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.
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.
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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
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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.
Key Segments:
By Type
By Application
By Region
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.
Apr 02, 2023