Real-time Payments Market - Overview

Real-time payments are electronic retail payment solutions that provides services to the customers whenever needed. Real-time payments are also known as instant-payments or immediate payments. Businesses and consumers around the globe are searching for effective, secure, and faster ways of accomplishing near-real-time exchange of funds, leading to the shift in use of real-time payments. Real-time payments ease the process of transactions such as sending and receiving money. The real-time transaction procedure follows certain steps which include initiation, validation, processing, transmission, clearance, and customer alerts.

Real-time Payments Market – Drivers and Restraints

Banks have turned to the use of real-time payments to quickly adapt to the changing environment. The emergence of value added services and the need for rapidity are having an increasing effect on the real-time payment market. Adoption of a holistic approach for real-time payments would help organizations leverage the opportunity for advanced and broader payment initiatives. Real-time payments bring benefits to banks and customers in many ways. Moreover, everyday transactions can now be done immediately through mobile devices. Easy implementation and timelessness of the transaction are the drivers of the real-time market. Faster real-time payment implementation can be achieved by effective technology and operational enablement, organizational impacts, and analyzing risks and controls. The driving factors for the real-time payments market are various innovative technologies and emerging person-to-person (P2P) payments. Social platforms, digital currencies, and near-field-communication (NFC) based payments are also supporting the growth of the real-time payment market. Real time banking also offers transparency within the financial system.

Increase in the rate of cybercrime and lack of security are the major restraints of the real-time payments market. Hindrance can also be caused when there is failure in the system while performing a transaction. Operational risks involved can also be restraining factors.

Opportunity for the real-time payments market depends on the e-commerce & retail industry as it is expected to have strong growth in the coming years. Further, deployment of ISO 20022, a standards framework implemented by most of real-time payments service providers would create opportunity platform for marketing of consumer analytics and data handling, which would be useful to financial institutions. A competitive edge is provided by real-time payment solution providers to e-commerce and retail companies by offering a cheaper and faster mode of payment.

Real-time Payments Market – Segmentation

The real-time payments market can be segmented based on region, nature of payments, categories of payments, and deployment model. Real-time payments market in economies, especially in Europe and North America are anticipated to witness expansion at a considerable growth rate during the forecast period. In November, 2016, demonetization took place in India which enhanced the Asia Pacific market for real-time payments. Countries in South America and Middle East & Africa are also adopting real-time payments at a considerable pace. Different modes of payments such as credit cards, electronic checks, E-wallets, and internet banking are used for transactions. The five categories of the real-time payments market include Business to Business (B2B), Business to Consumer (B2C), Consumer to Business (C2B), Domestic Peer to Peer (P2P), and Cross-border Peer-to-Peer (P2P). The Cloud based deployment model can be classified into public, private, and hybrid. The cloud-based deployment segment is anticipated to expand in the near future due to ease of usage and enhanced security.

Regional regulations are accelerating the growth of the real time payments market. Regulations in some developed countries are supporting the implementing and use of real-time payments, which benefits the government as well as the consumers, tracing activity efficiently and helping increase the fluidity of the overall economy.

Real-time Payments Market – Key Players

Key players operating in the real-time payments market includes Paymill GmbH, PayPal, PayU, Stripe, Skrill Ltd., Braintree (division of PayPal), GoCardless Ltd., FastSpring, Recurly, Inc., and Patym. Further, most banks now provide E-banking and processing of online transactions. Fast growth in the e-commerce industry is fueling adoption of real-time payments systems.

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