Rising demand for advanced analytics for payment-related data is driving the market, according to a new study.
According to a new study by Grand View Research, the global real-time payments market size is estimated to reach at USD 39.02 billion by 2025 registering a CAGR of 29.3 percent.
Real-time payments are digital/electronic payments that allow the immediate transfer of funds in real time through a secured payment gateway.
Growing e-commerce sector and adoption of smartphones coupled with the rising need for fast and convenient payment solutions in large and Small & Medium Enterprises (SMEs), are anticipated to fuel the RTP market expansion.
The real time payments infrastructure can significantly enhance the payments' stakeholders experience of disbursements and refunds – a frequent issue for merchants and consumers alike as card refunds generally take at least a few days to process and clear.
Real-time payments solutions are being widely adopted across various industries, such as retail and e-commerce, BFSI, and IT & telecom, owing to their benefits in terms of speed, security, and transparency. Rising demand for advanced analytics for payment-related data from merchants and corporate users is also driving the market.
Moreover, availability of advanced online payment systems, such as Google Pay, Apple Pay, and Samsung Pay, and rising adoption of such solutions by large e-commerce retailers are expected to lead the market growth over the forecast period.Additionally, favorable government initiatives about digital payments across emerging economies, such as India, and China, are estimated to create significant opportunities for market entrants. The Asia Pacific market is anticipated to witness a significant expansion over the forecast period due to increasing e-commerce sales and adoption of smartphones.