The instant payments industry is predicted to grow at a robust CAGR of 16.2% between 2023 and 2033. The market value is estimated to be US$ 28,011.6 million in 2023, rising to US$ 125,718.5 million by 2033. Previously, the market was expanding at a rapid 23.2% CAGR (2018-2022), culminating in a market size of US$ 24,003.1 million in 2022.
Advances in digital technologies and the growing number of internet users have increased the use of online payment gateway systems for quick wire transfers to bank accounts all over the world. Improving living conditions and rising levels of consumerism in developing economies have also increased demand for various online payment gateways, strengthening the global instant payments industry.
Users’ use of immediate virtual Visa cards has also increased significantly in recent years. Several organizations have used instant merchant services in order to increase product sales by delivering a better purchase experience for clients. The rise of the banking industry for offering online services has also made the incorporation of offshore merchant account rapid approval procedures easier than ever before.
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The current digital literacy gap, particularly in low-income countries, and reluctance to reveal bank details via Internet platforms are expected to impede the growth of instant electronic money transfer services offered by many market participants.
Key Takeaways
- The net worth of the global instant payments market stands at US$ 24 Bn in 2022. At the present growth rate, it is expected to witness a growth of US$ 102.3 Bn in terms of the absolute dollar through the forecast years of 2022 to 2032.
- Instant payment systems around the world that charge some amount for the services is the highest-grossing segment for the global instant payments market than the free-of-cost type. This segment is predicted to grow at a rate of 17.9% through the forecast years by virtue of its quality services.
- Over the years, the online mode of fund transfer has been adopted by many points of money transactions. People to people or P2P money transfers are the most popular segment of the global instant payments market that is anticipated to witness the highest growth rate than other applications at a CAGR of 17.4% during the forecast time period.
- North America dominates the global market in providing instant payment services for the merchants operating in the regional markets. Instant approval merchant account in the USA is attributed to acquiring almost 35% of the global instant payments market and is anticipated to be worth nearly US$ 44.7 Bn in 2032 by growing with the highest CAGR of 17.8%.
- The geographical region of Asia Pacific follows North America in terms of total contribution to the market share through the higher number of PoS instant payment installations in the regional markets. China, Japan, and South Korea are the top-performing countries together, accounting for up to 16% of the global instant payments market.
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Competitive Landscape
- The major players operating in the global instant payments market include Vocalink, SWIFT, Danske Bank, Paytm, OCBC, Barclays, Apple, Bayer, Ripple, and Paypal.
- The major strategy adopted by the prominent market players of the global instant payment market is collaborating with several regional banks and financial institutions to make their instant payment platforms more trustworthy among users. Many market players have also introduced prepaid cards with instant bank transfers that are anticipated to provide them an edge over their competitors.
- Apple Company partnered with Goldman Sachs in 2019 to launch a credit card under its banner. This card facilitates the instant online transfer of money for its customers and is expected to increase the company’s portfolio in the global market.
Key Segments:
By Type
- Charge
- Free
By Application
- B2B
- B2C
- P2P
- O2O
- C2C
By Region
- North America
- Latin America
- Middle East and Africa
- Europe
- Asia Pacific
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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