Dublin, Nov. 22, 2018 (GLOBE NEWSWIRE) -- The "Real-Time Payments Market by Nature of Payment (P2P, P2B & B2P), Component (Solutions (Payment Gateway, Processing & Security, Fraud Management) & Services), Deployment Mode, Enterprise Size, Vertical & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global RTP market size to grow from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a CAGR of 30.6% during the forecast period.
The major growth factors expected to drive the growth of the RTP market include the high proliferation of smartphones, adoption of cloud-based solutions, customers' demand for the immediacy of payments and quicker payment settlements, and the government initiatives. The lack of interoperability between schemes and the increasing market competition are expected to restrain the adoption of RTP solutions in the emerging economies, which in turn, may restrain the market from growing.
The Person-to-Person (P2P) nature of payment is estimated to grow at the highest CAGR during the forecast period
The RTP market by nature of payment has been segmented into Person-to-Person (P2P), Person-to-Business (P2B), Business-to-Person (B2P), and others (Business-to-Business (B2B), Government-to-Business (G2B), Business-to-Government (B2G), Person-to-Government (P2G), and Government-to-Person (G2P)). The P2P nature of payment is expected to grow at the highest CAGR, as it is used by consumers for different use cases, including repayment of a movie ticket to a friend, repayment of money to a friend, and gifting money to a child or a grandchild.
Among regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC has distinctively been one of the fastest-growing markets in terms of rapidly adopting RTP solutions. The RTP market is also termed as the next big boom with regards to the ever-increasing adoptions across the APAC region. The RTP market in APAC has gained traction, due to the rising demand for quick, hassle-free, and secured payment systems.
Moreover, the rapid growth of the RTP market in the region can be attributed to the active online engagement of consumers in the emerging countries of the region. The extensive facilities to deploy and manage RTP solutions at a low cost of ownership is boosting the market growth in this region. Furthermore, various international and domestic enterprises located in this region are partnering with RTP providers to enhance and provide tailormade offerings to local clients. The developed APAC countries, such as Australia, Japan, Singapore, and New Zealand, have expansively considered the use of RTP solutions and services.
This growth of this region can be attributed to the increased demand for RTP solutions and advancements in digital technologies, benefitting all stakeholders present in the RTP ecosystem in the APAC region. The increase in the number of mobile subscribers and feasible RTP solutions provided by banks, financial institutions, and payment agents are the additional factors contributing to the growth of the RTP market in APAC.
China and India are among the key countries considered for the RTP market analysis in this region. Additionally, the rapid expansion of domestic as well as global enterprises in the APAC region is also one of the important factors that are influencing the growth of the RTP market.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Segmentation
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Breakdown and Data Triangulation
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Real Time Payments Market
4.2 Top 3 Verticals
4.3 Top 3 Solutions and Verticals
4.4 Market By Vertical
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 High Proliferation of Smartphones
5.2.1.2 Customers Demand for Immediacy of Payments and Quicker Payment Settlements
5.2.1.3 Government Initiatives are Accelerating the Adoption of Real Time Payments Solutions
5.2.2 Restraints
5.2.2.1 Lack of Interoperability Between Schemes
5.2.2.2 Increasing Market Competition
5.2.3 Opportunities
5.2.3.1 Progressive Changes in Regulatory Framework
5.2.3.2 Increasing Use of Real Time Payments Across Different Industry Verticals
5.2.4 Challenges
5.2.4.1 Payment Security is Posing A Challenge for Banks
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.4 Payment System Evolution Overview
5.5 Standards and Regulatory Implications
5.5.1 Afinis Interoperability Standards
5.5.2 International Organization for Standardization 20022
5.5.3 General Data Protection Regulation
5.5.4 Payment Services Directive
5.6 Regulatory Financial Associations
5.6.1 Electronic Transactions Association
5.6.2 Consumer Financial Protection Bureau
5.6.3 European Automated Clearing House Association
5.6.4 Payment Card Industry Security Standards Council
5.6.5 Continuous Linked Settlement Group
5.6.6 R3CEV Blockchain Consortium
5.6.7 Global Payments Steering Group
5.6.8 Financial Blockchain Shenzhen Consortium
5.6.9 Blockchain Collaborative Consortium
5.6.10 Wall Street Blockchain Alliance
6 Real Time Payments Market, By Nature of Payment
6.1 Introduction
6.2 Person-to-Person
6.2.1 Increasing Demand for Immediacy of Payments and Quicker Settlements Drive the Adoption of the P2p Nature of Payment
6.3 Person-To-Business
6.3.1 High Proliferation of Smartphones and Connected Devices Accelerate the Adoption of the P2b Nature of Payment
6.4 Business-To-Person
6.4.1 Increase in Data Transparency and Enhanced Safety Boost the Growth of the B2p Nature of Payment
6.5 Others
7 Real Time Payments Market, By Component
7.1 Introduction
7.2 Solutions
7.2.1 Payment Gateway
7.2.1.1 Financial Institutes Demand Real Time Payments Gateway Solutions, as They Automatically and Securely Approve Transactions
7.2.2 Payment Processing
7.2.2.1 Real Time Payments Processing Solutions Enable Continuous Availability for Transactions
7.2.3 Payment Security and Fraud Management
7.2.3.1 Increasing Number of Financial Frauds in Online Transactions has Led to the Demand for Ai-Based Security and Fraud Management Solutions
7.3 Services
7.3.1 Professional Services
7.3.1.1 the Technicalities Involved in Implementing Real Time Payments Solutions Would Boost the Growth of Professional Services
7.3.2 Managed Services
7.3.2.1 With the Increasing Deployment of Real Time Payments Solutions, the Requirement for Managed Services Will Also Increase
8 Real Time Payments Market, By Deployment Mode
8.1 Introduction
8.2 On-Premises
8.2.1 Data-Sensitive Organizations Adopt the On-Premises Deployment Mode
8.3 Cloud
8.3.1 Scalability and Ease of Implementation Boost the Growth of the Cloud Deployment Mode
9 Real Time Payments Market By Enterprise Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 The SMES are Major Investments to Implement Real Time Payments
9.3 Large Enterprises
9.3.1 Faster Interactions, Cost Reduction, Business Expansion Capability, and Enhanced Security are Expected to Fuel the Adoption of the Real Time Payments Technology Among Large Enterprises
10 Real Time Payments Market, By Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Real-Time Payments has the Potential to Eventually Reduce Costs for Banks By Breaking Their Payment Silos
10.3 IT and Telecommunications
10.3.1 Real Time Payments Offers More Convenient and Faster Modes of Bill Payment, Leading to Enhanced Customer Experience
10.4 Retail and Ecommerce
10.4.1 Real Time Payments Provides A Competitive Edge to the Retail and Ecommerce Vendors By Offering Them With Faster Modes of Payment
10.5 Government
10.5.1 Governments Use Real Time Payments to Uplift Economies and Promote Cashless Transactions Across the Globe
10.6 Energy and Utilities
10.6.1 Real Time Payments Offers Online Billing Solutions and Real-Time Rating for Enhanced Customer Experience
10.7 Others
11 Real Time Payments Market, By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Real Time Payments Systems Make Payments Simpler, Faster, and Secure
11.2.2 Canada
11.2.2.1 Canadian Individuals and Merchants are Adopting Real Time Payments Solutions to Encourage Customers for Making Instant Payments
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Increasing Adoption of Omnichannel Real Time Payments Solutions Among Financial Institutions and Merchants
11.3.2 Sweden
11.3.2.1 As Real Time Payments is Gaining Popularity in Sweden, It Presents Growth Opportunities for the Real Time Payments Solution and Service Providers
11.3.3 Denmark
11.3.3.1 The Government of Denmark is Investing in Real Time Payments Systems to Make Payment Settlements Quicker
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.1.1 The Real Time Payments Market in Japan is Expected to Grow Due to the Upgradation in Instant Retail Payments
11.4.2 China
11.4.2.1 The Large Population Results in Many Real Time Payments Transactions
11.4.3 India
11.4.3.1 Government Initiatives and Demonetization are the Major Driving Factors for the Growing Real Time Payments Market
11.4.4 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 United Arab Emirates
11.5.1.1 Growing Digital Initiatives Would Offer Opportunities to Deploy Real Time Payments Solution in UAE
11.5.2 South Africa
11.5.2.1 Rise in the Adoption of Advanced Digital Technologies Would Provide Opportunities for Real Time Payments Services
11.5.3 Rest of Middle East and Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Rising Focus of Real Time Payments Solution Providers in Brazil Would Boost the Market Growth in the Coming Years
11.6.2 Mexico
11.6.2.1 The Revolution of Various Technologies in Mexico May Create A Demand for Real Time Payments Solutions in the Coming Years
11.6.3 Rest of Latin America
12 Competitive Landscape
12.1 Overview
12.2 Ranking of Key Players, 2018
12.3 Competitive Scenario
12.3.1 New Product/Service Launches and Product/Service Enhancements
12.3.2 Agreements and Partnerships
12.3.3 Acquisitions
12.3.4 Expansions
13 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/9225gq/global_realtime?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 Related Topics: E-Business