The report by India-based company the Insight Partners shares expectations about the real-time payment market, as well as an analysis of market opportunities and dynamics
The Insight Partners has published a study article about the real-time payment market. The company expects the market to grow from $12.85 billion in 2022 to $86.89 billion by 2028, with an estimated CAGR of 32.0% within the forecast period.
The report particularly focuses on the US, Europe, Japan, China, South Korea, North America, and India. Assessing the real-time payment market, the study analyses enabling technologies, restraining factors, current market situation and assumptions, market opportunities, import/export details, market dynamics, market manufacturers, key regions, and growth rate.
The study identifies the increasing demand as the primary reason for the real-time payment market growth. Real-time payments are now requested by individual customers, retailers, telecom providers, banks, and gadget suppliers.
Furthermore, the associated software systems will improve the interactions between merchants and customers, facilitating the real-time payment method.
Another reason for the sector’s growth is technological advances and growing internet usage. Innovations would produce a rise in e-commerce sales, spurring the real-time payment market growth.
In particular, payment gateway systems are constantly improving their technical capabilities. They are critical for the growth of both businesses and real-time payments.
We have previously reported that Gen Z will be the main focus demographic for banks and financial institutions this year.
According to the study, millennials and Gen Z had a combined $350B purchasing power in 2019. In 2021, Gen Z accounted for 40% of global customers. Therefore, retailers and merchants will adapt to their need for fast and flexible payment methods, contributing to the growth of real-time payments.