According to Future Market Insights (FMI), the instant payments market is forecasted to be valued at US$ 126.4 Billion in 2032, increasing from US$ 18.3 Billion in 2021. It is predicted to record a robust CAGR of 18.1% over the forecasted period of 2022 to 2032.
Advancements in digital technologies and the number of internet users have increased the adoption of online payment gateway systems for instant wire transfers to bank accounts around the world. Improving living standards and growing levels of consumerism across developing economies have also increased the demand for different online payment gateways, further boosting the global instant payments markets.
The use of instant virtual Visa card by users have also experienced significant growth over the past couple of years. Several companies have adopted instant merchant services for achieving higher sales of their products by providing a better buying experience for customers. The development of the banking sector for providing online services has also made the integration of offshore merchant account instant approval methods easier than before.
Request a Sample of this Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-14556
The prevailing gap in digital literacy, particularly in low-income countries, and hesitancy in providing bank details over online platforms are anticipated to limit the growth of instant electronic funds transfer services provided by many market players.
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.
Ask An Analyst @
https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-14556
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
Request for TOC @
https://www.futuremarketinsights.com/toc/rep-gb-14556
About Us
Future Market Insights (ESOMAR certified market research organization and a member of 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.
Contact Us:
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs