Global Real-Time Payments (RTP) Market Trends, Analysis & Forecast Report 2021-2028 - ResearchAndMarkets.com
The "Global Real-Time Payments Market Size, Share & Trends Analysis Report by Payment Type, by Component, by Deployment, by Enterprise Size, by End-use Industry, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global real-time payments market size is expected to reach USD 99.73 billion by 2028 and is projected to register a CAGR of 33.0% from 2021 to 2028.
The growing internet penetration rate and the proliferation of smartphones are expected to drive the growth of the market over the forecast period. The initiatives being pursued by various governments across the world to promote digital payments are expected to contribute to the growth.
Digital payment solution providers are putting a strong emphasis on ensuring security while making payments using smartphones and bank cards, among other payment methods. Advances in the latest technologies, such as AI and blockchain, are particularly opening opportunities for digital payment solution providers to offer efficient and secure digital payment solutions. For instance, in October 2019, SnapPay Inc. announced the launch of a new facial recognition payment technology for retail store merchants in North America.
Technology companies, such as Facebook (News - Alert), Amazon, WeChat, Alipay, and Google, among others, are focusing on strengthening their presence in the market for real-time payments. For instance, in December 2020, Facebook announced that it has gne live with the payments feature on the WhatsApp messaging platform in India. The initiative fell under the company's efforts to explore new opportunities in the market.
The outbreak of the COVID-19 pandemic is anticipated to create new opportunities for the market players. Individuals are increasingly opting for contactless payment methods as part of the efforts to arrest the spread of coronavirus. The growing preference for online shopping amid the outbreak of the pandemic is also expected to propel the growth of the market over the forecast period.
Real-Time Payments Market Report Highlights
Market driver analysis
Market challenge analysis
Market opportunity analysis
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