research analysis on “Real-Time Payment Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global real-time payment market in terms of market segmentation by payment, deployment, end user, component, enterprise size, and by region.
Growing Demand for Faster and Instant Payment Methods to Drive Growth of Global Real-Time Payment Market
The global real-time payment market is estimated to grow majorly on account of the increased demand for faster payment methods among consumers and businesses. Consumers and business owners are searching for a faster and instant payment method, due to the rise of online shopping and e-commerce as well as the requirement for instant settlements of funds. According to a survey launched in 2022, U.S. consumers are looking for faster payments in more areas of their increasingly demanding lives, with four out of five saying they would be interested in paying businesses as soon as possible.
Some of the major growth factors and challenges that are associated with the growth of the global real-time payment market are:
Growth Drivers:
• The surge in Adoption of Real-time Payment Trends in Various Domains
• Rising Focus on Technological Advancement
Challenges:
Many payment systems are still based on the traditional infrastructure that does not support the real-time payment method and also some people prefer to use the old infrastructure instead of the new one. This can make it difficult and expensive to upgrade these systems to support real-time payment. Moreover, security concerns associated with are some of the major factors anticipated to hamper the growth of the global real-time payment market.
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By component, the global real-time payment market is segmented into services and solutions. The solutions segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. There is an increasing demand for real-time payment solutions as well as the need to provide payment services. In order to expand their companies in new markets, payment gateway operators cooperate with merchants all over the world. Given the large volume of transactions carried out by merchants, gateway systems have been integrated into their sales channels. Such as, In the year 2020, Shopify agreed with Alibaba Group Holding Limited, which is a payment gateway provider for Alipay.
By region, the Europe real-time payment market is to generate the highest revenue by the end of 2035. This growth is anticipated by increasing integration of real-time payment and escalating development and innovation in infrastructure all across the Europe region. Most of the European sectors such as in the UK and the Netherlands experienced growth in volumes and values of real-time fund transfers with the launch of P27 in the Nordic region, these factors are expected to drive the expansion of the real-time payment market in this region.
This report also provides the existing competitive scenario of some of the key players of the global real-time payment market which includes company profiling of Fiserve Inc., Paypal Holdings Inc., Mastercard Inc., CRED, Visa Inc., Worldplay Inc., Volante Technologies Inc., others.
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