Real-Time Payments for Merchants: Accelerated Growth
2 min read
The global real-time payments (RTP) market size was valued at $6.9 billion in 2018. It’s anticipated to grow at a CAGR of 29.3% from 2019 to 2025, according to GrandViewResearch. Are you interested in real-time payments? Who can help you with a Metrobank card?
Real-Time Payments
Real-time payments are also known as “immediate payments,” “instant payments,” “faster payments” and “rapid payments.” RTP is getting more popular in today’s digital era.
RTPs are payments initiated and settled almost instantaneously. The digital infrastructure facilitates real-time payments. The 24x7x365 access for real-time payments that these networks provide means they’re always online so transfers can be processed. This refers to weekends and holidays as well.
RTP in the UK
Person-to-person (P2P) and consumer-to-business (C2B) are driving most of the real-time transaction volume growth. According to the software company ACI Worldwide, Inc., the year 2020 witnessed over 70.3 billion RTP transactions processed globally.
In recent years, P2P payments have seen a special rise. Apps such as Zelle, Venmo, and PayPal replaced cash and checks. Increasingly, people want P2P payments for dinner, a ride share, or rent and utilities to be processed instantly.
So, merchants should focus on providing instant payments if they want to grow instead of falling behind this trend. By offering RTP, you, as a merchant, can attract retain customers by meeting the growing need for real-time payments and information. This type of payments can help you improve consumer experience and develop new revenue streams.
In recent two years after COVID started, the expectations concerning RTP have become more accelerated. And this is happening around the world. So, companies and institutions in the financial field need to deploy agile systems that can meet the dynamic consumer and market demands of today.
That’s where reputable payments specialists step in to help you with the most advanced payment solutions for your own financial needs. With a respected payments comparison expert, you can get fast assistance with merchant-processing services, including a Metrobank card.
When applying, make sure the payments specialist is focused on the terms, integration, and complaints of merchant-services providers.
In the UK, RTPs are processed through Faster Payments. The latter enables millions of businesses, charities, and individuals to transact and send money 24/7. It was launched in 2008. Since then, more than 9 billion payments were processed across the UK reaching a combined value of more than £6 trillion.
Real-Time Payments in the UK
The need for real-time payments is growing. RTPs are promising growth for merchants. If you need help with payment solutions in the UK, work with a reputable payments comparison specialist.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment cards such as a Metrobank card. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.
