Infinium Global Research has added a new report on Global Real-time Payments Market. The report covers the analysis of global as well as regional markets of Real-Time Payments. Moreover, the report gives insights into the factors that affect the global as well as regional performance of the market in the short run and in the long run. According to the report, the global real-time payments market is projected to grow at a CAGR of 30.4% over the forecast period of 2018-2024.
The real-time payments are promptly transforming the payment industries. The adoption of the real-time payments across various industry verticals is rising rapidly. The real-time payments are becoming more popular in the Person-to-Person, Person-to-Bank and Bank-to-Person transaction facilities.
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The advancements in the banking and the financial sector drives the growth of real-time payment market worldwide. The banks are focusing on rewarding the consumers demand to access everything in the real-time. Thus, they are providing new payment platforms and solutions to deliver the high flexibility and superior services the consumers. The trending innovations in the social platforms for domestic payments, and updated regulation in addressing the online payments are contributing in the growth of the real-time payment market.
The real-time payment processes required both software and service components. The government of various countries are investing to provide faster payment networks infrastructure to the consumers. The software and the services used in the real-time payments are offers more effective, secure and faster way to complete near-real-time exchange of funds.
Real-Time Payments Market: Market Segmented by Industry Verticals
The adoption of real-time payment is increasing across the various industry verticals including BFSI, Retail and E-commerce, IT-Telecom, Government, Energy and Utilities Others sectors. The growing consumer demand for flexible and faster payment options drives the demand for real-time payments in these applications. The introduction of social platforms and near-field-communication (NFC) based payments methods in the retail and the e-commerce application favours the global real-time payment industry. The real-time payments for the BSFI applications are gaining popularity as they provide fast and the convenience operation over the traditional payment methods.
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Real-Time Payments Market: Regional Analysis
Among the geographies, Asia Pacific is the largest and the fastest growing region in the real-time payment market. Increasing digitalization and growing use of real-time payments in the retail and e-commerce applications are the key factors that drive the growth of real-time payment market in this region. The governments in populated countries such as China and India are promoting a cashless economy that is anticipated to escalate the growth of this market in the Asia Pacific region.
Real-Time Payments Market: Major Key Players
The report provides the profiles of the companies in the global real-time payment market such as Qualcomm Technologies, Inc., Microsoft, Infinity Augmented Reality, Blippar.Com Ltd., SAMSUNG, DAQRI,Wikitude GmbH, Atheer, HP Reveal, and Apple Inc.