Published on : Dec 26, 2017
ALBANY, New York, December 26, 2017: ResearchMoz.us has announced the addition of a report, titled “Instant Payments: A Global View.”. The comprehensive report on the global instant payments market offers an in-depth assessment of key drivers and restraints, notable consumer trends, current product development initiatives in major markets, and recent technological advancements in payment systems. The study presents detailed insights into recent technological shifts in end-use industries boosting the market.
The research takes a closer look at the latest systems being developed and emerging product innovations expected to alter the competitive landscape of the market in various regions. It evaluates the factors driving the demand for prominent segments in major regions such as Europe, Asia, Africa, and the Americas, with a focus on Australia, Singapore, and the U.K. Recent launch of instant payment schemes by prominent merchants are also highlighted in the study.
The burgeoning volume of electronic retail payments, especially in a number of developing and developed nations, coupled with the intensifying consumer demand for instant transfer of money in real-time are primary factors driving the market. The pressing need for instant gratification in money transfer is bolstering the demand for instant payments in the global market. The wide popularity of instant payments in electronic bank payment is accentuating the growth of the market. The efficacy of the system is marked by the rapid interbank clearing of the transactions, which has led instant payments gain traction among small businesses and retail units. With low value retail payment systems (RPS) gathering steam, this will further boost the market.
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The vastly rising use of smartphones among populations has catalyzed the demand for instant payment system among buyers. The benefit of certainty of payment for these systems have made them increasing acceptable among sellers of goods and services. The advent of new financial technology providers has upped the ante in the instant payment market.
Currently fast payment systems are functioning well in as many as 18 markets world over and are being planned in more 24 markets. This will further accentuate the growth of the market during the forecast period. The growing acceptance of instant payments for a number of prominent banks in various developing and developed nations and the notable security of these transactions are prominent factors that bode well for the overall market.
The market has also benefitted from the notable shifts from traditional modes of banking in recent decades and the increasing acceptance of electronic payments are stoking the demand for instant payments.
A number of financial institutions are looking for new and more rapid ways to pay, which has greatly benefitted the market. The ongoing development of New Payments Platform in Australia is a recent development expected to open up lucrative avenues for market players. The advent of industry-wide payments platform bodes well for the overall global market. The integration of strategically-focused functionalities in the current instant payments systems is also contributing to the growth of the market.
Regulations from worldwide central banks and positive governmental are boosting the instant payments market. The notable timeliness, reliability, and auditing of advanced real-time payment platforms is a notable factor accentuating the growth of the market. In addition, the advent of innovative systems for retail payments while at the same time mitigating the common risks augurs well for the market. A worldwide commitment to achieve IT resiliency in instant payments also bodes well for the market. Advancements in real-time instant payments have reduced the downtime and has positively impacted the growth of the market. The consolidation of retail channels will unlock some promising opportunities for companies over the forecast period.
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