August 5, 2019
Payment systems are evolving around the globe. Once considered the speediest option available, even same-day Automated Clearing House (ACH) transfers are viewed as too slow these days – this is where Real-Time Payment (RTP) systems are proving to be a true game-changer. As a recent research study indicates, the global RTP market size is estimated to reach $39.02 billion by 2025, registering a CAGR of 29.3%.
RTP solutions are being widely adopted across various industries, such as retail and e-commerce, BFSI, and IT & telecom, owing to their benefits in terms of speed, security, and transparency. Additionally, favorable government initiatives about digital payments across emerging economies, such as India, and China, are estimated to create significant opportunities for market entrants. Research indicates that of all the markets globally, the APAC region is expected to hold the largest market size and is slated to grow at the highest CAGR between 2019 and 2023.
The high growth rate can be attributed to various factors, including the adoption of advanced technologies, economic developments, an increasing rate of digitalization, and large investments by RTP solution and service providers. The driving forces for the growth of the market in APAC also include the vast population that contributes to the volume of transactions and the domestic as well as international enterprises that are investing in the region.
Banks in the APAC region are looking beyond simple implementation of RTP and adherence to national regulatory requirements; they are now focusing on increasing investments in payments ...