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Importance of Faster Payments for Receiving Funds in a P2P App:

By PaymentsJournal
March 17, 2022
in Commercial Payments, Credit, Debit, Faster Payments, P2P, Real Time Payments, Truth In Data
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Importance of Real-Time or Faster Payments for Receiving Funds In a P2P App:

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.

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 Receiving Funds In a P2P App:

  • 17.9% of consumers rate real-time or faster payments use for receiving funds in a P2P app as very important.
  • 20.5% of consumers rate real-time or faster payments use for receiving funds in a P2P app as important.
  • 24.6% of consumers rate real-time or faster payments use for receiving funds in a P2P app as somewhat important.
  • 13.7% of consumers rate real-time or faster payments use for receiving funds in a P2P app as not important.
  • 23.4% of consumers rate real-time or faster payments use for receiving funds in a P2P app 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.

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Tags: Faster PaymentsMobile AppP2PP2P paymentsReal Time PaymentsReal-time paymentsTruth In Data

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