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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2022 U.S. Faster Payments Forecast: A Year to Build On
Consumer Usage of Faster Payments:
- 21.8% of consumers have used a P2P transfer network such as Zelle to transfer money within minutes/seconds.
- 19.3% of consumers have sent funds through a P2P app to a recipient in another country who received the funds within minutes/seconds.
- 14.5% of consumers have transferred funds to another account they own at another financial institution within minutes/seconds.
- 8.4% have needed to pay a bill quickly to avoid being late and was able to do so within minutes/seconds.
- 5.9% of consumers have been refunded for a product or service and received the funds within minutes/seconds.
- 5.0% of consumers have sold property and received the proceeds from that sale within minutes/seconds.
About Report
2021 was an important build-out year for real-time and faster payments in the U.S., as explored in Mercator Advisory Group’s annual look at the market; 2022 U.S. Faster Payments Forecast: A Year to Build On. Payment options such as the debit network’s debit push payments, The Clearing House RTP network, Same Day ACH, and Zelle all experienced strong growth dependent on the specific use cases where each predominates and the maturity of their respective solutions. Following through on the pandemic fueled growth in 2020, more financial institutions and technology providers integrated to faster and real-time rails, launched new products, and advanced their strategies.
“We have found in the last year that consumers are becoming much more aware that some payments transact quickly, even instantly, which for transaction types like bill pay, account-to-account transfer and some person-to-person funds movement is beneficial. This leads to a compounding effect that is creating greater demand for faster payments in more use cases,” comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group and author of the report.