India-based company The Insight Partners has published a study article about the real-time payment market and the expectations regarding it. The ‘Real-Time Payment Market Size, Share, Growth, Demand, Industry Trends and Forecast to 2028-COVID-19 Impact and Global Analysis – by Component, Payment Mode, Deployment, Enterprise Size, and Industry’ aims to deliver an opportunity for companies to recognise and use modern trends, market size, share, growth, segments, manufacturers, as well as technologies, forecast, and future road map.

The article targets the real-time payment area, which is expected to grow from USD 12. 85 billion to USD 86. 89 billion by 2028, with an estimated CAGR of 32.

0% from 2022 to 2028. This report focuses on the global real-time payments market, with a focus on the US, Europe, Japan, China, South Korea, North America, and India. Furthermore, the study offers information about the assessment of the real-time payments, including enabling technologies, restraining factors, current market situation and assumptions, as well as analysis of market opportunities, import/export details, market dynamics, market manufacturers, key regions, and growth rate.

The real-time payment market’s growth According to the study, the primary reason for the growth of real-time payment market is the increasing demand of different customers, retailers, telecom providers, banks, and gadget suppliers. The real-time payment market offers them the opportunity to move locations, such as food trucks, concerts, festivals, trade exhibits, where they may receive money from their clients for their services. Furthermore, the associated software systems will improve the interactions between the merchant and the customers.

Real-time payment deployments also allow brick-and-mortar retailers to use pricing, product information, and inventory data, offering omnichannel engagement, which will most likely gain momentum for the real-time payment market during the forecast period of time. The technological advances, along with the high internet usage and the rise in ecommerce sale represent another reason for the real-time payment market growth. Payment gateaways provide secure credit card and digital wallet payment options to the customers of both brick-and-mortar and online merchants.

They are critical in the growth of businesses as technology offers new payment methods, services, and marketplaces constantly. Payment gateaway’s systems are constantly improving in order to keep up with the preferences of multiple customers and the technical capabilities that each have. In terms to the contactless purchases, clients make payments with their phones rather than the credit cards.

According to the study, millennials and Gen Z had a combined of USD  350 billion purchasing power in 2019. In 2021, Gen Z accounted for 40% of worldwide customers and clients, making the retailers and merchants to adapt to their needs, contributing to the growth of the real-time payment market. .