The global real time payments market has been witnessing significant growth in the recent past, driven by various factors. Traditionally, payments used to take days for transaction settlement. However, with rapid advancements in digital technologies, there is a growing demand for instant and seamless payment options. Real time payments enable immediate exchange of money from one bank account to another, regardless of the geographical locations and currencies. They ensure availability of funds to the payee within seconds after payment initiation. Various central banks and financial regulators across major economies are promoting real time payments by developing nationwide infrastructure and frameworks. This is anticipated to boost the adoption of real time payment solutions among organizations for faster transaction processing and enhanced customer experiences.
Market Dynamics:
The growth of the global real time payments market is driven by factors such as increasing adoption of mobile banking solutions, growing e-commerce industry, and enabling regulatory frameworks promoting instant payments. However, security concerns regarding unauthorized access and privacy breaches hamper the market growth. Emerging fintech players offering advanced payment technologies present significant opportunities. Integration of payment processing capabilities with value-added services widens the scope for banks and payment providers.
Key Features of the Study:
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