Faster Payment Service (FPS) Market Size Was Valued at USD 905.98 Million in 2023, and is Projected to Reach USD 9026.67 Million by 2032, Growing at a CAGR of 29.11% From 2024-2032.
A faster payment allows for real-time or almost real-time fund availability to the payee and is accessible virtually around the clock in the majority of supported payment systems and schemes globally. Faster payment methods and faster payment plans promote quick payments. (FPS). An FPS is an electronic payment system that enables the inter-bank transfer of funds and provides payment confirmation to the recipient and originator in under a minute (the duration may vary according to the payment scheme and the recipient's location). These payments are final, which means that after the transaction has been finished, neither the payer nor the financial institution can take them back.
Top Key Players for Faster Payment Service (FPS) Market:
ACI Worldwide (U.S.), FIS (U.S.), Fiserv Inc. (U.S.), Wirecard (U.S.), Mastercard (U.S.), Temenos Headquarters SA (U.S.), Global Payments Inc. (U.S.), Capgemini (France), Icon Solutions Ltd (U.K.), M & A Ventures, LLC (U.S.), PAYRIX. (Australia), Nexi Payments SpA (Italy), Obopay (U.S.), Ripple (U.S.), and Other Major Players
Market Dynamics and Factors for Faster Payment Service (FPS) Market:
Drivers:
Increasing Use of Digital Payments
The market continues to grow as a result of global initiatives to adopt a unified payment interface and an increasing rate of digitization, especially in the APAC region. As consumers become more aware of the security and safety of these interfaces, the market will grow. A variety of opportunities for market expansion are also presented by the growing pace of digitization. The growing number of government initiatives and supportive laws by the federal and state governments concerning supporting the market's growth, particularly in the APAC area, is broadening the scope of globalization.
Opportunities:
Information Technology To Fast Payments Provides An Opportunity
From a private perspective, the application of information technology to fast payments provides an opportunity for PSPs to upgrade their services for end users. Unlike investments in traditional payment services, which tend to involve incremental change, the use of information technology for fast payments may allow PSPs to provide highly modernized services. In addition, the ability to exploit links between fast payments and other services, through service enhancements or value-added services, may provide an opportunity for individual PSPs to take advantage of investments in fast payments to offer other enhanced services to customers.
Segmentation Analysis of the Faster Payment Service (FPS) Market:
- By End-Users, the Retail and E-Commerce segment is Anticipated to Dominate the Market Over the Forecast period. Retail typically refers to transactions that take place in actual, physical stores. These establishments, which can range in size from local mom-and-pop shops to more significant retail chains like Walmart, are the more conventional choice.
- By Mode Of Payment, the Single Immediate Payments segment is Anticipated to Dominate the Market Over the Forecast period. The Single Immediate Payments segment refers to the ability to process individual payments instantly and in real-time, enabling users to make immediate transfers between different banks or financial institutions.
Regional Analysis of the Faster Payment Service (FPS) Market:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period. The majority of people on the planet reside in rural and isolated areas. Digital literacy and connectivity are lacking among this group. Governments, aid agencies, and businesses now acknowledge the significance of financial services for a sizable population residing in rural and distant areas. As a result, more individuals have access to financial services. India and Japan are expected to acquire more traction throughout the projection period, and Asia-Pacific is expected to dominate the digital payment industry.
Key Industry Development:
- In November 2021, Fiserv launched EnteractSM, a new, cloud-based customer relationship management (CRM) platform for financial institutions. Interact features a Microsoft Azure-based integration framework that synchronizes customer data with back-end systems and enables real-time process integration across core banking, enterprise content management, and digital channels.
- In December 2022, ACI Worldwide partners with BI-FAST to extend their payment services. ACI Worldwide has partnered up with Indonesia-based payment scheme BI-FAST to launch a new range of real-time payment services. BI-FAST has now a total of 106 participants, 19 of which use ACI Worldwide’s payment solutions to connect to it. Following this partnership, BI-FAST’s plans include expanding and interconnecting with other regional schemes, to create a real-time payments network for Indonesia.
