The global market for Faster Payment Service (FPS), estimated at USD 543.5 million in 2022, is projected to reach USD 3,067 million by 2030, with a CAGR of 21.20% during the forecast period from 2022 to 2030.
Faster Payment Service (FPS) Overview:
Faster Payment Service (FPS) is an electronic payment system that facilitates inter-bank transfer of funds with real-time or almost real-time fund availability to the payee. These payments are final and cannot be reversed by the payer or the financial institution after completion. FPS allows for quick payments, eliminating the need for carrying cash and reducing the risk of money theft.
Major Market Players
Key players in the global Faster Payment Service (FPS) market include ACI Worldwide, FIS, Fiserv Inc., wirecard, Mastercard, Temenos Headquarters SA, Global Payments Inc., Capgemini, Icon Solutions Ltd, M & A Ventures LLC, PAYRIX, Nexi Payments SpA, Obopay, and Ripple, among others. Recent developments include Fiserv launching the EnteractSM, a cloud-based customer relationship management platform, and ACI Worldwide partnering with BI-FAST to extend their real-time payment services in Indonesia.
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Market Trends and Opportunities:
Increasing Use of Digital Payments: The market for FPS is witnessing significant growth due to global initiatives aimed at adopting unified payment interfaces and the increasing rate of digitization, particularly in the APAC region. As consumers become more confident in the security and safety of digital payment interfaces, the market is expected to grow further. Government initiatives and supportive regulations, especially in the APAC region, are also broadening the scope of globalization and driving the adoption of digital payment methods.
Information Technology for Fast Payments: The application of information technology to fast payments presents an opportunity for Payment Service Providers (PSPs) to upgrade their services for end-users. It allows PSPs to offer highly modernized services, and the integration of fast payments with other services can lead to value-added offerings for customers.
Segmentation Analysis of the Faster Payment Service (FPS) Market:
The market segments include Mode of payment, Component, Deployment, and end-users. In terms of the Mode of Payment, the Retail and E-Commerce segment is anticipated to dominate the market during the forecast period. Retail transactions take place in physical stores, while e-commerce involves purchases made online or through digital channels. The increasing popularity of online shopping and digital payments is driving the growth of this segment.
Regional Insights:
Asia Pacific is expected to dominate the Faster Payment Service (FPS) market during the forecast period. The region has a large population with increasing smartphone penetration, leading to higher adoption of digital payment methods. Government initiatives, such as Digital India in India, have further accelerated the adoption of mobile payments and digital wallets. China, with its significant e-commerce market and growing population, is also expected to contribute to the dominance of the Asia Pacific region in the FPS market.
Covid-19 Impact Analysis on Faster Payment Service (FPS) Market:
The Covid-19 pandemic had a positive impact on the Faster Payment Service (FPS) market, as it led to an increased adoption of e-wallets and contactless payment methods. Lockdowns and movement restrictions during the pandemic supported the trend of online shopping, leading to an increase in digital payments. The pandemic also sparked financial inclusion, with more individuals gaining access to formal financial services and digital payments. Governments and financial institutions focused on promoting digital payments during the pandemic, leading to a rise in customer-to-business (C2B) payments and bill payments through digital channels.
Recent Developments:
The Faster Payment Service (FPS) market is poised for significant growth, driven by the increasing use of digital payments, government initiatives, and the application of information technology to enhance payment services. The Asia Pacific region is expected to lead the market due to its large population, growing smartphone penetration, and favorable government policies promoting digital payments. The Covid-19 pandemic further accelerated the adoption of digital payments, contributing to the market's expansion.
Faster Payment Service Market Segmentation:
By Mode of Payment
· Single Immediate Payments
· Forward-Dated Payments
· Direct Corporate Access Payments
· Domestic P2P Payments
· P2M Payments
· B2B Payments
· Others
By Component
· Solutions
· Payment gateway
· Payment processing
· Payment Security
· Services
· Others
By Deployment
· Cloud
· On-Premises
By End Use Industry
· Retail and E-Commerce
· Banking, Financial Services, & Insurance (BFSI)
· IT & Telecom
· Travel & Tourism
· Others
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For this report, Introspective Market Research has segmented the Faster Payment Service Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
· North America (US, 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)
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Scope of the Report:
The latest research on the Faster Payment Service Market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Faster Payment Service industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Faster Payment Service Market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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