Real Time Payments Market: By Nature of Payment (Business-to-Person (B2P), Person-to-Business (P2B), Person-to-Person (P2P) and Others), By Component (Services and Solutions), By Deployment Mode (Cloud-Based and On-Premises), By Enterprise Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), By End User (Banking, Financial Services and Insurance (BFSI), Energy & Utilities, Government, Healthcare, IT & Telecom, Retail & E-commerce, Travel & Tourism and Others) and Geography  

Real Time Payments Market size was valued at 9.3 billion in 2023 and is poised to grow at a CAGR of 28.9% from 2024-2030. Some of the key factors fueling the market growth include high usage of smartphones, government initiatives are quickening the acceptance of real time payments solutions, rising volumes of cashless transactions, increasing focus of governments on developing their own RTP systems across each country, progressive changes in regulatory framework and growing use of real time payments across diverse industry verticals. However, growing market competition and lack of interoperability between schemes are the major factors hindering the market growth. Countries around the world are moving to real-time payments (RTP) as businesses and consumers are looking for ways to send and receive money in a more effective, secure and faster way to accomplish near-real-time exchange of funds. In some of these countries, faster payment networks are enabling transactions to clear in minutes or even seconds, supported by common standards and economic incentives to participate. The growing ubiquity of smart devices and booming online retail commerce in markets is driving the rapid adoption of real-time payments.