment capabilities have become increasingly important in today’s fast-paced digital economy, where businesses need to access funds quickly to support their operations and cash flow.
Additionally, the integration of blockchain technology in payment systems offers enhanced security, transparency, and traceability. Blockchain-based payment networks can provide immutable records of transactions, reducing the risk of fraud and ensuring data integrity.
Mobile point-of-sale (POS) devices have also played a significant role in transforming payment processes. These portable devices enable businesses to accept payments anywhere, anytime, making transactions more convenient for both merchants and customers. Mobile POS devices typically connect to the Payments-as-a-Service platform, ensuring seamless payment processing and reconciliation.
In summary, the rise of digital commerce, innovations in payment technology using AI, IoT, blockchain, and real-time payments, along with the introduction of mobile POS devices, have fueled the growth of Payments-as-a-Service providers. These platforms offer businesses scalable and adaptable payment technologies that automate manual processes, reduce costs, and accelerate the time-to-cashTop of Form
Top Companies Operating in the Global Network Traffic Management Analyzer Market:
FIS, ACI Worldwide, Mastercard, Fiserv, PayPal, Worldline, Apple, Visa, INTELLIGENT PAYMENTS, Ant Financial, Wirecard, Temenos, Capgemini, Global Payments, SIA, IntegraPay, Ripple, Obopay, Finastra, Pelican, FSS, Nets, REPAY, Montran, and Icon Solutions, among others.
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The global market is further segmented into type and application:
Payment Type Outlook (Revenue, USD Billion; 2018-2028)
- Peer-to-Peer (P2P)
- Customer-to-Business (C2B)
- Business-to-Customer (B2C)
- Business-to-Business (B2B)
Payment Mode Outlook (Revenue, USD Billion; 2018-2028)
- Contact Payment
- Digital Currencies
- Contactless Payment
- Net Banking
- Digital Wallets
Deployment Mode Outlook (Revenue, USD Billion; 2018-2028)
Organization Size Outlook (Revenue, USD Billion; 2018-2028)
- Small and Medium-Sized Enterprise
- Large Enterprises
Industry Vertical Outlook (Revenue, USD Billion; 2018-2028)
- Media And Entertainment
- Hospitality And Tourism
- Retail And E-Commerce
- IT And Telecommunication
- Banking, Financial Services, And Insurance (BFSI)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest
- Among the payment types, the customer-to-business (C2B) accounted for the largest market share of ~32% in the year 2018. The growing retail and e-commerce industry is a significant factor contributing to the growth. The penetration of the internet and smartphones will also drive the segment in the coming years. Moreover, the growing population and their increasing disposable incomes will increase the demand for digital commerce globally.
- The peer-to-peer (P2P) is forecasted to witness the highest growth rate of 9% during the forecast period. The growing number of customers making payments through digital applications is contributing to growth. The popularity of UPI payments and the increasing number of companies in the market will further boost a wide acceptance of real-time digital payment services.
- Among the payment modes, net banking accounted for the largest market share of ~27% in the year 2018. The growing acceptance of smartphones, the internet, and advanced technologies in the industry is a significant factor boosting the segment. Customers are aware of these technologies and find them convenient to go cashless.
- The contactless payment segment is forecasted to witness a higher growth rate of 31.6% during the forecast period. The integration of RFID and NFC technologies in the market influences the segment growth. The popularity of smart cards is another factor driving the overall market.
- Asia Pacific held the largest market share of ~31% in the year 2018. The region is rapidly adopting new and advanced technologies. High penetration of cloud technology, the internet of things, machine learning, artificial intelligence, and big data, among others, are propelling the market in the region. Moreover, the region is continuously investing in sustainable and green solutions, owing to the growing pollution.
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