The Global Market for Faster Payment Service (FPS) Estimated at USD 543.5 Million In the Year 2022, Is Projected To Reach A Revised Size Of USD 3067 Million By 2030, Growing At A CAGR Of 21.20% Over The Forecast Period 2022-2030.

A faster payment is one that 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.

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The Report Will Include A Major Chapter

·         Patent Analysis

·         Regulatory Framework

·         Technology Roadmap

·         BCG Matrix

·         Heat Map Analysis

·         Price Trend Analysis

·         Investment Analysis

Market Dynamics and Factors:  

The market continues to grow as a result of global initiatives to adopt a unified payments 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 with reference to supporting the market's growth, particularly in the APAC area, is broadening the scope of globalization.

Scope of the Report:

The latest report on the Faster Payment Service (FPS) Market provides a detailed analysis of the market for the years 2023 to 2030. It presents a comprehensive overview of the global Faster Payment Service (FPS) Market industry, incorporating all key 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 (FPS) Market. Moreover, the research covers crucial chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to grasp the market direction and development in the present and forthcoming years.

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Top Key Players Covered 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.),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

Key Industry Development:

In November 2021, Fiserv has launched EnteractSM, a new, cloud-based customer relationship management (CRM) platform for financial institutions. Enteract 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, in order to create a real-time payments network for Indonesia.

Faster Payment Service (FPS) 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

For this report, Introspective Market Research has segmented the Faster Payment Service (FPS) Market based on region:

§  North America (U.S., Canada, Mexico)

§  Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

§  Western Europe (Germany, U.K., 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, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)

§  South America (Brazil, Argentina, Rest of SA)

Covid-19 Impact Analysis on Faster Payment Service (FPS) Market:

The widespread use of e-wallets and contactless payment methods during the COVID-19 pandemic has benefited the market. The market grew as a result of the lockdown and movement limitations that supported the online buying trend. Even though the manufacturing sector was severely affected, bill payments, peer-to-peer transfers, and customer-to-business (C2B) payments all increased during the lockdown. In addition to the global spread of formal financial institutions, the COVID-19 epidemic has sparked financial inclusion and led to a significant rise in digital payments. According to the Global Findex 2021 database, this development produced new economic opportunities, reduced the gender gap in account ownership, and increased household resilience to better handle financial shocks.

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