Global Faster Payment Service (FPS) Market, By Mode of Payment (Single Immediate Payments, Forward-Dated Payments, Direct Corporate Access Payments, Domestic P2P Payments, Cross-Border P2P Payments, P2M Payments, B2B Payments, B2C/G2P Payments), Component (Solutions, Services), Deployment (Cloud, On-Premises), Enterprise Size (Small and Medium-Sized Enterprises, Large Enterprises), End Use Industry (Retail and E-Commerce, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Travel and Tourism, Healthcare, Government, Energy and Utilities, Others) – Industry Trends and Forecast to 2029.
Faster Payment Service (FPS) Market Analysis and Size
Faster payment service is breaking records each year. In 2020, faster payment services recorded 2.9 billion payments processed. This figure went on to rise to over 3.4 billion in 2021. Mobile wallets, digital wallets and e-wallets are all gaining popularity in the era of rapid digitization. Rapid integration and interconnection between the countries has resulted into the large-scale attraction of digital payments.
Global faster payment service (FPS) market was valued at USD 543.5 million in 2021 and is expected to reach USD 4,193.82 million by 2029, registering a CAGR of 29.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Faster Payment Service (FPS) Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Mode of Payment (Single Immediate Payments, Forward-Dated Payments, Direct Corporate Access Payments, Domestic P2P Payments, Cross-Border P2P Payments, P2M Payments, B2B Payments, B2C/G2P Payments), Component (Solutions, Services), Deployment (Cloud, On-Premises), Enterprise Size (Small and Medium-Sized Enterprises, Large Enterprises), End Use Industry (Retail and E-Commerce, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Travel and Tourism, Healthcare, Government, Energy and Utilities, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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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.), Pelican / ACE Software Solutions Inc. (U.K.), Finastra. (U.K.), Nets A/S (Denmark), Financial Software & Systems Pvt. Ltd. (India), Montran (India), Visa Inc. (U.S.)
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Market Opportunities
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Market Definition
A faster payment service (FPS) refers to a digital and contactless payment solution that allows payment made by one party to the other for purchasing goods and services. A digital payment results in debited the amount from the payer’s account and crediting the same amount to the payee’s account. A faster payment service eliminates the hassle of carrying hard cash, reducing money theft to minimal.
Global Faster Payment Service (FPS) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Emerging initiatives to adopt digital payments interface globally
The global efforts to adopt unified payments interface in combination with escalating rate of digitization especially in APAC region are bolstering the growth of the market. Further, growing awareness about these interfaces' safety and security will drive the market growth. Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market.
- Increased support by the government
Rising number of government initiatives and supportive policies by the central and state government in regards to promoting the growth of the market especially in APAC region will widen the scope of growth to a great extent. Digital payment is one of the primary growth imperatives for countries in this region. Therefore, increased focus by the government will create numerous opportunities.
Furthermore, the factors such as rising urbanization, industrialization and growing number of smartphone users globally have further contributed to the overall market expansion during the forecast period. Additionally, growing number of payment interfaces on daily basis and rising personal disposable income are anticipated to drive the growth rate of the market.
Opportunities
- Rising trend of e-commerce shopping
Growing number of e-commerce channels, changing customers fashion tastes and preferences and rising westernization will positively influence the market growth rate. Increasing proliferation of major e-commerce channels especially Amazon is fueling up the growth rate.
- Increasing internet adoption
Growing access to high speed internet and improving internet infrastructure in the developing economies will yet again propel the market growth rate. Penetration of 4G and 5G internet services and rising usages of payment gateway by various industries will widen the scope of growth and expansion globally.
- Increasing trend of digitalization
Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. Rising number of data processing activities and complete digitization of operations along with progressive changes in the regulatory framework will also work in favor of the market.
Restraints/Challenges
- Hesitance and fear
Hesitance and fear among the people in underdeveloped territories globally in regards to the safety and security of such interfaces will impede the growth rate. Also, lack of awareness and education among the people in culmination with weak banking infrastructure in these regions will narrow down the scope of growth.
- Competition rise
Rising number of merchants on daily basis is posing a stiff competition in the market on the other side of the coin. Also, lack of interoperability between the schemes offered will yet again derail the market growth rate.
- Lack of technical expertise
Dearth of expert knowledge and technical expertise especially in the developed and developing economies and lack of global standards for cross-border payments will create hurdles for the market in regards to the smooth growth in the market value. Further, lack of skilled professionals in combination with low experience quotient will yet again hamper the market growth rate.
This faster payment service (FPS) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the faster payment service (FPS) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Faster Payment Service (FPS) Market
The COVID-19 pandemic has positively affected the market owing to the large scale adoption of e-wallets and contactless payment solutions. Lockdown and movement restrictions fueled the trend of online shopping, which led to the market's growth. Though the manufacturing industry was hit badly, the market for digital payments saw a rise in bill payments, Peer to Peer (P2P) transfers, and Customer to Business (C2B) payments during the lockdown period.
Recent Developments
- Fiserv will introduce EnteractSM, a brand-new cloud-based customer relationship management (CRM) platform for financial institutions, in November 2021. A Microsoft Azure-based integration framework offered by Enteract allows for real-time process integration across core banking, enterprise content management, and digital channels. It also synchronises consumer data with back-end systems.
- Virgin Money and Global Payments Inc. signed a contract in September 2021 to use Global Payments' distinctive two-sided network to give Virgin Money consumers access to industry-leading digital payment experiences worldwide.
- RealNet is a new cloud-based software as a service (SaaS) platform that will enable account-to-account (A2A) transactions for companies, individuals, and governments across real-time payment networks. RealNet was introduced by FIS in April 2021.
Global Faster Payment Service (FPS) Market Scope
The faster payment service (FPS) market is segmented on the basis of mode of payment, component, deployment, enterprise size and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Mode of payment
- Single Immediate Payments
- Forward-Dated Payments
- Direct Corporate Access Payments
- Domestic P2P Payments
- Cross-Border P2P Payments
- P2M Payments
- B2B Payments
- B2C/G2P Payments
Component
- Solutions
- Payment gateway
- Payment processing
- Payment security
- Fraud management
- Services
- Professional services
- Managed services
Deployment
- Cloud
- On-Premises
Enterprise Size
- Small and Medium-Sized Enterprises
- Large Enterprises
End Use Industry
- Retail and E-Commerce
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Travel and Tourism
- Healthcare
- Government
- Energy and Utilities
- Others
Faster Payment Service (FPS) Market Regional Analysis/Insights
The faster payment service (FPS) market is analyzed and market size insights and trends are provided by country, mode of payment, component, deployment, enterprise size and end use industry as referenced above.
The countries covered in the faster payment service (FPS) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the faster payment service (FPS) market due to the rising emergence of new market players in this region and growing personal disposable income. Access to high speed internet and rising penetration of smartphones are some other important factors determining the dominance of this region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising deployment of smart parking meters. Moreover, escalating IT infrastructure in the region coupled with rising number of digital campaigns will yet again bolster the growth of the market in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Faster Payment Service (FPS) Market Share Analysis
The faster payment service (FPS) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to faster payment service (FPS) market.
Some of the major players operating in the faster payment service (FPS) market are
- 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.)
- Pelican / ACE Software Solutions Inc. (U.K.)
- Finastra. (U.K.)
- Nets A/S (Denmark)
- Financial Software & Systems Pvt. Ltd. (India)
- Montran (India)
- Visa Inc. (U.S.)
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