According to Future Market Insights (FMI), the Instant payments market would be worth $126.4 billion in 2032, up from $18.3 billion in 2021. Over the estimated period of 2022 to 2032, it is expected to grow at a healthy 18.1 percent CAGR.
The usage of online payment gateway systems for quick wire transfers to bank accounts throughout the world has expanded as digital technologies and the number of internet users has increased. The need for various online payment gateways has increased as living standards and levels of consumerism have improved in developing economies, further strengthening the global instant payments industries.
Over the last few years, the use of Instant virtual Visa cards by users has increased significantly.
- By 2022, the worldwide instant payments market will have a net worth of US$ 24 billion. Through the projected years of 2022 to 2032, at the current growth rate, it is expected to expand by US$ 102.3 billion in absolute dollars.
- Globally, Instant payment systems that charge a fee for services are the highest-grossing segment of the global instant payment market, surpassing the free-of-charge variety. Because of its high-quality services, this area is expected to increase at a rate of 17.9% during the next few years.
- Many points of money transactions have adopted the internet way of fund transfer over time. People to People (P2P) money transfers are the most popular segment of the worldwide instant payments market, and they are expected to develop at the fastest rate among all applications, with a CAGR of 17.4 percent over the forecast period.
The major players operating in the global instant payments market include Vocalink, SWIFT, Danske Bank, Paytm, OCBC, Barclays, Apple, Bayer, Ripple, and Paypal.