ACI Worldwide and Fiserv are leading players in Real-Time Payments Market
Real-Time Payments (RTP) is an electronic payment solution. Real time payments means simply paying or receiving payments in real-time, i.e., it enables one to pay or receive payments within few seconds, anytime, 24/7, and on all 365 days. Real time payments provides convenience, speed, and rapid availability of funds. Real time payments guarantees immediate availability of funds to the beneficiary of the transaction. It can benefit financial institutions, merchants, consumers, and the society by offering enhanced visibility into payments, enabling better cash management, and helping businesses better manage day-to-day operations by improving the liquidity.
MarketsandMarkets expects the global Real Time Payments market to grow from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6% during forecast period. The high proliferation of smartphones, customers’ demand for immediacy of payments and quicker payment settlements, and the government initiatives are expected to be driving the growth of the real time payments market. The major real time payments vendors include ACI Worldwide (US), FIS (US), Fiserv (US), Mastercard (US), Worldline (France), PayPal (US), Visa (US), Apple (US), Ant Financial (China), INTELLIGENT PAYMENTS (Gibraltar), Tmenos (Swtizerland), Wirecard (Germany), Global Payments (US), Capgemini (France), IntegraPay (Australia), SIA (Italy), Obopay (India), Ripple (US), Pelican (UK), Finastra (UK), Nets (Denmark), FSS (India), Montran (US), REPAY (US) and iCon Solutions (UK). The market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and penetrate deeper into the unserved regions.
To know about the assumptions considered for the study download the pdf brochure
ACI Worldwide is a leading provider of real time payments solutions. The company uses organic and inorganic growth strategies to improve its market share and increase the annual revenue. The company is focusing on introducing new products and improved versions of its existing products. As a part of its organic growth strategy, in March 2018, it partnered with AGSTTL, an end-to-end payments solution provider, to introduce UP Retail Payments solution in India and enable processing, fraud monitoring, and reconciliation and settlement. With the aim to increase its footprint, ACI Worldwide has adopted inorganic strategies, which include partnerships with companies that would help it strengthen its position in the real time payments marketspace and increase its customer base. For instance, in August 2018, ACI Worldwide partnered with Alphacomm Solutions, a payments solution provider for the telecom and digital goods sectors, to provide its UP eCommerce Payments solution and deliver next-generation payments to help Alphacomm expand its global footprint.
Fiserv is also a leading provider of real time payments solutions. The company is significantly investing in R&D activities to introduce new innovative solutions and gain a competitive edge in the market. The company is focusing on strengthening its position in the real time payments market by adopting inorganic growth strategies. For instance, in August 2017, Fiserv acquired Dovetail Group Limited, a provider of bank payments and liquidity management solutions. The acquisition enabled Fiserv to help financial institutions around the world in transforming their payment infrastructures to meet the evolving needs of the wholesale, commercial, and retail customers. Fiserv also integrated Dovetails real time payments platform, modular services, and configurable business processing rules with its market-leading payment capabilities, thereby enabling financial institutions to unify discrete solutions into a fully integrated payment infrastructure.
Related Reports:
Real-Time Payments Market by Nature of Payment (P2P, P2B & B2P), Component (Solutions (Payment Gateway, Payment Processing & Payment Security & Fraud Management) & services), Deployment Mode, Enterprise Size, Vertical, & Region - Global Forecast to 2023
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
SEND ME A FREE SAMPLE
