Real-Time Payments Market to grow at a CAGR of 31.35% from 2022 to 2027
The increasing adoption of smartphones and access to high-speed internet is notably shaping the market growth. Smartphone usage has drastically increased in countries like Canada, China, and India in recent years.
And the widespread 3G and 4G connectivity have enabled a simpler way of payments for customers. As the 5G network becomes popular in regions like North America, APAC, Europe, and the Middle East, the market is expected to grow during the forecast period.
The market share growth of the solutions segment is significant during the forecast period. These solutions process transactions between the customer/merchant and the bank/processors in real-time. This is a very safe and secure mode of payment. The cheaper cost of internet services has accelerated digital and technological adoption in several sectors. This has altered business models for various sectors including logistics, banking, education, retail, and healthcare among others. This has led to a drastic increase in digital payments across different sectors.
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