The widespread adoption of bill pay services has made it easier than ever to pay your bills on time. However, there are still a number of people who prefer to pay their bills in person or by check. For these people, real-time payments offer a convenient way to pay their bills without having to go to the bank or post office. Real-time payments are processed immediately, which means that you can be sure your bill will be paid on time. In addition, real-time payments can be made from anywhere in the world, allowing you to pay your bill even if you’re traveling. Whether you’re paying rent, utilities, or another type of bill, real-time payments offer a convenient and reliable way to get the job done.
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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
Importance of Real-Time or Faster Payments for Bill Pay:
- 22.8% of consumers rate real-time or faster payments use as very important.
- 26.5% of consumers rate real-time or faster payments use as important.
- 23.9% of consumers rate real-time or faster payments use as somewhat important.
- 11% of consumers rate real-time or faster payments use as not important.
- 15.8% of consumers rate real-time or faster payments use as not at all important.
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.
