Europe Real Time Payments Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The European Real Time Payments Market is segmented by Payment Type (P2P, P2B) and by Country (UK, Germany, France, Italy, Rest of Europe). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Europe Real Time Payments Market Size

Europe Real Time Payments Market Summary
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Study Period 2018 - 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR 11.54 %
Market Concentration Low

Major Players

Europe Real Time Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Europe Real Time Payments Market Analysis

The Europe Real Time Payments Market was valued at USD 5.82 billion the previous year and is expected to register a CAGR of 11.54%, reaching USD 10.05 billion by the next five years. The rapid proliferation of smartphones, consumers' need for quicker settlements, and government initiatives in the European region, among others, are the key reasons driving the market's growth.

  • Increasing real-time payment adoption rates and continuous development and evolution of infrastructure across Europe indicate strong growth of real-time payments in the region in the coming years. Most European markets, including the UK and the Netherlands, experienced significant growth in volumes and values of real-time fund transfers; with the introduction of the P27 in the Nordic region, the real-time payment market is anticipated to grow.
  • The European Payments Council (EPC) designed a pan-European instant payment system to accelerate the development of real-time payments in Europe. The SEPA Instant Credit Transfer (SCT Inst) process is based on the EPC's current SEPA credit transfer (SCT) scheme.
  • Furthermore, this payment system enables euro credit transfers, with funds becoming available on the account in seconds at any time and in a region that will progressively expand to encompass 36 European countries. Several regional banking institutions are using SEPA Instant Credit Transfer (SCT inst.). Citi, for example, just implemented Single Euro Payments Area (SEPA) Instant Payments throughout Europe.
  • Moreover, several initiatives based on ISO 20022 for real-time payments exist in Europe. In the United Kingdom, there is the New Payments Architecture (NPA), P27 in the Nordic region countries, SCT Inst. in Germany, and the EU is pushing on with the European Payments Initiative (EPI). These real-time payment systems will provide simpler access for increased participation, boost ongoing stability and resilience, and increase innovation through greater competition in the real-time payments market.
  • Furthermore, the use of ISO 20022 is anticipated to improve cross-border and regional connectivity and enable additional data frames that can use to build new services. Furthermore, strong mobile and internet penetration in many countries of the EU, such as Sweden, Spain, Denmark, Poland, etc., is providing a strong platform for the growth of real-time payments in the region.
  • However, growing payment frauds in real-time payments, such as Authorized Push payments, can hamper the growth of the real-time payments market in the region. With the 3D Secure 2.2 protocol and other SCA technologies to accommodate PSD2, card fraud in the region declined, but Authorized Push Payments frauds increased in the region.
  • The COVID-19 pandemic enormously impacted how people shop and pay in the region. The new practices, including real-time and digital payments, are more convenient for customers and are likely to grow in the coming years.

Europe Real Time Payments Market Trends

Rising Penetration of Smartphone is Expected to Foster the Market Growth

  • The increasing penetration of smartphones across many European countries is increasing the real-time payment market in the region. As per data reported by GSMA Intelligence, the smartphone penetration in Finland at the start of 2022 was 169.5% of the total population. Similarly, in other European countries such as Austria, Germany, Spain, and the United Kingdom was 138.8%, 141%, 119%, and 105% of the total population, respectively.
  • Furthermore, the rise of mobile commerce is further proliferating real-time payments in the region as many e-commerce platforms offer real-time credit or buy now pay later services to the e-commerce users in the region.
  • Consumers prefer mobile BNPL services due to their affordability and convenience. BNPL, consumer credit, or after-pay enables consumers to pay money only. Some key European players offering BNPL service include Klarna, PayPal Credit, and Splitit.
  • Furthermore, the increasing adoption of smartphone usage for real-time fund transfer from Person to Person (P2P) and Person to business (P2B) is further supported by the strong smartphone penetration across the region. These factors are further expected to augment the real-time payments market in Europe over the forecast period.
Smartphone Penetration in Selected European Countries, In %, Europe, January 2022 - Europe Real Time Payments Market

United Kingdom is Anticipated to Hold the Largest Share

  • Real-time payments have been available in the United Kingdom since 2008 with the launch of the U.K.'s real-time payments system called the Faster Payments System (FPS), operated by Pay. the U.K. in the country. Furthermore, the Faster Payment System also powers Paym, the country's mobile payments service, making it possible to pay family, friends, and small businesses using mobile numbers.
  • Furthermore, most financial institutions in the country are participants of the FPS, making it reach millions of people. Moreover, many banking institutions in the region are adopting FPS. For instance, in May 2022, The Bank of London, one of the leading-edge technology companies, announced that it had become a Directly Connected Settling Participant of the Faster Payment System (FPS), the United Kingdom's 24*7 real-time payments infrastructure.
  • Payment infrastructure in the United Kingdom is still very much tied to traditional tools, especially cards, despite being easy and cheap for consumers to access real-time payments. Further, real-time payments in the U.K. are still focused on low-volume, high-value transfers, not everyday expenditures. However, the scenario is continuously changing, and the adoption of real-time payments is increasing in the region and is further expected to grow over the forecast period.
  • The U.K. further supports the growth of the United Kingdom's real-time payments system. For instance, real-time payments operator Pay. U.K. is modernizing the Faster Payments Service as part of its New Payments Architecture (NPA) program, which also involves procuring a new ISO 20022-ready central infrastructure. The New Payments Architecture (NPA) will be a resilient, scalable platform that will expand the growth of real-time payments in the United Kingdom.
  • All the abovementioned factors are expected to boost demand for the UK real-time payments industry throughout the forecast period.
Smartphone Users, In Million, United Kingdom, January 2020- January 2022 - Europe Real Time Payments Market

Europe Real Time Payments Industry Overview

The competition in the Europe real-time payments market is intensifying, and the market appears to be fragmented due to the presence of numerous players. These market players offer innovative payment solutions and are involved in various strategies, such as mergers and acquisitions, to gain a competitive advantage. Major players in the Europe real-time payments market include ACI Worldwide Inc.​, Fiserv Inc.​, Mastercard Inc., and Visa Inc., among others.

In June 2022, Embedded payments platform Modulr launched a real-time Euro payments service based on the pan-European SEPA Instant platform, which is available 24/7 and settles funds in 10 seconds. The new service will allow customers to roll out embedded real-time Euro payment propositions through the Modulr application programming interface (API), allowing them to send and receive payments immediately under either their own or Modulr’s regulated status.

In June 2022 - Buckzy Payments Inc, a Canadian FinTech firm that operates a global real-time cross-border payments network, launched a new office in Amsterdam, the Netherlands, this summer. Buckzy is also pursuing an EMI license, which would allow any Buckzy Payment Network partner globally to use real-time payments and virtual account services throughout the 36-country Single Euro Payment Area (SEPA).

Europe Real Time Payments Market Leaders

  1. ACI Worldwide Inc.​

  2. Fiserv Inc.​

  3. Paypal Holdings Inc.​

  4. Mastercard Inc.​

  5. VISA Inc.​

*Disclaimer: Major Players sorted in no particular order

Europe Real Time Payments Market Concentration

Europe Real Time Payments Market News

  • June 2023: ACI Worldwide, a leader in mission-critical, real-time payments software, has announced the launch of ACI Instant Pay in Europe and the United Kingdom. Using a straightforward API integration with the ACI Payments Orchestration Platform, this real-time payments solution enables merchants to accept immediate online, mobile, and in-store payments. The United Kingdom has also started modernizing its Faster Payments program through the New Payments Architecture program.
  • May 2022: Citi introduced the Single Euro Payments Area (SEPA) Instant Payments in Europe, further increasing the bank's global instant payments offering. The launch was expected to instantly allow clients to pay to and receive from 36 SEPA countries. The offering enabled SEPA Credit Transfers to be made within seconds, 24/7, and funds are available to recipients instantly. Payments could be made and received from Single Euro Payments Area (SEPA) Instant participating banks located anywhere within the 36 countries' SEPA zone.

Europe Real Time Payments Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Evolution of the payments landscape in Europe

    4. 4.4 Key market trends pertaining to the growth of cashless transaction in Europe

    5. 4.5 Impact of COVID-19 on the payments market in Europe


    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Smartphone Penetration

      2. 5.1.2 Falling Reliance on Traditional Banking

      3. 5.1.3 Immediacy and Ease of Convenience of the Real Time Payments

    2. 5.2 Market Challenges

      1. 5.2.1 Payment Fraud such as Authorized Push Payment Scams

      2. 5.2.2 Existing Dependence on Cash in Major Countries such as Germany

    3. 5.3 Market Opportunities

      1. 5.3.1 Government Policies Encouraging the Growth of Digital Paymentis expected to aid the growth of Real Time Payment methods amongst commoners

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

      1. 5.4.1 Regulatory Landscape Across the World

      2. 5.4.2 Business Models with Potential Regulatory Roadblocks

      3. 5.4.3 Scope for Development in Lieu of Evolving Business Landscape

    5. 5.5 Analysis of major case studies and use-cases

    6. 5.6 Analysis of Real Payments Transactions as a share of all Transactions with a regional breakdown of key countries by volume and transacted value

    7. 5.7 Analysis of Real Payments Transactions as a share of Non-Cash Transactions with a regional breakdown of key countries by volumes

  6. 6. Market Segmentation

    1. 6.1 By Type of Payment

      1. 6.1.1 P2P

      2. 6.1.2 P2B

    2. 6.2 By Country

      1. 6.2.1 United Kingdom

      2. 6.2.2 Germany

      3. 6.2.3 France

      4. 6.2.4 Italy

      5. 6.2.5 Rest of Europe

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 ACI Worldwide Inc.

      2. 7.1.2 Fiserv Inc.

      3. 7.1.3 Paypal Holdings Inc.

      4. 7.1.4 Mastercard Inc.

      5. 7.1.5 VISA Inc.

      6. 7.1.6 FIS Global

      7. 7.1.7 Apple Inc.

      8. 7.1.8 Finastra

      9. 7.1.9 Volante Technologies Inc

      10. 7.1.10 Nets (Nexi Group)

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

**Subject to Availability

Europe Real Time Payments Industry Segmentation

  • Real-time payments, also known as immediate, instant, or faster payments, guarantee the immediate availability of funds to the recipient. Real-time payments offer wide-ranging benefits for people, businesses, and society. Real-time payments facilitate better cash management and balance visibility and ease the move to electronic payments by offering a viable alternative to cash.
  • The European Real Time Payments Market is segmented by Payment Type (P2P, P2B) and Country (UK, Germany, France, Italy, and the Rest of Europe). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
By Type of Payment
By Country
United Kingdom
Rest of Europe

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Europe Real Time Payments Market Research FAQs

The Europe Real Time Payments Market is studied from 2018 - 2028.

The Europe Real Time Payments Market is growing at a CAGR of 11.54% over the next 5 years.

The Europe Real Time Payments Market is valued at 5 Billion USD in 2018.

The Europe Real Time Payments Market is valued at 10 Billion USD in 2028.

ACI Worldwide Inc.​, Fiserv Inc.​, Paypal Holdings Inc.​, Mastercard Inc.​, VISA Inc.​ are the major companies operating in Europe Real Time Payments Market.

Europe Real Time Payments Industry Report

Statistics for the 2023 Europe Real Time Payments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Real Time Payments analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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