Global Faster Payment Service (FPS) Market Size, Trends, and Growth Opportunity, By Mode of Payment (Single Immediate Payments, Forward-Dated Payments, Direct Corporate Access Payments, Domestic P2P Payments, Cross-Border P2P Payments, P2M Payments, B2B Payments, B2C/G2P Payments), By Component (Solutions, Services), By Deployment (Cloud, On-Premises), By Enterprise Size (Small and Medium-Sized Enterprises, Large Enterprises), By End-Use Industry (Retail and E-Commerce, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Travel and Tourism, Healthcare, Government, Energy and Utilities, Others).
Global Faster Payment Service (FPS) Market 
Global Faster Payment Service (FPS) Market was valued at USD 543.5 million in 2021 and is expected to reach at USD 2,737.5 million by 2027 at a CAGR of 20.17% from 2022-2027.
An electronic and contactless payment method known as a faster payment service (FPS) allowing payments to be made by one party to the next for the purchase of goods and services. A digital payment deducts the payer's account and credits the recipient's account with the same amount. Faster payment methods remove the trouble of carrying cash, which diminishes money theft. The FPS is a platform for payments that connects banks and owners of stored-value facilities (SVFs). Transactions are made easier and quicker by permitting customers to shop online whenever they want and from any location and to send money from one person to another or top up their e-wallets.
Market Drivers
The market continues to grow as a result of efforts being made worldwide to implement a unified payments interface and the rate of digitization expanding, particularly in the APAC region. The market will flourish as a result of rising consumer awareness of the security and safety of these interfaces. The growing trend of digitalization also presents a number of market expansion chances.  The scope of globalization is being further expanded by the escalating number of government efforts and supporting policies by the federal and state governments with regard to promoting the market's growth, notably in the APAC region. One of the major growth drivers for nations in this region is digital payment. Therefore, the government's enhanced focus will lead to several chances. Additionally, during the forecast timeframe, factors such increased urbanisation, industrialisation, and the increase in smartphone users worldwide have all contributed to the market's overall growth. Additionally, it is projected that a daily increase in the number of payment interfaces and an increase in consumer disposable income will boost market expansion.
Market Restraints
The rate of growth will be decelerated by people's hesitation and anxiety about the security and safety of such interfaces in undeveloped regions around the world. Additionally, a combination of poor banking infrastructure in these areas and a lack of awareness and literacy among the populace will limit the potential for growth. On the other hand, the market is confronted with stiff competition due to the daily increase in merchants. Additionally, the lack of consistency between the provided schemes will once again slow market expansion. Lack of worldwide standards for cross-border payments and a lack of expert understanding and technological ability, particularly in developed and developing economies, will be challenges for the market's steady growth in value. The market growth rate would also be constrained by a dearth of skilled specialists and a low experience quotient.
Impact of COVID-19
Because e-wallets and contactless payment options have been widely adopted, the COVID-19 pandemic has had a beneficial impact on the industry. The market grew as a result of the lockdown and movement limitations that encouraged the popularity of internet buying. During the lockdown, bill payments, peer-to-peer (P2P) transfers, and customer-to-business (C2B) payments all increased, despite the fact that the industrial sector was severely damaged.
Market Segmentation
Global Faster Payment Service (FPS) Market is segmented into Mode of Payment, Component, Deployment, Enterprise Size and End-Use Industry. By Mode of Payment such as Single Immediate Payments, Forward-Dated Payments, Direct Corporate Access Payments, Domestic P2P Payments, Cross-Border P2P Payments, P2M Payments, B2B Payments, B2C/G2P Payments. By Component such as Solutions, Services. By Deployment such as Cloud, On-Premises. By Enterprise Size such as Small and Medium-Sized Enterprises, Large Enterprises. By End-Use Industry such as Retail and E-Commerce, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Travel and Tourism, Healthcare, Government, Energy and Utilities, Others.
Regional Analysis
Global Faster Payment Service (FPS) Market is segmented into five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Due to a rising number of new market players and improving personal disposable income in this area, Asia-Pacific currently holds a dominant position in the quicker payment service (FPS) market. Other significant reasons influencing this region's supremacy include the availability of high- speed internet and the growing use of cellphones. Given the increasing use of smart parking metres, North America is anticipated to experience considerable growth during the forecast period. Additionally, the region's expanding IT infrastructure along with an increase in the number of digital campaigns will continue to support the market's expansion.
Key Players
This report includes a list of numerous Key Players, namely ACI Worldwide (U.S.), FIS (U.S.), Fiserv, Inc. (U.S.), wirecard (U.S.), Mastercard (U.S.), Temenos Headquarters SA (U.S.), Global Payments Inc. (U.S.), Capgemini (France), Icon Solutions Ltd (U.K.), M & A Ventures, LLC (U.S.)
Market Taxonomy
By Mode of payment
•        Single Immediate Payments
•        Forward-Dated Payments
•        Direct Corporate Access Payments
•        Domestic P2P Payments
•        Cross-Border P2P Payments
•        P2M Payments
•        B2B Payments
•        B2C/G2P Payments
By Component
•        Solutions
•        Payment gateway
•        Payment processing
•        Payment security
•        Fraud management
•        Services
•        Professional services
•        Managed services
By Deployment
•        Cloud
•        On-Premises
By Enterprise Size
•        Small and Medium-Sized Enterprises
•        Large Enterprises
By End Use Industry
•        Retail and E-Commerce
•        Banking, Financial Services, and Insurance (BFSI)
•        IT and Telecom
•        Travel and Tourism
•        Healthcare
•        Government
•        Energy and Utilities
•        Others
By Region
•        North America
•        Latin America
•        Europe
•        Asia Pacific
•        Middle East & Africa.

Global Faster Payment Service (FPS) Market TOC:
1 Introduction        
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Faster Payment Service (FPS) Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Faster Payment Service (FPS) Market, By Mode of Payment
5.1 Y-o-Y Growth Comparison, By Mode of Payment 
5.2 Global Faster Payment Service (FPS) Market Share Analysis, By Mode of Payment 
5.3 Global Faster Payment Service (FPS) Market Size and Forecast, By Mode of Payment
5.3.1 Single Immediate Payments
5.3.2 Forward-Dated Payments
5.3.3 Direct Corporate Access Payments
5.3.4 Domestic P2P Payments
5.3.5 Cross-Border P2P Payments
5.3.6 P2M Payments
5.3.7 B2B Payments
5.3.8 B2C/G2P Payments
 6 Global Faster Payment Service (FPS) Market, By Component
6.1 Y-o-Y Growth Comparison, By Component
6.2 Global Faster Payment Service (FPS) Market Share Analysis, By Component
6.3 Global Faster Payment Service (FPS) Market Size and Forecast, By Component
6.3.1 Solutions
6.3.2 Payment gateway
6.3.3 Payment processing
6.3.4 Payment security
6.3.5 Fraud management
6.3.6 Services
6.3.7 Professional services
6.3.8 Managed services
7 Global Faster Payment Service (FPS) Market, By Deployment
7.1 Y-o-Y Growth Comparison, By Deployment
7.2 Global Faster Payment Service (FPS) Market Share Analysis, By Deployment
7.3 Global Faster Payment Service (FPS) Market Size and Forecast, By Deployment
7.3.1 Cloud
7.3.2 On-Premises
8 Global Faster Payment Service (FPS) Market, By Enterprise Size 
8.1 Y-O-Y Growth Comparison, By Enterprise Size
8.2 Global Faster Payment Service (FPS) Market Share Analysis, By Enterprise Size
8.3 Global Faster Payment Service (FPS) Market Size and Forecast, By Enterprise Size
8.3.1 Small and Medium-Sized Enterprises
8.3.2 Large Enterprises
9 Global Faster Payment Service (FPS) Market, By End-Use Industry
9.1 Y-O-Y Growth Comparison, By End -Use Industry
9.2 Global Faster Payment Service (FPS) Market Share Analysis, By End-Use Industry
9.3 Global Faster Payment Service (FPS) Market Size and Forecast, By End-Use Industry
9.3.1 Retail and E-Commerce
9.3.2 Banking, Financial Services, and Insurance (BFSI)
9.3.3 IT and Telecom
9.3.4 Travel and Tourism
9.3.5 Healthcare
9.3.6 Government
9.3.7 Energy and Utilities
9.3.8 Others
10 Global Faster Payment Service (FPS) Market, By Region
10.1 Global Faster Payment Service (FPS) Market Share Analysis, By Region
10.2 Global Faster Payment Service (FPS) Market Share Analysis, By Region
10.3 Global Faster Payment Service (FPS) Market Size and Forecast, By Region
11 North America Faster Payment Service (FPS) Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 North America Faster Payment Service (FPS) Market Share Analysis, By Mode of Payment
11.3 North America Faster Payment Service (FPS) Market Size and Forecast, By Component
11.4 North America Faster Payment Service (FPS) Market Size and Forecast, By Deployment
11.5 North America Faster Payment Service (FPS) Market Size and Forecast, By Enterprise Size
11.6 North America Faster Payment Service (FPS) Market Size and Forecast, By End-Use Industry
11.7 North America Faster Payment Service (FPS) Market Size and Forecast, By Country
11.7.1 U.S.
11.7.2 Canada
11.7.3 Mexico
12 Europe Faster Payment Service (FPS) Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Europe Faster Payment Service (FPS) Market Share Analysis, By Mode of Payment 
12.3 Europe Faster Payment Service (FPS) Market Size and Forecast, By Component 
12.4 Europe Faster Payment Service (FPS) Market Size and Forecast, By Deployment
12.5 Europe Faster Payment Service (FPS) Market Size and Forecast, By Enterprise Size
12.6 Europe Faster Payment Service (FPS) Market Size and Forecast, By End-Use Industry
12.7 Europe Faster Payment Service (FPS) Market Size and Forecast, By Country
12.7.1 Germany
12.7.2 France
12.7.3 UK
12.7.4. Rest of Europe
13 Asia Pacific Faster Payment Service (FPS) Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Asia Pacific Faster Payment Service (FPS) Market Share Analysis, By Mode of Payment 
13.3 Asia Pacific Faster Payment Service (FPS) Market Size and Forecast, By Component 
13.4 Asia Pacific Faster Payment Service (FPS) Market Size and Forecast, By Deployment
13.5 Asia Pacific Faster Payment Service (FPS) Market Size and Forecast, By Enterprise Size
13.6 Asia Pacific Faster Payment Service (FPS) Market Size and Forecast, By End-Use Industry
13.7 Asia Pacific Faster Payment Service (FPS) Market Size and Forecast, By Country
13.7.1 China        
13.7.2 Japan
13.7.3 India
13.7.4. Rest of Asia Pacific
14 Latin America Faster Payment Service (FPS) Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Latin America Faster Payment Service (FPS) Market Share Analysis, By Mode of Payment 
14.3 Latin America Faster Payment Service (FPS) Market Size and Forecast, By Component 
14.4 Latin America Faster Payment Service (FPS) Market Size and Forecast, By Deployment
14.5 Latin America Faster Payment Service (FPS) Market Size and Forecast, By Enterprise Size
14.6 Latin America Faster Payment Service (FPS) Market Size and Forecast, By End-Use Industry
14.7 Latin America Faster Payment Service (FPS) Market Size and Forecast, Country
14.7.1. Brazil
14.7.2. Rest of Latin America
15 Middle East Faster Payment Service (FPS) Market Analysis and Forecast (2022-2027)
15.1 Introduction
15.2 Middle East Faster Payment Service (FPS) Market Share Analysis, By Mode of Payment 
15.3 Middle East Faster Payment Service (FPS) Market Size and Forecast, By Component 
15.4 Middle East Faster Payment Service (FPS) Market Size and Forecast, By Deployment
15.5 Middle East Faster Payment Service (FPS) Market Size and Forecast, By Enterprise Size
15.6 Middle East Faster Payment Service (FPS) Market Size and Forecast, By End-Use Industry 
15.7 Middle East Faster Payment Service (FPS) Market Size and Forecast, By Country
15.7.1. Saudi Arabia
15.7.2. UAE
15.7.3. Egypt
15.7.4. Kuwait
15.7.5. South Africa
16 Competitive Analysis
16.1 Competition Dashboard
16.2 Market share Analysis of Top Vendors
16.3 Key Development Strategies
17 Company Profiles
17.1 ACI Worldwide 
17.1.1 Overview
17.1.2 Offerings
17.1.3 Key Financials
17.1.4 Business Segment & Geographic Overview
17.1.5 Key Market Developments
17.1.6 Key Strategies
17.2 FIS 
17.2.1 Overview
17.2.2 Offerings
17.2.3 Key Financials
17.2.4 Business Segment & Geographic Overview
17.2.5 Key Market Developments
17.2.6 Key Strategies
17.3 Fiserv, Inc. 
17.3.1 Overview
17.3.2 Offerings
17.3.3 Key Financials
17.3.4 Business Segment & Geographic Overview
17.3.5 Key Market Developments
17.3.6 Key Strategies
17.4 Wirecard 
17.4.1 Overview
17.4.2 Offerings
17.4.3 Key Financials
17.4.4 Business Segment & Geographic Overview
17.4.5 Key Market Developments
17.4.6 Key Strategies
17.5 Mastercard 
17.5.1 Overview
17.5.2 Offerings
17.5.3 Key Financials
17.5.4 Business Segment & Geographic Overview
17.5.5 Key Market Developments
17.5.6 Key Strategies
17.6 Lockheed Martin Corporation
17.6.1 Overview
17.6.2 Offerings
17.6.3 Key Financials
17.6.4 Business Segment & Geographic Overview
17.6.5 Key Market Developments
17.6.6 Key Strategies
17.7 Temenos Headquarters SA 
17.7.1 Overview
17.7.2 Offerings
17.7.3 Key Financials
17.7.4 Business Segment & Geographic Overview
17.7.5 Key Market Developments
17.7.6 Key Strategies        
17.8 Global Payments Inc. 
17.8.1 Overview
17.8.2 Offerings
17.8.3 Key Financials
17.8.4 Business Segment & Geographic Overview
17.8.5 Key Market Developments
17.8.6 Key Strategies
17.9 Capgemini 
17.9.1 Overview
17.9.2 Offerings
17.9.3 Key Financials
17.9.4 Business Segment & Geographic Overview
17.9.5 Key Market Developments
17.9.6 Key Strategies
17.10 Icon Solutions Ltd
17.10.1 Overview
17.10.2 Offerings
17.10.3 Key Financials
17.10.4 Business Segment & Geographic Overview
17.10.5 Key Market Developments
17.10.6 Key Strategies