Real-Time Payments Industry to witness double digits growth in the next five years: Mindgate Solutions
Mumbai, October 13, 2020 : Real-time payments is the new global buzzword for the end customers today. RTP is gaining ground, driven by consumer demand for speed and convenience. With a global footprint, Mindgate Solutions has been at the helm of these exciting developments & currently processes over one billion RTP transactions per month. With the objective of sharing this domain expertise – Mindgate Solutions recently organized a roundtable session at SIBOS 2020. The round table session witnessed over 200 participants from Banks, Asset Management Companies, Non- Banking Finance Companies, Insurance Companies, Risk professionals, Consultants, Audit firms, Business Media, Analysts and Technology solution providers also joined industry experts in the event.
The panel out forth varied views including how the global Real-Time Payments market size is projected to grow at a CAGR of 16.6% during 2021-2026 with over half a trillion real-time payments transactions to be processed over the next five years. Faster Payments Service in the UK, UPI in India, NPP in Australia, and TCH-RTP in the U.S. are live examples of Real Time Payments globally and some of these regions have witnessed a meteoric growth. In the last six months, financial institutions have turned to digital technology to deliver the value of Real-Time Payments.
Industry experts comprised Reed Luhtanen (Executive Director-US Faster Payments Council); Sony Aravind (Head-Digital Banking-South Indian Bank); Mitesh Agarwal (Customer Engineering Director- Google Cloud) and Mr. Sanjay Desai (Executive Vice President IT- HDFC Bank). Strategic inputs from leaders included in-depth granular understanding of The Growth Levers of the Digital Ecosystem : Banks, Fintechs & Social Payments.
Mindgate has been working with clients globally to keep pace and grow in the Real Time Payments segment. Our panel attempts to bring all the relevant players together to share their thoughts on this topic of relevance. According to George Sam, Co-Founder and Business Head at Mindgate Solutions, “Mindgate’s passion is to build new generation Digital & Real-Time payments platforms, through SIBOS 2020 we were able to showcase our solutions to various global industry players.”