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Faster Payment Service (FPS) Market Synopsis

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.

FPS is a real-time payment system that allows near-instantaneous fund transfers between bank accounts, enabling users to make payments 24/7 using mobile apps, online platforms, or in-person at participating banks. It facilitates peer-to-peer transfers, bill payments, and merchant transactions, revolutionizing financial transactions, fostering financial inclusion, and driving the cashless society transition.

The Faster Payment Service (FPS) is a technology that offers numerous benefits, including speed, convenience, cost-efficiency, enhanced security, real-time settlement, improved cash flow, competitive advantage, and global reach. It facilitates near-instantaneous fund transfers, allowing users to send and receive payments instantly. FPS reduces transaction costs associated with traditional methods, eliminating the need for paper-based processes, manual intervention, and intermediary fees. Advanced security features like encryption, tokenization, and biometric authentication safeguard transactions, protecting users' sensitive financial information from unauthorized access and fraud.

  • The demand for FPS is driven by factors such as the digitization of financial services, consumer expectations for real-time payment solutions, and regulatory initiatives promoting payment innovation and financial inclusion. Businesses across industries seek to leverage FPS to streamline payment processes, enhance customer experiences, and gain a competitive edge.
  • FPS finds applications across various sectors, including retail, e-commerce, banking, healthcare, and government. Common use cases include peer-to-peer transfers, bill payments, salary disbursements, supplier payments, and cross-border transactions. Key market trends include the proliferation of mobile payment solutions, the emergence of open banking ecosystems, the integration of emerging technologies like blockchain and artificial intelligence, and the growing focus on sustainability and environmental initiatives.

Faster Payment Service (FPS) Market Trend Analysis

Growing Demand for Cashless Transactions

  • The burgeoning desire for cashless transactions stands out as a pivotal catalyst propelling the Faster Payment Service (FPS) market. With consumers and enterprises progressively embracing digital payment avenues, there arises a pressing requirement for streamlined and convenient payment mechanisms that facilitate swift fund transfers in real time.
  • Cashless transactions present an array of advantages, including heightened convenience, swiftness, and security in contrast to conventional cash-based payments. With the surge of e-commerce, mobile commerce (M-commerce), and contactless payments, there emerges a preference for electronic payment modes that enable individuals to conduct transactions and make purchases sans physical cash.
  • FPS platforms aptly address this burgeoning demand by furnishing near-instantaneous payment processing capabilities, enabling individuals and businesses alike to expedite payment transfers securely and efficiently. Consequently, the FPS market continues its rapid expansion trajectory, fueled by the escalating adoption of cashless transactions and the imperative for faster, more seamless payment solutions in the contemporary digital landscape.

Rising Trend of E-Commerce and Online Shopping

  • The burgeoning trend of e-commerce and online shopping presents a significant opportunity for the Faster Payment Service (FPS) market. With an increasing number of consumers favoring the convenience and flexibility of online purchases, there's a growing demand for swift, secure, and seamless payment solutions to facilitate transactions on e-commerce platforms.
  • FPS enables instantaneous fund transfers and immediate settlement, empowering online retailers to offer efficient and hassle-free checkout experiences to their clientele. By integrating FPS into their payment systems, e-commerce merchants can streamline payment processing, diminish cart abandonment rates, and elevate overall customer satisfaction.
  • FPS expedites the disbursement of funds to merchants, optimizing cash flow cycles and enabling businesses to promptly respond to market demands. As e-commerce continues to expand globally, FPS providers have the opportunity to capitalize on this trend by delivering innovative payment solutions that cater to the evolving preferences of online retailers and shoppers alike.

Faster Payment Service (FPS) Market Segment Analysis:

Faster Payment Service (FPS) Market Segmented on the basis of Mode of Payment, Component, Deployment, Enterprise Size, and End-User.

By Mode of Payment, Single Immediate Payments segment is expected to dominate the market during the forecast period

  • The Single Immediate Payments segment is poised to lead the Faster Payment Service (FPS) market for several reasons. Primarily, its instantaneous nature provides unmatched speed, enabling users to transfer funds instantly highly desirable feature in today's fast-paced digital landscape. This real-time capability meets the rising need for swift and convenient payment solutions, especially in scenarios requiring urgent transactions like bill payments or peer-to-peer transfers. Immediate payments bolster liquidity management for businesses by granting immediate access to funds, thereby enhancing cash flow cycles and supporting agile decision-making processes.
  • The dominance of this segment is further propelled by the expanding adoption of real-time payment solutions across financial institutions, businesses, and consumers globally. This adoption is driven by regulatory mandates, technological advancements, and evolving consumer preferences. With the continuous growth of digital commerce and mobile banking, the demand for immediate payment solutions is expected to surge, solidifying the Single Immediate Payments segment's prominence in the FPS market.

By Component, Solutions segment is expected to dominate the market during the forecast period

  • The dominance of the Solutions segment in the Faster Payment Service (FPS) market can be attributed to several key factors. Firstly, this segment encompasses a diverse array of offerings, including software platforms, applications, and integrated systems essential for facilitating real-time payment processing, fund transfers, and transaction management within the FPS infrastructure.
  • Payment technologies rapidly evolve and the demand for innovative payment solutions grows, there is an increasing requirement for comprehensive FPS solutions capable of addressing various payment use cases and adapting to shifting customer preferences. Consequently, solution providers invest significantly in research and development to enhance the functionality, scalability, and security of FPS solutions, solidifying their prominence in the market.
  • Solutions segment often includes value-added services such as payment analytics, fraud detection, and compliance tools, presenting additional revenue opportunities for solution providers and further cementing their dominance in the FPS market. In essence, the breadth of offerings and ongoing innovation within the Solutions segment position it to maintain its leadership in the FPS market.

Faster Payment Service (FPS) Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

  • The Asia Pacific region is poised to lead the Faster Payment Service (FPS) market for several reasons. Its rapidly expanding population of digitally adept consumers increasingly favors online and mobile payment methods, spurring demand for faster and more convenient payment solutions. The region's brisk economic growth and urbanization have spurred the development of digital infrastructure and the proliferation of e-commerce platforms, fostering an environment conducive to FPS adoption.
  • Regulatory efforts to advance financial inclusion and digital payments have hastened FPS uptake across numerous Asia Pacific markets. Government backing for initiatives like open banking and real-time payment systems further propels FPS expansion in the region. The presence of key fintech hubs and innovative technology firms in countries such as China, India, and Singapore drives the advancement and adoption of FPS solutions, solidifying the Asia Pacific region's prominence in the global FPS arena.

Faster Payment Service (FPS) Market Top Key Players:

  • 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.)
  • M & A Ventures, LLC (U.S.)
  • Visa Inc. (U.S.)
  • PayPal Holdings, Inc. (U.S.)
  • Stripe, Inc. (U.S.)
  • JPMorgan Chase & Co. (U.S.)
  • Wells Fargo & Company (U.S.)
  • Obopay (U.S.)
  • Ripple (U.S.)
  • Capgemini (France)
  • Icon Solutions Ltd (U.K.)
  • Pelican / ACE Software Solutions Inc. (U.K.)
  • Finastra. (U.K.)
  • Nexi Payments SpA (Italy)
  • Nets A/S (Denmark)
  • PAYRIX. (Australia)
  • Financial Software & Systems Pvt. Ltd. (India)
  • Montran (India), and Other Major Players.

Key Industry Developments in the Faster Payment Service (FPS) Market:

  • In April 2024, Mastercard and VoPay had announced a strategic partnership to address the increasing demand for seamless money transfers. The collaboration aimed to provide businesses and consumers in Canada and internationally with options for efficient near-real-time fund transfers. Leveraging Mastercard Move, which integrated domestic and international money transfer solutions, the companies had offered a range of payment rails and capabilities to ensure reliable, fast, and secure transactions for their customers. This partnership had exemplified Mastercard's dedication to collaborating with the global fintech community to streamline and expedite money movement processes.
  • In February 2024, ACI Worldwide, a global frontrunner in mission-critical, real-time payments software, had announced an extension of its enduring partnership with Kuvasz Solutions, a prominent Latin American provider of professional services for the payments sector. This extension aimed to propel the adoption of Colombia's freshly introduced domestic real-time payments ecosystem, which ACI and the Colombian Central Bank had unveiled in December 2023.

Global Faster Payment Service (FPS) Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 905.50 Bn.

Forecast Period 2024-32 CAGR:

29.11 %

Market Size in 2032:

USD 9026.67 Bn.

Segments Covered:

By Mode of Payment

  • Single Immediate Payments
  • Forward-Dated Payments
  • Direct Corporate Access Payments
  • Domestic P2P Payments
  • Cross-Border P2P Payments
  • Others

By Component

  • Solutions, Payment Gateway
  • Payment Processing
  • Payment Security
  • Services

By Deployment

  • Cloud
  • On-Premises

By Enterprise Size

  • Small and Medium-Sized Enterprises
  • Large Enterprises

By End-User

  • Banking and Financial Services
  • Retail and E-commerce
  • Healthcare
  • Government and Utilities
  • Travel and Hospitality

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Growing Demand for Cashless Transactions

Key Market Restraints:

  • Lack of technical expertise

Key Opportunities:

  • Rising trend of e-commerce and Online shopping

Companies Covered in the Report:

  • ACI Worldwide (U.S.), FIS (U.S.), Fiserv, Inc. (U.S.), Wirecard (U.S.), Mastercard (U.S.), and Other Major Players.

 

  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTERā€™S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. FASTER PAYMENT SERVICE (FPS) MARKET BY MODE OF PAYMENT (2017-2032)
    1. FASTER PAYMENT SERVICE (FPS) MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. SINGLE IMMEDIATE PAYMENTS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. FORWARD-DATED PAYMENTS
    5. DIRECT CORPORATE ACCESS PAYMENTS
    6. DOMESTIC P2P PAYMENTS
    7. CROSS-BORDER P2P PAYMENTS
    8. OTHERS
  7. FASTER PAYMENT SERVICE (FPS) MARKET BY COMPONENT (2017-2032)
    1. FASTER PAYMENT SERVICE (FPS) MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. SOLUTIONS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. PAYMENT GATEWAY
    5. PAYMENT PROCESSING
    6. PAYMENT SECURITY
    7. SERVICES
  8. FASTER PAYMENT SERVICE (FPS) MARKET BY DEPLOYMENT (2017-2032)
    1. FASTER PAYMENT SERVICE (FPS) MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. CLOUD
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. ON-PREMISES
  9. FASTER PAYMENT SERVICE (FPS) MARKET BY ENTERPRISE SIZE (2017-2032)
    1. FASTER PAYMENT SERVICE (FPS) MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. SMALL AND MEDIUM-SIZED ENTERPRISES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. LARGE ENTERPRISES
  10. FASTER PAYMENT SERVICE (FPS) MARKET BY END-USER (2017-2032)
    1. FASTER PAYMENT SERVICE (FPS) MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. BANKING AND FINANCIAL SERVICES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. RETAIL AND E-COMMERCE
    5. HEALTHCARE
    6. GOVERNMENT AND UTILITIES
    7. TRAVEL AND HOSPITALITY
  11. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Faster Payment Service (FPS) Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. ACI WORLDWIDE (U.S.)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
    3. FIS (U.S.)
    4. FISERV, INC. (U.S.)
    5. WIRECARD (U.S.)
    6. MASTERCARD (U.S.)
    7. TEMENOS HEADQUARTERS SA (U.S.)
    8. GLOBAL PAYMENTS INC. (U.S.)
    9. M & A VENTURES, LLC (U.S.)
    10. VISA INC. (U.S.)
    11. PAYPAL HOLDINGS, INC. (U.S.)
    12. STRIPE, INC. (U.S.)
    13. JPMORGAN CHASE & CO. (U.S.)
    14. WELLS FARGO & COMPANY (U.S.)
    15. OBOPAY (U.S.)
    16. RIPPLE (U.S.)
    17. CAPGEMINI (FRANCE)
    18. ICON SOLUTIONS LTD (U.K.)
    19. PELICAN / ACE SOFTWARE SOLUTIONS INC. (U.K.)
    20. FINASTRA. (U.K.)
    21. NEXI PAYMENTS SPA (ITALY)
    22. NETS A/S (DENMARK)
    23. PAYRIX. (AUSTRALIA)
    24. FINANCIAL SOFTWARE & SYSTEMS PVT. LTD. (INDIA)
    25. MONTRAN (INDIA)
  12. GLOBAL FASTER PAYMENT SERVICE (FPS) MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Mode of Payment
      4. Historic And Forecasted Market Size By Component
      5. Historic And Forecasted Market Size By Deployment
      6. Historic And Forecasted Market Size By Enterprise Size
      7. Historic And Forecasted Market Size By End-User
      8. Historic And Forecasted Market Size By Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  13. INVESTMENT ANALYSIS
  14. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

Global Faster Payment Service (FPS) Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 905.50 Bn.

Forecast Period 2024-32 CAGR:

29.11 %

Market Size in 2032:

USD 9026.67 Bn.

Segments Covered:

By Mode of Payment

  • Single Immediate Payments
  • Forward-Dated Payments
  • Direct Corporate Access Payments
  • Domestic P2P Payments
  • Cross-Border P2P Payments
  • Others

By Component

  • Solutions, Payment Gateway
  • Payment Processing
  • Payment Security
  • Services

By Deployment

  • Cloud
  • On-Premises

By Enterprise Size

  • Small and Medium-Sized Enterprises
  • Large Enterprises

By End-User

  • Banking and Financial Services
  • Retail and E-commerce
  • Healthcare
  • Government and Utilities
  • Travel and Hospitality

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Growing Demand for Cashless Transactions

Key Market Restraints:

  • Lack of technical expertise

Key Opportunities:

  • Rising trend of e-commerce and Online shopping

Companies Covered in the Report:

  • ACI Worldwide (U.S.), FIS (U.S.), Fiserv, Inc. (U.S.), Wirecard (U.S.), Mastercard (U.S.), and Other Major Players.
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Frequently Asked Questions :

What would be the forecast period in the Faster Payment Service (FPS) Market research report?

The forecast period in the Faster Payment Service (FPS) Market research report is 2024-2032.

Who are the key players in the 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.), M & A Ventures, LLC (U.S.), Visa Inc. (U.S.), PayPal Holdings, Inc. (U.S.), Stripe, Inc. (U.S.), JPMorgan Chase & Co. (U.S.), Wells Fargo & Company (U.S.), Obopay (U.S.), Ripple (U.S.), Capgemini (France), Icon Solutions Ltd (U.K.), Pelican / ACE Software Solutions Inc. (U.K.), Finastra. (U.K.),Nexi Payments SpA (Italy), Nets A/S (Denmark), PAYRIX. (Australia), Financial Software & Systems Pvt. Ltd. (India), Montran (India), and Other Major Players.

What are the segments of the Faster Payment Service (FPS) Market?

The Faster Payment Service (FPS) Market is segmented into Mode of Payment, Component, Deployment, Enterprise Size, End-User, and Region. By Mode of Payment, the market is categorized into Single Immediate Payments, Forward-Dated Payments, Direct Corporate Access Payments, Domestic P2P Payments, Cross-Border P2P Payments, and Others. By Component, the market is categorized into Solutions, Payment Gateway, Payment Processing, Payment Security, and Services. By Deployment, the market is categorized into Cloud and on-premises. By Enterprise Size, the market is categorized into Small and Medium-Sized Enterprises and large Enterprises. By End-User, the market is categorized into Banking and Financial Services, Retail and E-commerce, Healthcare, Government and Utilities, Travel and Hospitality. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Faster Payment Service (FPS) Market?

FPS is a real-time payment system that allows near-instantaneous fund transfers between bank accounts, enabling users to make payments 24/7 using mobile apps, online platforms, or in-person at participating banks. It facilitates peer-to-peer transfers, bill payments, and merchant transactions, revolutionizing financial transactions, fostering financial inclusion, and driving the cashless society transition.

How big is the Faster Payment Service (FPS) Market?

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.