JPMorgan Launches Real-Time Payments Service – Venturing Into New Opportunities In The Digital Payments Market To Strengthen Its Edge
The Business Research Company’s Digital Payments Global Market Report 2021: COVID-19 Growth And Change To 2030
JPMorgan, the largest bank in the United States, has launched a real-time payments (RTP) service – Request For Pay. It is JPMorgan’s first proprietary and exclusive RTP solution that is aimed to strengthen the bank’s connection with its corporate clients, as well as extend support to other payments use cases and help the growth of the broader payments division of the bank. This new solution helps the bank’s corporate clients send payment requests to the bank’s retail clients who use its app or website, which reduces the cost and time efforts it takes for those clients to get paid. This offering is part of a series of products that JPMorgan is working on. The bank intends to enhance its position in the financial services industry’s competition to seize a significant part of the surging digital payments volumes globally. The digital payments market surged mainly due to a sharp increase in online business and commercial transactions, which amplified further due to the COVID-19 pandemic.
Speaking of the global digital payments market, the demand was worth $29.66 billion in 2020 according to the data on the Global Market Model. The digital payments market is expected to be $32.27 billion by the end of 2021 at a compound annual growth rate (CAGR) of 8.77% and continue to grow to $46.94 billion in 2025 at a CAGR of 9.83%. Features such as quick onboarding and ease of use are expected to drive the global digital payments market.
Flexibility, transparency, and friction-free onboarding of payment options are some of the key features that customers look forward to. They are more attracted to frictionless processes and as a result, software innovators such as Square and PayPal are using automation for getting down the onboarding time to only a few minutes. Digital payments are easy to use as they only require a bank account or a phone number and a smartphone with an internet facility, while the conventional methods are comparatively quite complex.
The rise of mobile payment technology is a trend adopted by the current generation. A mobile wallet is a type of digital wallet that enables the user to process payments, access account information, and pay for services through a smartphone application. To speed up the entire payment process, the mobile wallet stores details about the payment card on the app itself. Mobile wallets are on the rise and the reason for the large acceptance of mobile wallets can be attributed to the increasing number of smartphones.
In the broader digital payments market, contactless payments technology is increasing in popularity. Many users are increasingly opting for contactless payments technology such as mobile wallets, contactless cards, and others, as these are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near field communication (NFC) for the transmission of amounts among users.
The Digital Payments Global Market Report is one of a series of new reports from The Business Research Company that provides digital payment market overviews, analyzes and forecasts digital payment market size, share, digital payment market players, digital payment market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
About The Author
Moïn has over a decade of experience in market research, analysis, and consulting. He has worked with some prominent market intelligence firms in India including Progressive Digital Media, Ovum, and GlobalData. At TBRC, he is involved in reporting insights on technology and media sectors, along with market data and trend analysis, and understanding competition dynamics. His project experience includes a market strategy study for an AI-based marketing software for telecom companies. He has worked for several clients including Amazon, Sony, Flytxt, Fujitsu, and several tech companies. He has a bachelor’s degree in Biotechnology and a postgraduate degree in management from IMI Belgium.
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