RealTime payments is known in the market by various names like instant payments, realtime payments, or immediate payments and has been defined by the Euro Retail Payments Board (ERPB) as electronic retail payment solutions, which provides an operational capacity round-the-clock for throughout the year. The process requires a permission from the payer to allow the transaction to get completed. As soon as the payment reaches the payee’s account, the payer receives a notification. The global market for the realtime payments can bank on its easy application for a better market integration.
The market for realtime payments is expected to witness significant progress in the coming years by banking on several features like immediate credit that allows the payee to withdraw the fund as soon as the payer transfers the amount. Also, the process immediately notifies whether the payment has reached to the payee’s account or not. Regulatory authorities are also supporting the growth of the realtime payment market as it has the possibility to assist the market in expanding its horizon. This also provides an opportunity to forego cash or credit/ debit cards. Significant rise in the process would assist the banking sector grow significantly. Economic growth can be measured well using this process.
The process also depends on digitization and in several underdeveloped or developing countries. Lack in infrastructure for the realtime payment market can choke the market. There are other factors like chances of hacking or other mode of stealing can impact the market growth. However, it is its precision, ease of application, and other modes that can trigger better growth for the global market for realtime payment. On the other hand, increasing number of market players can bring back the market on the track of growth.
Major Key Players
Alipay (Ant Financial)
Global RealTime Payments Market Segmentation
Market segment by Type, the product can be split into
Market segment by Application, split into
IT and Telecommunications
Retail and e-commerce
Energy and Utilities
Market segment by Regions/Countries, this report covers
Central & South America
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