According to a survey by Rakuten Insight on e-payment usage, ** percent of female and ** percent of male respondents stated that they had made a transaction using e-payment methods, while six percent of the respondents had not. In the same survey, the majority of e-payment users indicated convenience as a leading reason for making e-payment transactions.

According to a survey by Rakuten Insight on e-payment usage, ** percent of respondents aged between 35 to 44 years stated that they had made a transaction using e-payment methods, while *** percent of all respondents had not. In the same survey, the majority of e-payment users indicated convenience as a leading reason for making e-payment transactions.

Singapore - Volume of cashless payments, card and e-money payments with cards and e-money issued inside the country by e-money payments

In 2023, 94 percent of surveyed enterprises in Singapore had adopted e-payments in their business activities. Using electronic payments is one factor that can lower the costs for businesses and enhance payment security.

Electronic payments used to make payments (% age 15+) in Singapore was reported at 91.04 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Electronic payments used to make payments (% age 15+) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Singapore - Number of Cashless payments, Card and e-money payments, by card with a debit function

According to a survey by Rakuten Insight on e-payment usage, the majority of e-payment users indicated convenience as a leading reason for making e-payment transactions. In the same survey, ** percent of respondents had made a transaction using e-payment methods.

According to a survey by Rakuten Insight on e-payment usage, about 64 percent of e-payment users indicated that they used DBS PayLah! for e-payment transactions. In the same survey, 93 percent of respondents had made a transaction using e-payment methods.

Credit card transactions were the most popular method for e-commerce payments in Singapore in 2023, accounting for ** percent of total e-commerce payments. Singaporean e-commerce users prefer digital payment methods for their e-commerce purchases, with cash on delivery making up only *** percent of e-commerce payments.

Singapore - Volume of cashless payments, card and e-money payments with cards and e-money issued inside the country, by card with a credit function

Singapore - Value of Cashless payments, All Card and e-money payments

The India real-time payments (RTP) industry is experiencing explosive growth, fueled by increasing smartphone penetration, digital financial inclusion initiatives, and a burgeoning e-commerce sector. The market, valued at an estimated ₹150 billion (approximately $18 billion USD) in 2025, is projected to maintain a robust Compound Annual Growth Rate (CAGR) of 33.50% from 2025 to 2033. This rapid expansion is driven by several key factors, including the government's push for digital transactions, the rising popularity of mobile wallets and UPI-based payments (like PhonePe and Paytm), and the increasing preference for contactless and cashless transactions amongst consumers. The dominance of peer-to-peer (P2P) payments is evident, yet the P2B (peer-to-business) segment is poised for significant growth, driven by increasing online shopping and digital service adoption. Key players like NPCI, PhonePe, Paytm, and global giants such as Visa and Mastercard are fiercely competing for market share, leading to continuous innovation and improvements in payment infrastructure and user experience. This competitive landscape is fostering a dynamic environment characterized by rapid technological advancements, such as the integration of AI and enhanced security features. While challenges exist, including concerns about data security and financial literacy, the overall outlook for the India RTP industry remains extremely positive. The sustained high growth is expected to attract further investment and innovation, transforming the Indian financial landscape and making real-time payments the dominant mode of transaction in the coming years. The ongoing expansion of 5G networks will further accelerate adoption rates, solidifying India's position as a global leader in the RTP sector. Strategic partnerships between fintech companies, banks, and telecommunication providers will play a crucial role in driving market expansion and improving overall financial inclusion across the country. Recent developments include: June 2022 - The Reserve Bank of India (RBI) proposed to link credit cards with UPI (unified payment system looking forward to future growth as of 2022 in India, there was approximately 594 crore credit card transaction., June 2022 - RBI proposed that it's Looking to Expand UPI For Cross Border Remittance Via International Partnerships. RBI claims that the efforts with various countries are at different stages - but cross-border remittance via PayNow will begin after July 2022. So far, UPI has partnered with Singapore-based PayNow, which could be the foundation of cross border payments ecosystem in India, April 2022 - Google Pay has launched 'Tap to pay a new feature in India, for UPI, in collaboration with Pine Labs. The feature makes use of Near Field Communication (NFC) technology. With the latest figures in the Indian market, approximately 1842 mobile devices are offering NFC technology in the Indian market(91 mobiles)., March 2022 - Reserve Bank of India (RBI) released the framework for geo-tagging of payment system touch points to ensure proper monitoring of payment acceptance infrastructure geo-tagging refers to capturing the geographical coordinates ( longitude and latitude) of payment touchpoints deployed by the merchant to receive customer payments.. Key drivers for this market are: Increased Smartphone Penetration, Falling Reliance on Traditional Banking; Ease of Convenience. Potential restraints include: , Security and Management of Huge Data Generated Everyday. Notable trends are: P2B Segment Will Hold Significant Market Share.

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Real Time Payments Market Size 2025-2029

The real time payments market size is forecast to increase by USD 188.14 billion at a CAGR of 46.7% between 2024 and 2029.

The Real Time Payments (RTP) market is experiencing significant growth, driven by the increasing adoption of smartphones and access to high-speed Internet. The digitalization of payments is accelerating, with consumers and businesses seeking faster and more convenient transaction processing. However, this rapid growth comes with challenges. Security concerns, particularly the rise in data breaches, are a major challenge for the RTP market. As more money transactions move online, ensuring the security and privacy of sensitive financial information becomes increasingly important. Companies must invest in robust security measures to mitigate these risks and build trust with their customers.
Additionally, regulatory compliance and interoperability between different payment systems are also key challenges. Despite these hurdles, the RTP market presents significant opportunities for innovation and growth. Companies that can effectively address security concerns and navigate regulatory complexities will be well-positioned to capitalize on the market's momentum and meet the evolving needs of digital consumers and businesses.

What will be the Size of the Real Time Payments Market during the forecast period?

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Payment service providers play a crucial role in the dynamic payment market, offering various solutions such as payment user interfaces, payment processors, virtual cards payment, and payment facilitators. Embedded finance is a growing trend, integrating financial services into non-financial industries through these providers. Mobile banking and digital identity are key components of this evolving payment ecosystem. Payment processors ensure seamless transactions, while payment orchestration optimizes the use of multiple processors. Payment fraud detection and risk management are essential for maintaining security standards, including PCI DSS. Faster payments, such as real-time risk assessment and account-to-account transactions, are driving the market.
Distributed ledger technology and digital banking innovations, like request to pay and push payments, are transforming the payment landscape. Payment transaction costs, processing time, and user experience are critical factors influencing consumer preferences. Payment gateway aggregation and network connectivity enhance payment network interoperability, enabling SWIFT gpi and frictionless payments. Payment transaction volume and success rate are essential metrics for businesses, with pull payments and payment rejection rate impacting approval rates. Payment network interoperability and seamless payments contribute to a better user experience. Payment data analytics provide valuable insights, improving overall payment processing efficiency.

How is this Real Time Payments Industry segmented?

The real time payments industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Sector

  Large enterprises
  SMEs


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Singapore
    Thailand


  South America



  Rest of World (ROW)

By Component Insights

The solutions segment is estimated to witness significant growth during the forecast period.

In the dynamic realm of financial transactions, advanced payment solutions have become integral components of modern business operations. These solutions encompass payment gateway systems, wallet solutions, and point-of-sale systems. Payment gateways serve as secure and real-time digital payment acceptance platforms, enabling seamless transactions between merchants, shoppers, and financial institutions. The proliferation of the Internet and its decreasing costs have fueled the digital and technological shift in various sectors, including retail, education, agriculture, logistics, finance, and healthcare. This transformation has led to a significant surge in digital payments across multiple industries worldwide. Payment wallet solutions, consisting of mobile wallets and peer-to-peer (P2P) payments, have gained immense popularity due to their convenience and accessibility.

The integration of cloud computing, application programming interfaces (APIs), and API integration has streamlined payment processing and authentication, enhancing the overall customer experience. Biometric authentication, two-factor authentication, and fraud prevention measures ensure the security of these transactions. Moreo

Japan PMU: Singapore: E-money data was reported at 4.000 Person in Dec 2017. This records an increase from the previous number of 2.000 Person for Sep 2017. Japan PMU: Singapore: E-money data is updated quarterly, averaging 2.000 Person from Mar 2015 (Median) to Dec 2017, with 12 observations. The data reached an all-time high of 4.000 Person in Dec 2017 and a record low of 0.000 Person in Dec 2016. Japan PMU: Singapore: E-money data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.Q022: Tourism and Leisure: Characteristics of Visitors and Trips: Payment Methods Used.

According to a survey by Rakuten Insight on e-payment usage, 62 percent of respondents aged between 16 to 24 years stated that they had not made any e-payment transactions because they preferred cash. In the same survey, 90 percent of respondents indicated that they had made a transaction using e-payment methods.

According to a survey by Rakuten Insight on e-payment usage, about ** percent of respondents aged between 16 to 24 years indicated that they used DBS PayLah! for e-payment transactions. In the same survey, ** percent of respondents had made a transaction using e-payment methods.

According to a survey by Rakuten Insight on e-payment usage, about ** percent of e-payment users indicated that they used e-payment transactions to pay for online purchases. In the same survey, ** percent of respondents had made a transaction using e-payment methods.

In 2019, ** percent of surveyed enterprises in Singapore adopted Giro and bank fund transfer instruction as their modes of e-payments respectively. Adopting electronic payments is a factor that can lower the costs for businesses and enhance payment security.

According to a survey in Singapore as of 2019, approximately ** percent of the respondents aged between 25 and 34 years old in the country stated that they used NETS as an e-payment method.

According to a survey conducted by Rakuten Insight in October 2022, GoPay by Gojek was the most used e-payment service in Indonesia, with ** percent of the respondents using it. PayPal was the most commonly used e-payment service across Southeast Asian countries, with a significant market share in Indonesia, Malaysia, the Philippines, Singapore, and Vietnam as of October 2022. Digital payments usage in Southeast Asia A recent report on consumer payment attitudes in Southeast Asia revealed that the adoption rate of cashless payments in the region was over ** percent, with the highest rate in Singapore at ** percent. It was also reported that most consumers in the region used e-payment systems for online purchases instead of in-store payments. As such, the share of consumers using e-payments for online purchases ranged from ** to ** percent for SEA countries. At the same time, the highest share of users utilizing e-payments in-store was in Malaysia, at less than ** percent. Digital payments in APAC   The number of cashless payment transactions has steadily increased in the Asia-Pacific region, with the number expected to double in the coming years. Data shows that e-commerce websites were the most used applications of e-payments in APAC, while donations and fundraisers accounted for the lowest share of payments.